In terms of your financial goals, Early Investing Moves and building and maintaining an emergency fund should be second only to paying your bills. Determine how much you want to save and set aside your extra cash every month until you get to that amount. Then, you can turn your attention to investing. And don’t forget to replenish your emergency fund every time you use it so it’s ready for next time.
2. Pay off high-interest debt
High-interest debt has the potential to cost you more than you could earn from the best investments, so if you have any, you should pay it off before you think about investing. After building your emergency fund, put all your spare cash toward paying down your debts. Make at least the minimum payment on all of them, then put whatever extra money you have toward the debt with the highest interest rate first. When that’s paid off, move on to the debt with the next-highest interest rate, and so on.
You don’t have to pay off all your debts before you start…