When should we give? Is giving more important than taking care of our own debts?

That was the topic of Jeff Klein’s Walk the Way video blog a few weeks back, and while it didn’t specifically address the current economic situation, it definitely got me thinking. Right now, my wife and I are living comfortably. Sure, we have college loans and a mortgage payment, but we don’t have any kids or other large expenses. In our current situation, we give quite cheerfully.

But what if one of us got sick and we were stuck with a huge hospital bill to pay? What if one of us lost our job? Would we still be able to give cheerfully?

With stock prices jumping all over the place (but mostly falling), retirement savings being lost, a frightening job market, foreclosures and bankruptcy on the rise and dozens of banks failing, we’re living through one of the  most volatile economies that we’ve seen in decades.  Are we still expected to give cheerfully and generously?

How do you decide when and how much you give? How do you prioritize paying your debt and your giving? Has the economy affected your generosity?