Once you reach your 20s, you have more control over your income and what to do with it. While your life as a financial independent adult is just beginning, complete with an actual salary and benefits, that salary is likely going to be on the lower side. Combined with student loan debt and full living expenses, having developed money management and saving skills as a child are essential to maintaining financial independence.

While retirement may seem a long way off, it’s easy to move financial planning to the side and credit cards to the front. The younger you are, the more savings power you have thanks to compound interest. A few dollars saved today can mean thousands of dollars later, and time is very much on your side. Manage your credit wisely, set a practice of saving before you spend, and get the jump on retirement planning that so many wish they had.

April 3 – 7 has been designated as National Retirement Planning Week. Check back next week to learn what retirement goals you can set if you’re in your 30s and 40s.