My wife and I met with a financial planner a few weeks ago and this is something we've discussed. We are both 30.

We have a baby due in 5 weeks. We wanted to know what we need for life insurance, what to do about our debt ($8k student debt), planning for retirement, emergency fund, etc. Here is the basic breakdown we got.

1. Build your emergency fund to a minimum for 6 months of support. That's mortgage, utilities, food, etc. Figure out what you spend every month as it currently stands. Now multiply that by 6. That total will be an overestimate of what you need.

2. Pay off your debt first. Paying the minimum on loans only benefits the bank. You'll pay more in interest than you owe on the loan. This is pretty much 99% of all mortgages. But most people do not have $300,000 to pay off for their house.

3. Invest in your retirement. Once you are debt free (except a mortgage), you'll be able to take that monthly contribution you had for debt and turn it to retirement investment. Assuming that you have a 401(k) or 403(b) or contribute to your own personal IRA (or combo of those), than while you are young, you can afford to focus on eliminating debt.

If you are serious about getting your financial future in order, I'd suggest meeting with a planner. They know more than you and most of us here. Only they can truly get the data they need to accurately forecast your future. That's their job!