While we all know how important it is to secure a bag or multiple bags, it’s also important to manage them properly.

Implementing good money management in your early 20s can seem like a challenge, but with a few healthy practices, you’ll set yourself up for financial success for years to come.

In an honest conversation about dos and don’t’s of money management during the 2021 ESSENCE GU Summit, Entrepreneur & Best-Selling Author Tonya Rapley, Financial Planner Dr. Nicole Garner Scott, Financial Stylist Lilias Folkes John, and Founder of the Finance Bar, Marsha Barnes shared their money mishaps and advice for taking steps towards financial freedom. Scroll through to see give tips to help get you started.

For more of everything you missed at the 2021 ESSENCE GU Summit, head over to ESSENCE Studios.

The 2021 Girls United Summit is presented by CBS Original The Equalizer and sponsored by American Airlines and McDonald’s.