While I’m sure your parents have given you money lectures many times, there are still many holes in a young person’s financial education. When you’re in your 20s and 30s, you’re excited to build the life you envisioned for yourself but may not realize that there are specific financial hurdles that need to be completed in order to get you where you want to go in life.

Brad Sherman from Investopedia recently wrote a piece in Business Insider about planning your financial life in your 20s and 30s, and how using basic financial planning practices can get you to the moon in no time. But by learning what not to do, you will in turn learn what should be done.

These are the 8 most common financial planning mistakes made by people in their 20s and 30s:

1. No Budget

A budget may seem restrictive, but it’s for your own good. This prevents you from overspending on things that may prevent you from paying your rent or your bills. Keep track of when each payment is due, and be sure to make sure you don’t deplete your account before that. 

2. No Credit Rating

If you’ve always used your parents’ credit cards when you were in high school or college, you have no credit rating of your own. Without credit, or poor habits that lead to a poor credit score, you could end up paying thousands of dollars in extra interest on a mortgage or an auto loan, plus your insurance premiums are generally higher because you’re a risk to the insurance company. Build credit by having 1-2 credit cards and be sure to pay off the balances. Never miss or be late on payments – this will wreck your score in no time.  

3. Living on Credit Cards

Credit cards can be great for big purchases to get points, but if you let them get out of control you’re going to LOSE points on your credit score. Try your best not to keep a balance on any of your credit cards and live off of cash as best you can. Credit cards are important for helping to build your credit score when you’re young and as a way to “borrow money” when you really need it.