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Maybe it’s just me, but this year, my personal finance life has felt like a game of whack-a-mole.

You know, the carnival game where you continuously clobber these weirdly cute creatures with a mallet as they mechanically rise out of random holes, knocking them back down over and over again until the buzzer finally rings?

Everything starts off great. There we are, little-to-no credit card debt, full emergency savings fund, maxed out retirement contributions. There’s even enough room in the budget to save for a redecorating project I’ve been planning and to add to the twins’ 529 plans. And then…

The car’s brakes need to be replaced. No big deal — that’s why we have that emergency savings. Whack.

Twin B gets sent to the emergency room for high fever. That’s fine, we can cover it. Whack.

The car needs a new coolant hose. What can you really do? Whack.

Daycare raises its prices. Can’t live without that, we can just put the decorating project on hold for a bit. Whack.

A pest control visit reveals termites in the area; need to upgrade termite control. Seems important! Whack.

Twin A gets sent to the emergency room for signs of appendicitis. Even though it was just a stomach bug, better safe than sorry. Whack.

The car’s engine gives out, and the transmission looks like it will be next. With no real mass transit in Texas, we have to buy a new car. Whack. Whack whack whack.

All of a sudden, it’s July. Our emergency savings is depleted, our recurring bills are higher, and we’ve made no progress on either of our saving projects. When’s that dang buzzer going to ring??

The Step-by-Step Guide to Prioritizing Your Financial Goals

Unfortunately for me, financial whack-a-mole is just part of life. The more you’re doing, the more potential moles to deal with.

Fortunately for all of us, there’s a lot of good financial advice out there on how to juggle multiple financial goals, including the ideal order of how to prioritize them.

I’ve read up on these tried and true techniques and put together a checklist to use for my new summer financial goals, ordered to ensure I’m using my resources most efficiently. Feel free to use it for your own; having a list can help you remember that it’s just a few molehills, not a mountain.

Let's get in there and whack those moles!

Step 1: Keep Making All Minimum Payments

First things first: Always make at least the minimum payment on all your debts. This isn't just about avoiding late fees (although that’s also important); it's about protecting your credit score and preventing your debt from spiraling out of control.

A missed payment can lead to compounding interest charges that make your debt much harder to pay off in the long run. To ensure you never miss a due date, set up automatic payments through your bank or credit card provider. Budgeting tools like Mint or YNAB can help you allocate enough funds to cover these payments, keeping you on track and stress-free.

Step 2: (Re)Build a Small Cash Buffer

Whether you’re starting from scratch or rebuilding after a few particularly expensive months (ahem), you want to make sure you have a small cash buffer — between $500 to $1,000 — to cover any unexpected costs that may crop up while you’re working through these steps.

Think of it like a mini emergency savings fund. This safety net can prevent missed bills due to a low checking account balance and help you avoid costly overdraft fees.

If you don’t have enough (or your budget is too tight) to cross this off your list within a paycheck or two, don’t worry. Start small, setting manageable savings goals like $50 per month, and gradually increase the amount as you become more comfortable with saving.

Step 3: Take Advantage of Your 401(k)’s Employer Match

One of the amazing things about saving for retirement is that you can turn even a small amount of money into a huge nest egg, as long as you start early enough.

[Read Start Retirement Planning Now - The Clock Is Ticking] 

Even if you don’t have the financial bandwidth to max out your retirement account every year, you should at least take advantage of your employer's matching contributions to your 401(k) or other workplace retirement plans. This literal "free money" can significantly accelerate your retirement savings. Plus, it’s tax-deferred!

Review your employer's 401(k) policy and vesting schedule to understand how much you need to contribute to get the full match. If you're not currently contributing enough to meet the cap, try to gradually increase your amount every time you get a raise. It's one of the simplest ways to enhance your financial future without any additional cost to you.

Step 4: Pay Off All Your Credit Card Debt

Yep, some of you may need to spend some time on this step.

Pay off all your credit card debt? Even before fully funding your emergency savings? All of it? (The average card balance is $6,218.)

I’ll say it again, for the people way in the back. Yep.

