(Black Enterprise) — Paying down debt, educating the next generation, and creating a cushion for emergencies are all worthy efforts. With so many demands on the average American family it’s difficult to prioritize. Here’s how I’d go about it: Although some personal finance solutions are a matter of opinion, almost all financial planners would counsel you and your husband to build an emergency fund first. Experts used to suggest a fund that would carry a family through six to eight months, but in today’s difficult job market, emergency money should cover your family’s living expenses for as long a period as it’s likely to take to find new employment.
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