New to handling my own finances -- looking for advice on priorities

Planning

I am recently divorced, and am faced with the prospect of managing my own finances for the first time in decades.

Things are tight right now, so I'm tackling that by budgeting, tracking all of my expenses, and then fine-tuning the budget.

Fortunately, I don't have any debt, so I don't have to worry about that.

My first financial goal beyond that is to save up enough cash to cover my necessary expenses for 3 full months.

After that, I've got 2 goals to work toward, and I'm not sure which should take priority -- I want to start more fully funding my retirement by maxing out my IRA contributions, and I also want to start saving money towards a down payment on a house of my own (I lost the house in the divorce, and and stuck renting for now.)

I looked at some of the links in the sidebar, but none of them mentioned saving money toward a house.

Does it make more sense to start putting money into the Roth IRA as soon as possible, or does it make more sense to stop renting sooner?

Posted Oct 28, 2017, 7:29 AM UTC

10
Loading comments…