Save Like You Mean It. There are few items in life that give no second chances; saving money at a young age is one! You will never have the perfect employment income to begin saving, so stop the excuse. It has no validity. Our parents told us to save 10% (not 3%) and to pay ourselves first. Do it and do it now.

Contribute to Your Company’s 401k. Even if you are 20 years old, not taking advantage of the max employer match on your 401k contribution may be the most foolish financial decision you can make. It’s time to think about more than today’s desires.

Stop Credit Card Balances. What more can I say. STOP! If you can’t afford to pay off your credit card charges at the end of the month, don’t buy it. If necessary, remove the credit card from your wallet. Deferring payments today will ruin your tomorrows. It’s a losing strategy.

Stop Overspending. For a simple way to control overspending, mark 4 monthly envelopes for clothing, food, eating out, and entertainment. Put cash into each one. Yes…cash. Except for clothing, divide food, eating out, and entertainment with paper clips into 4 weeks. Move leftover money to the next week. DO NOT overspend. You just solved your overspending issue.

Own Life Insurance. There are no age restrictions on ambulances and cemeteries. If you are married, buy it. If you have children, buy more. You no longer have an option. It will never be less expensive and there is no substitute.

Embrace a Local Charity or Civic Club. Life is bigger than just you and your personal financial needs. Get actively involved in a worthy cause. Volunteer for a committee. Make a difference. What you will get back will be far more valuable than anything that you give.

By Robert Krumroy, CLU, ChFC, CEO, National Speaker and Author