In your 20s and 30s, you’re still relatively new to managing your own money. You’re gaining financial independence, paying off student loans, starting a career, and maybe starting a family. It’s an exciting but challenging life stage, and the financial decisions you make now can have a big impact on your financial future. Here are five common money mistakes to avoid in your 20s and 30s.

Spending beyond your means is tempting when you get your first well-paying job, but it sets a bad precedent. Make a budget, track your spending, and look for expenses you can reduce or eliminate. Aim to save at least 10 to 15 percent of your income. If your expenses exceed your income, cut costs instead of accumulating debt. Paying interest on debt reduces your ability to save and invest for important life goals.

Not saving enough for retirement is a huge mistake that can be difficult to recover from. Start contributing enough to get any employer match offered in your company’s retirement plan. Then aim to increase your contributions by at least 1 percent each year as your salary increases. Compounding returns means the sooner you start saving, the less you need to put away each month.

Not having the proper insurance is risky, especially if you have dependents. Make sure you have health insurance, life insurance, and disability insurance. You should also consider insurance for big assets like your home or vehicle. Medical bills and unexpected disasters can bankrupt you if you’re not properly insured.

Not paying off high-interest debt like credit cards in full each month results in excessive fees and interest charges. Only spend what you can afford to pay off each billing cycle. If you can’t pay the full balance, pay as much as possible and avoid incurring new charges on the card until the balance is repaid.

Not saving for other important life goals will mean delaying or financing major milestones. Save for a down payment on a home, vacations, starting a family, or other big expenses. Establish separate savings accounts or sub-accounts for short-term and long-term goals and automate contributions from each paycheck. Make saving for the future a financial priority.