Top Financial Priorities in 2013

by Tom Tousignant

in Blog, Credit Scoring, Financial Safety, Wealth Building

At the start of 2013, it’s (let’s be honest here) time to make some resolutions that we can break, OK?

Resolutions you might break:

  • Eat Healthier
  • Go to bed on time and wake up earlier
  • Lose weight
  • Exercise more
What other Resolutions do you plan on breaking this year?
At StartwiththeHouse.com, there are a few financial principles, not resolutions, that are useful to review at the beginning of each year.  In order, here are the universal financial priorities that we teach:
  1. Create an Emergency Fund
  2. Eliminate bad debt (Credit Cards mostly)
  3. Protect what you have with proper insurance
  4. Save for future goals
  5. Pay off your mortgage

Doing any of these items in the wrong order can lead to chaos and financial trouble.  For example, if you were to lose your job, would you rather have an emergency fund or retirement savings that you can’t access?

Daniel Moskowitz January 9, 2013 at 11:41 am

In dealing with first time home buyers we often come across this sort thing. Very often folks are looking to get the most house they can tend to want to “over buy” for their current financial situation. The 5 step list above is a good one. Amazing how often people do not have any sort of emergency fund…of any kind.

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