NEW YORK — The first order of business: Set up an emergency fund.

That was the prescription ordered for Billy and Blessing Wright's portfolio after enlisting the help of a financial planner.

It was surprising advice for the Wrights, residents of of Weatherford, Texas, who thought it was their retirement fund and children's college savings plans that needed fixing. Now rising unemployment and stock market volatility are crystallizing the importance of keeping cash reserves.

Since May, the Wrights have cut back dramatically on eating out and movies. Billy, a 37-year-old police officer, estimates the family was wasting about $400 a month on such indulgences.

"We cut back completely on that — it's all going to the emergency fund," Billy said.

So far, they've saved an impressive $8,000. The goal is to eventually set aside $12,500 in a money-market savings account.

With their emergency fund on track, the Wrights focused on growing their retirement fund and college savings accounts for their son Cole, 9, and daughter, Summer, 2. The couple didn't have a clear plan on how to effectively manage either.

Their retirement money, for instance, was almost entirely in money-market savings accounts. With the relatively low interest rate such accounts offer, their funds would've dried up just two years after Billy retired at the age of 60, according to projections calculated by Michael Miller, their financial planner.

Under their new plan, the money will be spread across short-term bonds, long-term bonds, large and small cap stocks and international developed and emerging market stocks. With the new mix and a later retirement date for Billy (age 70), their savings should last through their retirement, said Miller, a certified financial planner and president of Miller Premier Investment Planning in Mansfield, Texas.

It turns out the college savings plans for their son and daughter weren't on track, either. They were socking away just $50 a month or so into each account. Now they're putting in about $150 a month and switching from a Texas plan to a Utah plan, which Miller recommended for having lower fees and a better performance history.

Their initial session with Miller cost $400 and includes a follow-up appointment. For the Wrights, it's a small price for peace of mind about their family's future.