You see, despite its letter-to-number ratio, this list is actually rooted in a lot of math.

The first two steps are focused on keeping you solvent while you work through the list.

The third step is maxing your employer match because that’s an instant 100% return on your money.

Your next highest bang-for-your-buck is paying down your high-interest debt. According to the Federal Reserve, the average credit card has an annual interest rate of 22.6%... with some cards charging as much as 30%. And that debt is going to keep growing by that amount every year.

In other words, unless you know of some way to earn 30% in a year — guaranteed — the biggest impact your dollar can make is by tackling your high-interest debt. (And if you do know where to find a guaranteed 30% return, please write in to share.)

There are two debt-paydown strategies that see a lot of success:

The first is the Snowball Method, where you pay off the card with the smallest balance first, racking up an easy win, some helpful confidence, and powerful momentum. With one less card to pay, you should now have more capital to pay down the card with the second smallest balance. Repeat until you’re debt-free!

The second is the Avalanche Method, which is where you pay off the debt with the highest interest rate first. The idea here is that this debt will grow the fastest if you just leave it to sit, so you want to get rid of it first. Once that debt is taken care of, target the card with the second-highest interest rate.

Different people benefit from different motivation styles, so pick the strategy that’s right for you. Additionally, depending on the amount of debt you have, you may want to consider consolidating high-interest debts to lower the total interest rate you’re paying.

Again, prioritizing this step offers the best return on investment compared to investing your money. You’ll also feel really good about yourself once you’ve reached your goal. This one is worth celebrating (just don’t put the charge on your card).

Step 5: Fully Fund Your Emergency Savings

Once you've tackled your credit card debt, it's time to build a more substantial emergency fund — three to six months' worth of essential expenses in an easily accessible account.

This fund will provide a financial cushion in case of emergencies like job loss or medical issues. High-yield savings accounts can help your emergency fund grow faster.

If you just finished paying off your high-interest credit cards and have the mental stamina for it, one of the best things you can do is take the capital you’d been putting toward your credit card and reallocate it to your savings.

Another strategy many advisors recommend is automating this process so that a certain amount is moved directly into savings every time you get paid. You can also benefit from storing this away in a high-yield savings account that grows by 4% to 5% a year, since this amount will likely be big enough to garner some decent interest.

Ultimately, the goal of your emergency fund is to keep you from putting money back on your credit cards. You want to take from this stash before swiping that plastic. That’s because you don’t have to pay interest on money you take from your emergency fund — you just have to rebuild it after you do. Take, rebuild, repeat.

Step 6: Weigh Investing vs. Paying Down Debt

With no more high-interest credit card debt and a fully funded emergency fund, it’s time to weigh whether you’d benefit most from paying down other debts or focusing on your investing priorities. This may include maxing out your 401(k) or an IRA, funding your kid’s 529 plan, or saving for some other long-term goal.

Financial experts agree that the most efficient way to do this is to balance the benefits of reducing your other debt (car loans, student loans, mortgage, etc.) with the potential growth from investments.

One strategy to help you make this decision is called the rule of 6%, which is based on the idea that the S&P 500 averages a 10% annual return. Essentially, if your debt's interest rate is higher than 6%, prioritize paying it down. If it's lower, consider allocating that money toward investing for retirement or other long-term goals, since the return will likely be higher.

Step 7: Turn to Your Other Savings Goals

Finally, with a strong financial foundation in place, you can focus on other personal financial goals. Whether it's saving for a personal project, planning for travel, or paying off other remaining debts, prioritize these goals based on their importance and timeline.

Categorize them as essential, important, or aspirational. Again, “paying yourself,” or using automated saving tools to move money into savings before you even miss it, can take the emotion out of this good habit. As always, you can benefit from working with a financial professional to develop a personalized strategy.

Lastly, be sure to allocate a portion of your savings for personal wants to maintain balance in your financial life. All work and no play make Jack a dull boy. As backward as it may seem, spending a little money on fun things can actually help you stay motivated and satisfied as you progress along your financial journey.

By following these seven steps, you can get ahead of the whack-a-moles and reach your personal financial goals with little stress.