One of my top financial goals is to save as much as I can toward my retirement. With that said, I will look at increasing my contributions to my employer-sponsored retirement plan and consider other retirement savings options, such as IRAs.
Unforeseen expenses have a way of happening when people least expect them, and they wreak the most havoc on those who are unprepared for them. Increasing my fund for unexpected emergencies will help me stay as far ahead as I can get.
One thing that my husband and I decided that we won’t do for our son is go into debt by fully financing his education. Some might think this is harsh, but while you can get a loan for education, you cannot do the same for retirement. While we will encourage him to get good grades, participate in school-related activities, and apply for scholarships, we are also planning to help fund his education through a college savings plan (see Choosing a College Education Savings Plan Part One: 529 Plans for more on this topic).
As any homeowner knows, the purchase of a house is likely one of the biggest that you’ll make, so it makes sense to keep it well-maintained; and with one less bill to pay, I’ll have more to spend on needed home improvements.