This is the first thing you should do if you ask me. I use the title 401K because this is likely the most commonly offered program by a company today. It can be any of several other offers in-which a company puts money into something with you.
Benefits
-Best return for your money (Make more money then self created investing, bonds, mutual funds or the cost incurred for unpaid dept. This is because you would have gain/save at least 50% with the match, not to mention any additional interest gained or profit sharing).
-Deferred taxes (make money on what you would have given to the government now and then give it to them later)
- Putting away for retirement (who knows what is going to happen with social security) or for those of you who have the attitude "I might not live that long" for your family.
-Cost you very little ( you don't feel it as much in your regular check-deferred taxes-, the matching by your company, plus interest and piece of mind gained for a small percent of your check- 1%-6%<--likely spend more on coffee, eating out, beer or poker night)
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