Savings advice and tips for millennials, from millennials. Hear what a few financially savvy 20 and 30-somethings had to say about what they feel they’re doing right when it comes to their money.

Millennials have found themselves in a unique position. This group of individuals has now lived through two economic recessions, carries the most debt (mostly student) of any other generation, and as a result are delaying what most would consider important life steps, like buying a home or saving for retirement. While millennials have been labeled as the sort who focus more on day-to-day finances and the “now,” it will become crucial to start saving for what comes next. Because of the unique position they are in, millennials must approach saving in a unique way, and not like other generations before them. Check out money lessons and advice from millennials who feel they have their savings strategies down.

  1. Treat Debt and Savings Like Bills
    Rather than viewing your savings or debt consolidation goals as flexible, build them into your finances as fixed costs each month. Reframing the way you approach savings can help by making it more of a priority and less of a secondary financial goal. Consider automating bills, savings, and retirement contributions right through your banking app to make it even easier.
  2. Track Everything
    Track anything and everything when it comes to your finances. Look at your progress, your setbacks, and how you are trending to meet short- and long-term financial goals. When you are more aware of spending and savings, it brings them to the forefront of everyday life, and you are able to make more-informed decisions about everyday finances. With many different apps now at users’ disposal, like Mint or YNAB, tracking is simpler than ever.
  3. Money = Time
    Start seeing your money as representing your time. Before you splurge on that expensive dinner or new pair of shoes, ask yourself if it’s really worth the hours you worked for that income. “Every time I see a dollar, I see that dollar as my time, and time is the most important thing to me … if I throw money away, I’m throwing my time, my life away—and it’s just something I’m never going to get back.” – Alex Sanchez, CNBC’s “Millennial Money” Series.
  4. Play the Long Game
    Purchases can oftentimes hinder long-term financial goals. Not all large purchases are bad, but it’s important to examine the effects of them. Before making a big purchase, think about how this will impact you a year from now, or even five years from now. And, if you find yourself making a purchase you regret, don’t let it hold you back. Learn from it and don’t make the same mistake twice.

For the sake of your future self, saving now is one of the most important steps you can take. Ensure a stable financial life years from now by following the tips we outlined above and prioritizing long-term goals. For more advice on managing your money, visit