If you are in your twenties or thirties and have an emergency fund, but are paying off high-interest debts, focus on these debts first. However, when your debt is through a low-interest loan or line of credit, you should save for your long-term goals. Consider contributing to a Registered Retirement Savings Plan or a Tax-Free Savings Account. If you are older, you need to prioritize savings. Otherwise, you won’t maximize your tax-free investment growth for retirement.