When you’re in your early twenties, life is all about making mistakes- and learning from them. Unfortunately, many millennials in their early days of adulthood continue to make the same financial mistakes as they did in their teens and in college, which can have disastrous long-term effects on their financial health. Freedom Debt Relief has collected some of the best tips for twenty-somethings from older professionals on what they wish someone had told them when they were in their twenties themselves. If you’re currently in your early twenties, don’t just learn from your own mistakes- learn from the mistakes that others have made as well!

Make a budget- and stick to it. Have you ever read a story about a lottery winner or one-hit-wonder who suddenly had millions seemingly overnight- only to end up broke a few years in the future? When most people hear stories like these, they think to themselves- “how could they ever waste so much money in such a short period of time?” Freedom Debt Relief wants you to know that it might be easier than you think- it all comes down to not budgeting the money correctly. In your early twenties, you probably have your first “real” job- and you’re making significantly more than your part-time gigs making hamburgers or selling books in college. This new cash stream might feel endless, but without a budget, you’re likely to end up broke before your next paycheck arrives. If you need help creating a budget, try the app You Need a Budget, which will help you manage your money and is simple and intuitive to understand.

Avoid the sunk-cost fallacy. This is a tough mistake to avoid because many people do not even realize that they’re making it. What the sunk-cost fallacy states is that if you spend a large amount of time or money making a mistake, you’re more likely to continue wasting your resources instead of cutting your losses and saving yourself the time and money that you would have otherwise devoted to something that’s not working for you.

For example, let’s say that you invested a large amount of money into a company that just isn’t giving you the return that you’d like. Most people would be hesitant to completely give up on something that they’ve sunk so much time and money into, even if it means continuing to funnel away resources that won’t come back. Freedom Debt Relief urges those in their twenties to recognize when investments aren’t working for them- there’s no shame in walking away from a project or investment that isn’t giving you the return that you expected.

Your health is your wealth. Just like it’s crucial to have a long-term financial plan, it’s equally as important to think about your health in the long-term as well. Freedom Debt Relief has found that those who begin a regular exercise regimen in their twenties are more likely to have fewer chronic health conditions as they age- which can potentially save tens of thousands of dollars in medical costs, along with allowing you to live a better and more fruitful life. Take time now to find a way to work out that you love, and try to get your heart rate up for at least thirty minutes five times a week.

When you’re in your twenties, Freedom Debt Relief knows that it can be difficult to think about your life in the long-term- after all, you’ve just become an adult, and you’re probably more concerned with bills and college loans than retirement plans and savings! However, by taking the time now to consider small steps that you can take towards a better financial future, you’ll be left with an easier road when that time comes- and more savings in your pocket!