Late teens or early 20’s is the time in your life having transition from dependency to independence. With that, comes financial independence. Regardless, learning to balance rent, bills, groceries and other expenses can come as quite a shock, and many young adults end up accruing large debts that can plague them for years.

Millennials are targeted by usurious credit lenders, offering high interest credit facilities such as credit cards, department store-specific cards and loans. These are often sold to young adults as a safety net for emergencies. But the reality is that frequently, these credit facilities are maxed out very quickly, saddling the borrower with high-interest debts.

Here are some advice for any young adult who wants to live a debt-freeWays and stress-free life quoted from Lifehack.

1. Be prepared for sudden expenses
Your car might breakdown, or your cat might get sick. Be prepared for this! Never make the mistake of assuming that things would not go wrong. When drawing up a budget, It is wise to set aside 15% of your income just as a buffer against sudden expenses.

2. Enjoy the Little Things
Luxury items bring fleeting and temporary happiness, which dissipate as quickly as they come. Expensive clothes or the state-of-the-art gadgets be bought just to improve your life and general satisfaction levels.

That’s why it’s better to invest in doing things rather than having things. You don’t have to live a bare-essentials lifestyle, but cutting back on unnecessary luxuries during your younger years will not only save you a mountain of debt that you will have to pay off, but will also allow you to live a simpler, more care-free existence.

Some of the best things in life cost little to nothing. You can’t put a price on good company, laughter or fun. Anyone who claims that you can’t have fun without spending money probably is not much fun to begin with. Some of the best activities in your life life can absolutely be cheap or free.

3. Avoid Credit Cards
You may think that it’s a good idea to have a credit card for emergencies, or to use one to improve your credit rating, and although these are all well and good, the reality is that credit cards are rarely used for these purposes, and the temptation to spend on them is always there.

Credit card companies aim to get people into debt while they’re young, and keep them by bleeding them very slowly through minimum payments and compound interest. Credit lenders are masters of making money, and they will play on your fear of being broke to mislead you into getting a credit card.

4. Save for Things You Really Want
Almost anything these days can be bought on credit. This usually involves making small, monthly payments for years on end at a massively inflated interest rate. It all seems very manageable, but one small payment added to another small payment, and another all begins to add up. Before long, your disposable income has shrunk down to such a small amount that you can barely afford to things you really need or you really want.

5. Make More Than One Account
Sticking to a budget is often easier said than done. The easiest way to regulate spending is to have an account which your wages are paid into, and a separate account for spending, and then arrange for a set amount to be paid into the spending account (either monthly, weekly or even daily), to ensure that you can keep track of your finances without overspending.