Get your finances in order
A free guide to what to review first and what options you have.
Quick answer: where do you start with your finances?
The usual order is: first a cushion for emergencies, then expensive debts, then deciding what to do about your mortgage if you have one, and finally planning goals and investing. Each step builds on the previous one, and you can skip the ones that don't apply to you.
The 4 steps, in order
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Do you have a cushion for emergencies?
Estimate how much you need to cover your essential expenses and see how much you are missing.
A common rule of thumb is to set aside 3 to 6 months of essential expenses (housing, food, utilities, loan payments). With that fund, an unexpected cost doesn't force you into debt or into selling investments at a bad time.
May not apply to you if: you already have 3 to 6 months of essential expenses saved.
Do you have debts?
Identify which debts are costly and what is worth reviewing before investing.
Every euro you put towards a high-interest debt is a guaranteed return of that same percentage, which almost no investment can promise. Compare the APR of your debts and check whether paying part of them off makes sense.
May not apply to you if: you have no loans or consumer debts, or only very low-cost ones.
Do you have a mortgage?
Compare lowering the payment, shortening the term or keeping the money for other options.
Prepaying saves interest but also reduces your liquidity. Simulate how much you save by lowering the payment or shortening the term, and compare it with what the same money could earn invested.
May not apply to you if: you don't have a mortgage.
What do you want to do with your money?
Plan goals, work out how much to save and explore investment scenarios.
With the basics covered, set goals with a date (a car, a down payment, retirement), calculate how much to save each month and simulate how that money could grow at different returns.
May not apply to you if: you are still unsure about the cushion or debts from steps 1 and 2: start there.
Why use Pirfila to get your finances in order
It's free and needs no sign-up.
Your data stays in your browser: it is never sent to a server.
It is built for Spain: Euribor mortgages, prepayment fees under Law 5/2019 and savings taxes.
The calculators are connected: you can turn a result into a goal and track your progress.
Frequently asked questions
- Where do I start if I want to get my finances in order?
- By knowing how much you spend each month on essentials. With that number you can size your emergency cushion, which is the first step; after that come expensive debts, the mortgage and, last, goals and investing.
- How much should I have in my emergency fund?
- Usually between 3 and 6 months of essential expenses. If your income varies or you rely on a single salary, aim for 6 months or more.
- Is it better to pay off debt or invest?
- It depends on the debt's interest rate. If it is high (cards, consumer loans), paying it off usually beats investing; if it is low, like an older mortgage, keeping liquidity and investing may make sense.
- Should I prepay my mortgage or invest that money?
- There is no single answer: it depends on the interest rate, remaining term, fees and what you expect to earn investing. You can simulate it with your own numbers in Pirfila's comparison tool.
- Is this guide financial advice?
- No. It is an educational, orientative guide. For important decisions, talk to an independent financial adviser.
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This guide is for guidance only and is not financial advice. Calculator results are simulations based on the data you enter.