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20 Things You Should Know About Saving Money in Your 20s

GOBankingRates Logo By Elyssa Kirkham of GOBankingRates | Slide 1 of 21: Group Of Friends Having Fun Together Outdoors

How to establish a strong foundation for financial success

Being a millennial is no cakewalk. The money struggles today’s 20-somethings face are bigger and scarier than those of past generations: crippling student debt, an overly competitive job market and an economy still recovering from a recession.

On the other hand, these tough fiscal and economic circumstances have taught Generation Y valuable money lessons the hard way, giving millennials a greater inclination to save and a more frugal approach to money management.

This focus on savings can be a huge leg up for millennials. A well-padded savings account will enable you to achieve your most important goals and dreams, and keep you free of financial nightmares like debt, bankruptcy, back taxes and bad credit — if you do it right.

Here are 20 things you should know about saving money in your 20s to help you establish a strong foundation for financial success now and decades to follow.

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