Kimberly Palmer: How to balance competing savings goals

By KIMBERLY PALMER of NerdWallet

Deciding how to prioritize different savings goals can be overwhelming, but financial experts recommend ordering them by urgency. Most people need an emergency fund first, followed by other goals such as saving enough for retirement, buying a home, traveling, saving for college and paying off debt. Thinking about what’s most important to you in the near term can help clarify how to proceed. It’s also a good idea to save some money for enjoyment without feeling guilty. Labeling different savings accounts with the goal and amount in mind can help you stay organized and motivated.