1. Don't by Junk
One of the biggest wastes of money that I see young people make is that they spend their money on things that will depreciate in value. These things include luxury watches, designer clothes, luxury cars, and the list goes on and on. Instead, by more affordable things and try to save the difference.
2. Store as much as possible
When you are young, it is socially acceptable to be tight with your money. It is acceptable to live dramatically below your means before you start a family and your responsibilities skyrocket. I would suggest that every 20 year old saves as much money as possible. Some of you may have the luxury of still being at home which helps out a lot. In the end, you want a pretty large nest egg when you step out into the real world.
While you are saving, you should be investing some of that money back into your learning. This includes things such as buying books, courses, audio programs, coaching, etc. If you have a career path figured out, your main goal should be to learn and implement as much as possible. This will not only help increase your income but it will also allow you to know the most.
When you are young, your greatest asset is time. Aside from saving, you should be investing money into assets that are going to generate you money, especially cash flow businesses. The sooner you start investing, the more time you give your money to compound and grow.
5. Set a budget
Nearly all people in their 20s will need to implement a budget. First, start out by listing out your take-home pay as well as all of your expenses. Then, find out how much money you are saving each month. If you aren't saving any or at least not what you want to be saving, you either have an income problem or a spending problem. In the end, adjust accordingly.
6. Increase income
As I hinted at earlier, you must want to increase your income as much as possible. Work extra hours, pick up other jobs, start a business, freelance online, etc. All of these will help increase your income which allows you to put more away for your future.
7. Buy used cars
If you are not where you want to be financially, you should not be buying brand new cars off the lot. A good rule of thumb is that if your vehicle is over half of your annual income, that car is out of your budget and you should downgrade. For most people in their 20s, I would recommend buying a reliable car within the $5,000-$10,000 range. This is still a little pricey but nothing like a new car. Plus, it should last you a good while if you pick the right one. In the end, you do not need to be taking out loans on luxury cars, especially when you are in your 20s.
8. Student loan debt
Ah, student loans! Getting trapped into these are students' worst nightmare. Over the recent decades, college tuition has quadrupled in price above inflation. This means that it is getting harder and harder to pay for. As a young kid, I would recommend applying for as much financial aid as possible. This includes grants, scholarships, and graduation money. I would even take some of that money that you have been saving and put that towards college. In the end, you don't want a heavy debt load upon graduation.
9. Rent beats owning
Starting out, I would not get strapped down to a mortgage. You are still young and job opportunities are everywhere, especially in other states. Instead, I would rent with a few friends. This lowers the cost dramatically and is less stressful.
10. Set goals
In the end, you should be setting both short term and long term money goals every day. You should have a plan on reaching those goals as well. In the end, never let go of your dreams.