From what I heard (no personal experience) student loans is another high priority item.

As a mom on the downhill slide toward 50, with a daughter going to college in a couple of years, I wish I could put 10% away for retirement!

You are right. If you can swing it, and still eat, you need to plan for the future.

However, at this point, retirement savings will not do me any good, if I default on my student loans or forget to make a house payment.

Sometimes, it comes down to what we can do on a daily basis.

That being said, if you have the choice between spending money on a luxury or saving for the future, put the money in the bank.

Good plan Jacob!

Tina

You definitely have the right idea! My kids and I probably should buy stock in mac and cheese.

Just remember – if you have to decide between buying food and paying creditors, this isn’t a good time to feast on lobster or try a new, expensive recipe. Rice and beans, all the way!

In answer to the question: when do you pay yourself?

Unfortunately, if you are in debt, it may be a while before you can afford to pay yourself, especially if you have children.

They are always needing new clothes, shoes, etc. Parents can get by with the same old thing, because they are done growing.

That being said, you should treat yourself now and again. For instance, I love a latte. So, I spend money on a fancy cup of coffee 3 or 4 times a week. But, I always make sure my bills are paid first.

In encouragement, keep your eye on the financial goal. When those bills are paid off, you will be able to pay yourself, and not feel guilty for doing so.

Tina