A great “order of precedence” guide from Reddit.
In non-flowchart form: (see full source)
Budget & Reduce Expenses
- create a Budget
- Pay housing
- Buy food
- Pay essential bills
- Pay income earning expenses
- Pay healthcare
- Make minimum payments on all debts
Build Emergency Fund
- Build small Emergency Fund
- Pay non-essential bills
Employer-Sponsored Matching Funds
- Contribute to get employer match
Pay High Interest Debts
- Pay high interest (>10%) debts
- Increase emergency fund
Save for Retirement/School
- Pay medium interest debts
- Fund at least 15% to Employer-Sponsored Savings Accounts
Max Saving Mode
- Max HSA
- Contribute to 529 Accounts
- Max Employer Sponsored accounts
- Or: put aside savings/stocks/bonds for anticipated big purchases
Source
How to prioritize spending your money - a flowchart (redesigned)