Get Out of Debt

Getting out of debt might seem almost impossible, especially if you have too many goals you need to reach. So, your emergency fund comes first, but then you need to slash away at your debt. In some cases, you might need to prioritize them instead of other saving accounts, especially if they have higher interest rates than what your savings would yield.

Keep in mind that some debt comes with tax advantages, such as $2,500 worth of student loans which you can deduct from federal income taxes. Mortgage interests can be included in itemized deductions.

Here’s the catch, though. You might not find an itemized deduction to be advantageous for your family. The Tax Cuts and Jobs Act of 2017 heavily favors standard deductions. If this is now overall better for your finances you might need to say bye-bye to the mortgage interest deduction.