While each person’s goals and obligations are unique, there are three things that everybody should save for.

First things first – before you can substantially start saving, you need to take care of any existing debt that you may have. If you don’t do so, you will live with a financial burden wherever you go, and it can negatively impact other aspects of your life. It’s important to deal with debt immediately and not prolong the problem. Once you resolve debt, you can focus on the future and work towards building a healthier financial profile.

Once the old scores are settled, focus on saving for these three things.

Medical Emergencies
Health is not something to take for granted. You never know when you will experience a medical emergency, and it’s important to always be prepared. Even if you have health insurance, there may be associated costs that aren’t covered. If you ever have a medical emergency, you want to make sure that you have enough saved away to pay for the medical costs.

Life is uncertain – we all know someone who’s been laid off before. Even if it’s unlikely that you’ll face unemployment, it’s important to have an emergency fund. You can have financial peace of mind should you ever lose your job. It’s stressful enough to be unemployed. You don’t need the added worry of whether you can pay your bills or put food on the table. Try to save enough money to cover 6 months’ worth of expenses, but of course, the more savings you have, the better off you’ll be.

Most people do not regret saving for retirement. In fact, the only regret is not saving sooner. It might seem like a no brainer, but you’d be surprised how many people put off saving for the future. This can be due to financial constraints but, we all deserve to live out our golden years with dignity and financial security. To a degree, we are in control of that outcome. Either way, it’s smart to plan for the future, no matter how young or old you are.