From paying down student loans to managing credit card debt, your twenties are an extremely pivotal time on your journey to financial well-being. Which is why financial planning as a young adult can help to prepare you for the unexpected expenses and financial responsibilities that come along in life. With that being said, here are 5 financial commandments to live by in your twenties.

Set savings goals

Creating financial goals are a great way to plan for the future you want – whether it be for a short-term goal, like an all-inclusive vacation, or a long-term goal, like starting a retirement fund. Spend your twenties setting savings goals for your financial future.

Establish a budget for yourself

Learning how to budget can be challenging. But if you can master budgeting in your twenties, it’ll put you on the path to success throughout your life. Which is why it’s important to focus on developing a budget for yourself that you can follow. This is crucial to start building that financial foundation for yourself.

Without a budget, you risk overspending on things you don’t necessarily need, and under-saving on important, big-ticket purchases.

Create a debt repayment plan

Let’s face it, debt is a reality for a lot of young people. But not creating a plan to pay that debt off, makes you vulnerable and can set you back years in higher interest payments and a lower credit score.

An easy way to start trimming these costs is by setting up automatic payments for things like student loans.

Start building an emergency fund

Some people may refer to this as a rainy-day fund. But whatever you call it, it serves the same purpose, and that is to meet unexpected financial challenges and keep you from going into debt when you need a little extra cash.

A good rule of thumb is to stash enough away to cover three to six months’ worth of expenses in an easy-to-access savings account. Aim to put away about 10% of your monthly income until you reach your goal!

Build up your credit

Young people are generally at a bit of a disadvantage when it comes to building a credit score. This is mainly due to the fact that your credit history accounts for at least 10% of your FICO score, the most widely used credit-rating model. But, at least 35% of your score is dedicated to your payment history.

Which means you can raise your score by simply paying your bills on time. Remember that the basic premise of a credit score is largely reliant on the debt you take on and how well you manage it.

Your twenties are a time for growth in all aspects of life – especially money management. And with so many firsts, mistakes are only natural. Keep this in mind the next time you come across a financial bump in the road and remember to stay true to your savings goals.