As a young adult in your 20s, it’s easy to feel like you have your whole life ahead of you and that there’s plenty of time to sort out your finances later. But the truth is, the financial decisions you make now can have a huge impact on your future. From managing debt to investing for retirement, there are a lot of financial pitfalls that you’ll want to avoid if you want to build a secure financial future. Here are the top 10 financial mistakes to avoid in your 20s:

Not setting financial goals: One of the biggest mistakes you can make in your 20s is to simply go with the flow and not have any financial goals in mind. Whether it’s saving for a down payment on a house, paying off student loans, or building an emergency fund, having clear financial goals can help you stay on track and make smart decisions with your money.

Not having a budget: A budget is a crucial tool for managing your money and making sure that you’re living within your means. Without a budget, it’s easy to overspend and end up with debt that can be hard to shake.

Racking up credit card debt: Credit card debt can be a huge burden in your 20s, especially if you’re just starting out in your career and don’t have a lot of disposable income. Try to limit your credit card use and pay off your balances in full each month to avoid getting trapped in a cycle of debt.

Not saving for retirement: It’s never too early to start saving for retirement, and your 20s are the perfect time to begin. The earlier you start, the more time your money has to grow, and the less you’ll have to save overall to reach your retirement goals.

Not building an emergency fund: Life is full of surprises, and having an emergency fund can help you weather unexpected expenses like car repairs or medical bills without having to go into debt.

Not investing: Investing your money can be a great way to build wealth over time, but it’s important to do it wisely. Do your research and make sure you understand the risks involved before putting your money into any investment.

Not negotiating your salary: Your 20s are a crucial time for building your career and increasing your earning potential. Don’t be afraid to negotiate your salary when starting a new job or asking for a raise when you’ve earned it.

Taking on too much debt: Whether it’s student loans, car payments, or a mortgage, taking on too much debt can be a huge financial burden. Make sure you’re only taking on debt that you can realistically pay back, and consider ways to reduce your debt load over time.

Not protecting your assets: Accidents and disasters can happen to anyone, and it’s important to have the right insurance in place to protect your assets. Whether it’s health insurance, car insurance, or homeowners insurance, make sure you have the coverage you need to stay financially secure.

Not seeking professional advice: When it comes to managing your finances, it can be helpful to seek advice from a professional. Whether it’s a financial planner or an accountant, working with someone who has expertise in the field can help you make smart decisions and avoid costly mistakes.

By avoiding these common financial mistakes in your 20s, you’ll be setting yourself up for a lifetime of financial stability and success.