7. Invest in yourself

Everybody needs a budget. It helps you keep financial goals in full focus, and prevents you from spending more than you have.

It also allows you to zero in on poor money habits and break them. Budgeting can help you prioritize saving money, which is vital to your financial health.

Arguably the most important thing you can do for the health of your financial future is to start saving for retirement, regardless of where you are in life. This is something you can ideally do over the course of your entire career, but the sooner you start, the better.

Set up a 401(k) pla...

This is a simple and obvious tip that your parents should have taught you: Don’t spend more than you make.

If you do spend more money than you earn, you are likely getting the money from someone else, or borrowing it from a lender. Neither option is good.

Spending more than you earn...

Some parents will tell you to avoid credit cards altogether, but there’s a better option: Get a card or two and make sure to pay them off every month. This will help you to both stay out of debt and to build your credit score, which is...

As cliche as it may sound, don’t put all of your eggs in one basket. Yes, you want a full-time job with benefits, PTO, and a shiny 401(k). But a side hustle is also a good idea. That way, if you lose your job for any reason, you have ...

Find ways to create passive income, which is money that comes in without you having to work hard to generate it. Investing is one popular way to make passive income, as your money does the work for you.

You also may be able to generate passive income from a rental property or collect ad re...

Always pay yourself first. That means you should automatically earmark a part of each paycheck for savings before you spend it somewhere else. This is a surefire way to make sure that you are saving money.

In addition to retirement savings, you should have a savings account with two to three months of income in case an emergency arises. Consider investing any other savings you accrue in the stock market, which could give you a better return on your investment.

If you’re unsure of how and whe...

It may sound like a tough stand, but there are several reasons you shouldn’t lend money to friends. For starters, that’s money you could have working for you in investments.

There is also a good chance your friend will never pay you back in full. So, you may wind up with a ruined friendshi...

Borrowing money means you’re going to have to pay it back somewhere down the road, so make a plan for your debt that accounts for that.

Yes, some loans may be necessary — such as student loans or a mortgage. But be very smart about how you borrow.