Paying Off Credit Cards, Saving for a Home Top Priorities.(Credit Counselor)

Byline: Amilda Dymi

I do not think there is anybody out there who hasn't seen the 800-pound gorilla in the room commercial. It may have a different effect on borrowers compared to investors, but now it somehow makes more sense to both.

Discussions about the government bailout plan are under way as is one of the biggest recessions in the nation's history. The 800-pound gorilla is usually associated with those approaching retirement, but reminds us all of the need to carefully manage the family budget and make sure the mortgage is paid.

Schwab Corporate & Retirement Services most recent eight "savings fundamentals" recommendations are designed to help individuals prioritize and manage their short- and long-term personal and financial goals.

A related survey shows participants are on the right track but need help in creating and following a savings plan.

"One of the few benefits to the current market environment is that people are focusing more on saving money," said Charles Schwab vice president, investor development, Catherine Miller, in a company release. "Most of us have finite resources and are not able to save for all of our financial goals at once. Prioritizing makes them feel less daunting and more attainable."

A survey of over 1,000 individuals conducted on behalf of Charles Schwab found that respondents rank paying off credit card debt above all other savings priorities. Nearly 60% of those surveyed have credit card debt, carrying an average balance of more than $7,200. The second priority is to contribute to a household emergency fund. Those who do not own a home rank saving for a home purchase their second highest priority.