<prompt> Human: Hey reddit, I am about to double my income, and am living just above paycheck to paycheck now. What is the number 1 most important thing I should do first? Going from 40k to 80k per year. My wife and I have about 300 per month left over now that goes to a small savings account that has been a life saver too many times emergency funds recently depleted due to unforeseen medical bills and two vehicles damaged in a storm. I have 0 in savings and am 3 checks away from having everything caught up and 100 nothing in late feespayment arrangements. I have two car payments and a house payment that total 1800 for all three, and 1800 in various bills elec. water,trash,cell, tv etc.,etc.,Take home now will be around 5600 for both of us after ins and taxes. Im hoping to have 10000 saved in 12 or so months as my emergency fund and then I dont know what to do. Any advice would be appreciated.  <response>: Congrats on the raise! Thats huge!Youve basically just gone from the just getting by middle class category to the planning for the future in a positive way middle class.Read the sidebar as far as next steps after establishing your emergency fund. Start saving for retirement. Take your wife out to a nice steak dinner but be reasonable ;My one piece of advice as someone who started out making 40k and now makes 84k is that if you keep living like youre making that 40k, youll never have to worry about money again.I live what I consider to be a ridiculously lavish lifestyle but I still live on less than half of what I earn. Remember to only spend on things that will improve your long-term well-being and try to avoid lifestyle creep.Good luck! 