The median federal income tax refund is lower this year, but still nearly $3,000. And for taxpayers tied up, that can provide a financial boost.

As of March 31, the average federal tax refund it was $2,910, down 10 percent from $3,226 for the same period last year, according to the Internal Revenue Service. The drop is mainly due to the end of more generous tax credits, which were temporarily extended as part of the federal pandemic relief program.

For low-income families, in particular, a tax refund is one of the few times they receive a large lump sum of cash, and allocating money wisely can help stabilize finances. “It’s the largest single payment these households will receive all year,” said Stephen Roll, associate director for research at the Institute for Social Policy at Washington University in St. Louis, who studies economic security.

Ideally, recipients can deposit at least part of their refund into an emergency savings account or pay down debt. Both are smart choices, financial advisers say, considering a recession is possible and inflation, though declining, is still high enough to put pressure on household budgets. A quarter of Americans do not have emergency savings to cover short-term financial difficulties, according to the Consumer Financial Protection Bureau.

People often use their refunds to pay off borrowed money for unexpected expenses, like medical bills or car repairs, and that’s a good thing, Dr. Roll said. Paying off double-digit credit card debt saves more than putting the money in a savings account (even though rates are rising on high-yield savings accounts).

Setting aside some cash can help smooth out the effect of surprise bills or fluctuating income. “When the unexpected happens, not if it happens, they will be prepared,” said Cindy Scott, a certified financial planner for Schwab Intelligent Portfolios Premium, an automated investment service.

What is the best way to do that? America saves, a nonprofit initiative of the Consumer Federation of America, recommends the “past-present-future” approach (or the “30-40-30” approach, if you prefer numbers). The director of the non-profit organization America Saves, Kia McCallister-Young, explained that she demands that 30 percent of her reimbursement be used to reduce her debt (past expenses); 40 percent for current needs or wants, part of which can be allocated to emergencies; and 30 percent for your future, for college or retirement savings, a down payment on a house, or even a well-deserved vacation.

Based on this year’s average repayment, that would mean about $870 for debt, $1,165 for your emergency fund and current expenses, and about another $870 for the future. However, people can modify the amounts according to their priorities. “You decide,” McCallister-Young said.

Some savers may feel overwhelmed by the thought of trying to accumulate a large amount of money in savings when your paycheck barely covers the basics. Standard rules of thumb call for an emergency fund that covers at least three months of income or expenses, such as housing, food, and transportation. Dr. Roll said it might be less daunting to start something smaller, say with the goal of saving six weeks’ income and using his reimbursement to move toward that goal.

When you file your tax return, you can tell the IRS to split your refund between different accounts. You can, for example, deposit part into a spending account and part into a savings account. By committing to savings when you file your return, you’ll be less tempted to spend the money.

It can also help to reframe the way you think about saving. Think of it as “paying yourself down the road,” Dr. Roll said, rather than money you can’t spend, and imagine how you’ll feel months from now when financial need arises. “How will your future self feel,” he said, “if you have that money on hand?”

Once you’ve set aside the cash, he said, don’t be afraid to use it if you need it: “Those funds are there to spend.”

Here are some questions and answers about managing tax refunds and timing:

When is the tax filing deadline this year?

The federal filing deadline for most Americans is April 18. But the IRS has extended the deadline for people who live in areas affected by recent natural disasters. Residents recently affected by severe storms and tornadoes in parts of Mississippi and arkansasfor example, they have until July 31.

What if I want more money in my paycheck instead of getting a big refund next year?

Some people use refunds as a forced savings tool by intentionally “over-withholding” taxes from their paycheck. But if you want more cash to pay for expenses throughout the year, you can adjust the amount of tax withheld. Ms. Scott at Schwab suggested using the IRS online withholding estimator to calculate the correct amount. Then use that information to fill out the IRS Form W-4 and give it to your employer.

(If you’re confused, he said, consider seeking professional advice to avoid the opposite problem. If you have too little tax withheld, you may have to write a check at tax time next year.)

Where can I get free help with my tax return?

AARP’s charitable arm, the advocacy group for older Americans, is offering free, voluntary tax preparation through its Tax-Aide program through April 18. While the service targets people 50 and older with low or moderate income, anyone is eligible for help. For more details, see the AARP Foundation. tax helper website. The IRS offers its Volunteer Income Tax Assistance, or VITA, program for people with incomes of $60,000 or less, as well as people with disabilities or who speak limited English. You can search for locations online.

If you feel comfortable filing your own return, the IRS offers options through its Free File program; Free online tax software is available to people with incomes of $73,000 or less, and free online forms are available to everyone.

If you need help with problems other filing a return, such as possible identity theft, the IRS is offering walk-in help at some of its Taxpayer Assistance Centers on Saturday, April 8 and Saturday, May 13. For details and to find locations near you, check out the agency website.