Leaving home, going to or graduating from college, and learning to manage your money for the first time can be intimidating. With an uncertain job market, overwhelming debt, and a wealth of new financial decisions to make, today’s Millennials — and even older Americans — are vulnerable to financial traps at every turn. This issue highlights some of the most prevalent traps young adults are falling into today, as well as strategies to avoid them.

Failing to plan for education properly—This mean making the right choice when you do decide to go to college. Things such as changing majors for example or messing around in even one semester can make it take longer to graduate and that can throw thousands of dollars of interest on top of an already large loan. Solution: Make sure you follow the new guidelines at Federal Student Aid Loan Subsidy and New Rules for Subsidized Loans

Failing to save for tomorrow — The Wall Street Journal reports that adults under age 35 currently have a savings rate of negative 2%, meaning they are burning through their assets or going into debt. With time on your side, a small investment now can reap huge rewards in the future. Example: Gala makes $35,000 a year, and her employer will match up to 3%. With 35 years until she expects to retire, if she saves 3% at an average 7% return, she’ll have roughly $378,200 when she retires. However, if she boosts her savings to 6%, she’ll have $567,321 — almost $200,000 more!

Ignoring health and fitness — As the cost of healthcare continues to rise, many employers are penalizing those who ignore programs and solutions to lose weight, quit smoking, become more financially literate, or other conditions that cause stress or can lead to serious — and costly — health issues. Solution: Take care of yourself, there is nothing else to say about it.

Not taking credit ratings seriously — Your credit score (often referred to as a FICO score) is the most important grade in your financial life. It will affect your ability to obtain a car or mortgage (even a student loan), as well as the interest you’ll pay. It can also determine insurance rates, where you’ll live, and even your next job since many employers routinely perform credit checks on new hires.  Solution: Read “10 Ways to Trash Your Credit” for traps to avoid as you build a stronger credit score.

Running up debt — After landing a job, it’s easy to get caught up in buying “stuff” — a new car, furniture, electronics, new clothes, etc. You’ll also receive an overwhelming number of tempting “pre-approved” credit card applications. In addition to the burden of repaying the debt, simply applying for three or more credit cards or loans in one year can hurt your credit score. Plus, NBC News reports that high debt levels are causing Millennials to delay plans to get married or start a family. Solutions: Delay incurring more debt, buy used, save for purchases, and build a plan for future purchases before you buy.

There are many other ways that this generation is being trapped financially but there are also so many ways to get out of it. Make sure that you take the time to do the research, talk to your parents or people you see as financially responsible and take their advice.

Let me know in the comments below if you have any great ideas for saving money or if you have found yourself in a trap not already discussed and I can find a way to help you out.