“Emergency funds, retirement, debt payoff, college costs – overwhelming is an understatement when it comes to how we should prioritize our savings. We know we should be saving, but where and how much?”
According to Forbes, saving for your kids’ college funds shouldn’t be in the top-three priorities. What are the three things you should tackle before other financial needs and wants?
Putting away for retirement
Paying off debt
Then, you can begin to focus on other financial things, such as college funds and early mortgage payoff.
Sometimes it’s difficult to plan financially for the future when you also need to worry about here and now.
However, if you don’t think ahead, you most likely will be in for a rude awakening come retirement age. Now is not too early to be thinking and planning for retirement; and to help you, here are three questions from Time.com to think about:
Will you be able to replace enough money to retire while maintaining your standard of living?