What Savings Goals Should I Focus On First?

You’ve been working hard to cut expenses and quit living paycheck to paycheck. You negotiated a raise or landed a higher-paying job. Your side gig is creating a buffer in your budget. No matter the reason, it’s time to put the extra money in your bank account to work.

But now you’ve got questions on prioritizing your savings goals — what should you focus on first?

Focus First on What Matters Most

Before you start saving money for your dream home, adding money to a college account for your child, or as dull as it sounds — setting aside money to put on the roof you’ll need soon — focus on building an emergency fund, saving for retirement, and eliminating high-interest debt first.

With all of the factors coming into play when you talk about personal finance, discussing these together makes sense.

One financial expert says to set up an emergency fund before you worry about saving for retirement. Another will say you’re giving away money if you don’t contribute up to what your company matches on a 401k.

Throw in some high-interest credit card debt and what matters most really gets confusing.

Let’s look at why these three goals matter more to help you determine where your savings should go. Or whether…