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Youth is the time to experiment and make mistakes. But if you let yourself live too freely, you could make blunders that you will regret for the rest of your life. This is especially true in finances. You should be able to go out and enjoy yourself, but you should also think seriously about your future. Here are a few things you should do in your 20s that will make the rest of your life that much easier.

1. Open a retirement account

Even if your work doesn't provide you with one. Most retirement accounts have a ceiling on how much you are allowed to contribute within a year, but there are no minimum required payments beyond your first deposit. Putting aside a small nest egg early will really build up over time. Ideally, you would still contribute a certain amount each month. But if your finances are really tight, you can just put some money away and forget about it. Read our explainer on the difference between Roth IRA and Roth 401(k) accounts for more.

2. Pay off as much of your student loans as possible

Forty percent of Americans under 30 have student loans. If you're one of them, use your 20s to pay off as much of the total amount as possible. Instead of just making the minimum payments, add a little extra each month. It won't be fun. However, it will be easier to use your extra income for this now rather than later in life when you will probably have other responsibilities like a mortgage payment. Lowering your total debt will also result in less accrued interest and ultimately less to pay off later on.

3. Build your emergency fund

If you don't have a savings account at this point, you really should open one. Contribute a set amount to it with every paycheck. Your savings will build up quickly if you're saving consistently. Ideally, you wouldn't touch this money unless an emergency expense pops up. However, dipping into it on occasion for a small treat now and then isn't too big of a deal. Having enough saved to cover unexpected car repairs or medical bills will save you from a lot of unneeded debt.

4. Limit unnecessary debt

Speaking of debt, limit how much you have. This sounds like common sense, but you should really be aware of how much you're spending on your credit cards. To limit how much you're spending, treat them like a debit card. Don't spend if you can't afford it. Do not ever use your credit card for frivolous items. That's the fastest way to spiral into even more debt.

5. Keep your credit score decent or excellent

Ideally, you should be able to pay off your cards every month. This should be easy if you're only using them for routine expenses. Paying off your entire balance will yield a pretty excellent credit score. But if you can't pay off your whole balance, make sure you're at least paying the minimum amount on time. Building and maintaining a good credit score will set you up for life. It will make it easier to get a better apartment or mortgage payment down the road.

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I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.

There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).

After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.

It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.

That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.

I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.

Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.

Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).

More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.

The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.

I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.

Update: Our friends at Truebill are extending a special offer to our readers! Follow this link to sign-up for Truebill.