So you’ve gotten your career off on the right track by scoring a great first gig (or two). Perhaps now it’s time to make sure your financial planning is off to a great start too.

It’s hard to focus on retirement planning when you’re in your 20s, and it’s easy to put off getting your financial house in order when you have so much else on your plate, but slacking off on figuring out your finances now can mean big penalties later when you need savings you don’t have or find yourself still digging out from under a mountain of debt when you’d prefer to be building a life.

Put your excuses aside and get on with laying the foundations for your financial future. Personal finance blog Wise Bread offers young people four essential tips this week that can help you get started:

Establish Your Goals — The first step in achieving financial goals is to actually establish them. Just as you have your sights set for certain achievements in your career, your financial goals should be outlined as well. It is not enough to say you want to have enough money to retire in 30 years; you have to actually develop a plan that will turn your dreams into a reality…. Whatever your goals, write them down and determine what actions you have to take moving forward to make sure you are heading in the right direction. Manage Your Debt – Debt is sometimes unavoidable regardless of our best intentions. For young adults just starting out, you may feel as if you have a lifetime to pay off debt, and in some cases, you are correct. If not properly managed, it will take a lifetime to pay off debt, and in the meantime you will have difficulty achieving other financial goals…. If you are starting out in debt as a result of student loans or other debts incurred while in college, make every effort to pay off those debts in the shortest period of time. This will allow you to focus on other short- and long-term goals. Save and Invest — There are few guarantees in life. However, one thing is certain. Every effort you make to save for future expenses, whether they occur six months down the road or 20 years in the future, will put you one step closer to achieving these goals. When you are just starting out, time is on your side, and this step is not one that should be placed on the back burner. Start saving immediately, and you will discover it becomes a habit that will last a lifetime. Understand the Importance of Financial Planning – By thinking about the big picture and where you want to be five, ten, or 30 years down the road, you can develop a financial plan that allows you to work toward those goals. Without a financial plan you are more likely to live in the moment, which undoubtedly results in poor financial choices. The steps you take today will set the pace for the rest of your life, determining your quality of life and long-term financial security.

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