Millennial Money: Trial, error, and what I learned in my 20s

TIP: Locate the source of a problem and find a solution.

In my case, the problem was that I ignored my finances and didn’t think about tax obligations. I resolved the issue by proactively managing my budget and paying off my tax debt. Getting a new job that wasn’t a 1099 gig helped, too.

“You’ve got to figure out: Is it the same mistake you’re making over and over? Is it a pattern?” says Christine Papelian , a certified financial planner in Phoenix. “If it’s a new mistake, then now you have an opportunity to get back on track. It’s almost never too late to change a behavior or a habit.”

If you have a habit of making late payments , for example, think about setting up automatic bill pay so you don’t have to worry about tracking various due dates.

BUILD FINANCIAL FORTITUDE

The past year has been a crash course in instability. And while recent crises were unusually severe, you can count on unexpected financial challenges to pop up throughout life. For instance, a broken alternator on my car once drained my emergency fund, but at least I was able to avoid going into debt to cover the expense.

TIP: Make savings mandatory.

“Focus on building an emergency fund,” Rodriguez says. “Everyone needs one because everyone is going to have an emergency come up.”