How do I determine my financial priorities?
Curious about financial priorities
To determine your financial priorities, you should first identify your financial goals. Start by making a list of shortterm, mediumterm, and longterm financial goals. Some examples of financial goals are paying off debt, saving for a down payment on a house, building an emergency fund, and saving for retirement.
Once you have identified your goals, prioritize them based on their importance and urgency. For example, if you have highinterest debt, that should be your top priority because it is costing you a lot of money in interest charges. Similarly, building an emergency fund is also important because it can help you avoid going into debt in case of unexpected expenses.
It's important to keep in mind that financial priorities can change over time. For instance, you may have different financial priorities when you are in your 20s compared to when you are in your 40s. Revisit your financial goals regularly and adjust your priorities as needed.