Saving money for retirement has become the bane of millennials’ lives. Talk of a recession, swollen student debt, and the stagnation of wages have led many to live without a thought about the future. The fact of the matter is saving for retirement can – and should – begin immediately. The earlier the better! Listed below are five of the top savings tips for millennials.

Forgo the Starbucks. Millennials frequently fall victim to splurging on quick “feel-good” things like eating out, frequent visits to Starbucks, and drinks out with friends. To avoid these common pitfalls, begin by determining what brings a true sense of joy to your life. Do you enjoy stepping out of the office for some fresh air and a meal at the local eatery? Or are you a socialite who looks forward to grabbing drinks with friends come Friday evening? Whatever the case may be, remain mindful of it week to week. Bag a lunch for the week. Grab a free coffee from the company break room. Know that you are saving that extra cash for something you really enjoy. This way you may be content knowing that not only are you saving for retirement, but also allowing enough wiggle room for some of the finer things life has to offer.

Set it and forget it. A simple rule of thumb to follow is to take 20% of your paycheck and put it toward savings. In this digital age, one-click options avail you the opportunity to set a standard withdrawal that happens immediately upon receipt of your paycheck. 20% of your paycheck can be transferred right away to the savings account of choice so you don’t have a chance to miss it.  

Shop around. It is also important to learn the value of becoming a frugal shopper. Do not fall victim to settling for the set price of any major investment. Take, for example, your car. Frequent repairs are necessary to ensure a long, healthy life for your vehicle. As the vehicle ages, and repairs are needed, be sure to shop around to find the best deals available. Do not settle for the first price point. Shop around and find the most competitive pricing.

Millennial meet Financial Manager, Financial Manager meet Millennial. Being “good with money” is not necessarily a trait we are all born with, it is learned through years of experience and study. That is why it is so important to invite a financial manager or accountant into your life at an early age. This person will have your best interests in mind and will be able to handle the financial heavy lifting, removing the burden from your plate.

Live beneath your means. Be sure not to spend more than you make month after month. So many out there have dug themselves into a financial hole by accumulating debt. As interest piles up, it is easy to find yourself underwater. Spend less than you make, and pay off all debts as quickly as you are able.