Kevin Murray · Murray Financial Services
The Money Stack: Where Should Your Next Dollar Go?
There's no shortage of financial tips out there.
Save for retirement. Build an emergency fund. Pay down debt. Invest for the future. Much of it is probably good advice.
And that's exactly what makes it so overwhelming.
When every financial goal feels important, it's hard to know which one deserves your next dollar. And when you're not sure where to start, it's easy to feel like you're not making enough progress anywhere.
That's where the Money Stack can help. Think of it as a simple way to organize your financial priorities. Instead of trying to tackle every goal at once, you can focus on the step that may have the biggest impact right now.
Like building with blocks, the layers at the bottom support everything above them. And strengthening those first layers can make it easier to keep building over time.
There's no perfect order that fits every person or every stage of life. But thinking through these priorities one layer at a time can make it easier to spot where you're on solid ground and where your next dollar might have the biggest impact.
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An intentional way to decide what deserves your next dollar
Capture Your Employer Match
If your workplace retirement account includes a matching contribution, it may be one of the most valuable places your next dollar can go. Few financial moves offer an immediate boost quite like money your employer adds alongside your own contributions. According to Vanguard, matching contributions average 4.6% of pay.1 That's one reason this layer often comes first.
Build a Starter Safety Net
Only 47% of Americans say they can cover a $1,000 emergency expense without scrambling.2 A flat tire, an unexpected vet bill, or a trip to the emergency room can quickly derail even the best financial intentions. A starter emergency fund, about one month's worth of essential expenses, helps keep temporary setbacks from becoming long-term debt, making every financial step that follows a little easier.
Pay Down High-Interest Debt
Every dollar spent on high-interest debt is a dollar that can't build savings or investments. Reducing expensive balances may not feel as exciting as investing, but it can free up more of your money for the goals that matter most. That's why many financial strategies focus on paying off loans and credit card balances before moving to the next layer.
Build a Full Emergency Fund
Once high-interest debt is under control, a larger emergency fund can provide something that's hard to replace: flexibility. Whether you're facing a job loss or another unexpected setback, having three to six months of essential expenses saved can give you time to adjust without derailing your long-term goals.
Keep More of What You Earn
After you've built a stronger foundation, the next step is making your savings more efficient. Tax-advantaged accounts like 401(k)s, IRAs, and HSAs may help reduce how much taxes slow you down, depending on the account. That can help keep more dollars working toward your long-term goals before you invest elsewhere.
Protect What You've Built
The more your financial life grows, the more there is to protect. Life and disability insurance, along with up-to-date beneficiary designations, help your financial plan keep working even when life doesn't go according to plan. It's one more way to help protect the people and goals that matter most.
Put Extra Dollars to Work
Tax-advantaged accounts can do a lot of the heavy lifting, but they aren't the only place to invest. Once you've prioritized those opportunities, additional savings may find a home in taxable investment accounts, helping you to continue to build wealth over time.
Thinking through these priorities one layer at a time can make it easier to spot where your next dollar might have the biggest impact.
Where Do You Go From Here?
Every financial stack starts the same way: one layer at a time. The goal isn't to rush to the end, but instead to make sure each layer can support the ones that come after it.
If you're not sure where you are in the stack, let's talk. Together, we can identify your next step and what makes the most sense from here.
Sincerely,
Kevin Murray
Murray Financial Services
https://murrayfinancialservices.com
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Kevin Murray
Murray Financial Services
Not receiving our newsletter?
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Kevin Murray
Murray Financial Services
Sources
- Vanguard, 2025 (pg. 10) [URL: https://corporate.vanguard.com/content/dam/corp/research/pdf/how_america_saves_report_2025.pdf]
- Bankrate, 2026 [URL: https://www.bankrate.com/banking/savings/emergency-savings-report/]
Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.
This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific situation with a qualified tax professional.
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