Growing up is tough enough without the worries of your financial future, so Money101 is here for you. E-mail your questions to Money101@FOXBusiness.com and let us take off some of the pressure.

Fiscal discipline and life savings might not be at the top of every 20-year old's mind, but by getting a head start on saving for the future and forming a solid budget you are ensuring your financial freedom, the experts say.

Here are six things that should be on your financial checklist for your 20s.

Live Within your Means…Literally

You may have to revert back to your college days of scrupulously watching every penny, but the payoff will be worth it.

“Keep living like a student,” says Beth Kobliner, author of Get a Financial Life: Personal Finance In Your Twenties And Thirties. “Sites like mint.com provide a lot of free information about your budget.

Once you know where every dollar goes, it’s a lot easier to figure out where you’re wasting money.”

Too many young adults waste too much money on housing, says Farnoosh Torabi, author of Psych Yourself Rich, Get the Mindset And Discipline You Need To Build Your Financial Life. 

And while it might not be ideal, moving back home with your parents can save thousands of dollars in living expenses, says Torabi.

“Yes, it may cramp your style but the payoff may be worth it,” she explains. “In contrast, spending too much money on rent and car payments…could put a dent in your ability to save and pay down debt aggressively.”

Early Bird Gets the Financial Nest Egg

Even if it’s just a small percent, saving money in your 20s can really augment your future savings, the experts say.

“Choosing to put money in an account earning compound interest is the simplest way to prove how powerful it can be to save at an early age,”says Torabi. “The earlier you start, the better your money will grow.”

Kobliner points out that retirement plans are not solely for retirement and can provide other investment options as well.

“Think of them as super-smart savings accounts: they’re a way to grow your money with tax breaks,” says Kobliner. “The best place to save is a 401(k) with [company] matching—that’s basically free money. If you don’t have matching, see if you can open an IRA, which offers tax breaks and features more flexibility than a 401(k) to withdraw money when you really need it.”

Start Chipping Away at Debt

Getting rid of any debt incurred during college will help you in the future with securing loans for big-ticket items.

Torabi suggests paying your balance off in full each month to avoid racking up additional interest and time spent paying off the debt.

“Get off the minimum train, if you just pay the minimum you’ll be stuck on a treadmill to nowhere,” says Torabi. “It’ll take decades and thousands of dollars in interest before you can kiss that balance goodbye.”

While it is important to save for the future, you also want to pay down your debt as quickly as possible to avoid years of high interest rates working against you or potentially defaulting on your loans.

“Pay off your highest-rate debt first,” suggests Kobliner. “Credit cards typically carry an interest rate of about 16%; federal student loans generally carry an interest rate of 7% (or lower). Start by paying as much as you can toward the most expensive debt, and if you need to free up cash, see if you can stretch out the terms of your student loans.”

Gerri Detweiler, a personal finance advisor for Credit.com suggests that if you have any kind of federal student loans, check your eligibility for the Income Based Repayment program (IBR), which can make student loan payments more manageable.

“The one thing you absolutely do not want to do is fall behind on your student loans,” says Detweiler. “Once you default, many students find it’s very hard to get back on track because the collection costs can be pretty high.”

Establish Long-term Goals

While marriage, kids and a home may sound far off, planning now will help ensure future financial stability.

“There are certainly some types of loans like FHA [Federal Housing Authority] loans that carry low down payments, but for the most part you have to return to the idea that if you want to buy a home, you need to make sure you have adequate money saved for that,” says Detweiler, a personal finance advisor for Credit.com.

“Starting to save a little bit at a time can be helpful because it can seem like such a daunting goal--breaking it down into small steps can at least help you move in the direction to be able to save for the home that you want to buy,” she says.

Create an Emergency Fund

You never know what the future holds, so it’s good to have an emergency savings fund that you contribute toward regularly.

“You can have a certain amount automatically deposited from your paycheck into a savings account that you don’t touch,” suggests Detweiler.

Get Insurance

While many 20-years olds have a sense of invincibility, that doesn’t mean they should not skimp on health insurance. Should the unthinkable happen, you do not want to be buried under medical debt.

“You need health insurance no matter what,” urges Kobliner. “If you can’t find a job with benefits, you may be able to stay on your parents’ coverage until you’re 26 thanks to health-care reform passed earlier this year. Check with their provider for details.” 

If you are not covered on your parent’s plan or if you are older than 26 years old there are sites that compare different discount plans. Kobliner suggests checking out E-health insurance to see if you can buy a plan that is more affordable.

Depending on your situation, you may or may not need life insurance (Read more whether you need  life insurance here). If you do have a spouse and children, you want to make sure leave enough financial support for them to survive without your income, so looking into life insurance policies, especially term policies, could make sense for you