As someone who has spent decades mentoring millennials and advising them on financial challenges, I’ve seen firsthand how difficult it can be to achieve financial stability. Many millennials are dealing with student loans, trying to save for a house, and planning for retirement—all while managing everyday expenses. However, overcoming financial instability is possible, and it starts with a few foundational steps. Here are the strategies that can help you gain control of your finances and build a stable future.

1. Start with a Budget

The first step to overcoming financial instability is to create a budget. I know it sounds basic, but you’d be surprised how many people skip this essential step. Budgeting doesn’t have to be restrictive; it’s simply a way to understand where your money is going. Start by listing all your monthly expenses—everything from rent to groceries. Then, compare that to your income. If you’re spending more than you’re earning, it’s time to make adjustments. Cut back on non-essentials, like eating out or subscription services, and reallocate those funds towards savings or debt repayment. Tools like Mint or You Need a Budget (YNAB) can make this process easier by tracking your expenses for you.

2. Save Consistently, No Matter How Small

One of the biggest hurdles millennials face is saving money when there are many immediate expenses. But even if you start small, consistent saving makes a difference over time. Set up automatic transfers to a savings account so you’re saving without thinking about it. Aim to save at least 20% of your income if you can, but even 5-10% is better than nothing. Once you’ve built an emergency fund—three to six months of living expenses—consider long-term savings goals, like retirement or buying a home.

3. Pay Off High-Interest Debt

Debt, especially high-interest debt like credit cards, can be a huge burden when trying to achieve financial stability. Start by paying off the debt with the highest interest rate first. This is called the “avalanche method” and will save you the most money in the long run. Alternatively, the “snowball method” focuses on paying off the smallest debts first, which can give you a psychological boost as you check off debts more quickly. Whichever method you choose, prioritize getting out of debt as soon as possible, especially before making major purchases like a house.

4. Invest in Your Future

Once you’re debt-free or managing your debt responsibly, it’s time to start investing. Retirement may seem far off, but the sooner you start, the better. Thanks to compound interest, even small investments made now can grow significantly over time. Take advantage of employer-sponsored 401(k) plans or open an IRA if your employer doesn’t offer one. If you’re unsure where to start, consider using robo-advisors like Betterment or Wealthfront, making investing easier for beginners.

Conclusion: Take Control of Your Finances

Overcoming financial instability takes time and effort, but by following these steps—budgeting, saving, paying off debt, and investing—you can build a more secure financial future. Remember, small steps lead to big changes. Stay consistent, be patient, and keep your long-term goals in mind. Financial stability is within reach, no matter where you’re starting from.