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If you are worried about job security and do not have an adequate emergency fund (ideally eight months' worth of living expenses stashed away in a federally insured bank or credit union), you need to focus more on saving money than paying down the balance on your credit cards.

Your goal should be to pay off your credit card bills in full at the end of each month and set aside money toward your emergency savings.

Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.

Pay your utilities, gas and other basic needs before paying on your debts.

Much of the traditional thinking about cash is well intentioned but unrealistic. Should you have six months of living expenses in the bank for emergencies? Sure. Do you? Probably not.

It may take you months or even a few years to build up an adequate emergency savings fund. That's okay.

The way to build your savings is by spending less each month.

There are two things that you need to save for. First, you need an emergency cushion of no fewer than six months of living expenses. This needs to be cash in a liquid account where you can get at it in - yes - an emergency if you need it. In other words, money markets, not CDs. You also need to save for your future: that means retirement.

Put paying your dues and all that puts so much into being a success. You have an understanding of what it's about, being on your own for three or four years and living day to day on $3, or living in an apartment with no electricity.

The easy way out is to approve an early retirement plan one year but not pay out sick and vacation time to deserving employees until three years later. Unfortunately, later is now.