It's also a time to set in place some basics that will help set you up for a brighter financial future.

Money asked the experts for their best tips for twenty-somethings.

1. Set savings goals

The first priority for better managing your finances is paying down debt, especially high-interest-rate debts, says Sally Kirkright, chief executive of AccessEAP, which advises businesses on how to support their employees on mental health issues and other "people" issues in the workplace.

The second is getting clear on goals and committed to a savings plan. Set goals that are specific and realistic.

2. Ditch dumb debt

Credit-card interest rates can be more than 20 per cent a year - making it the most expensive debt you are ever likely to have.

"What we find, and what the numbers show, is that some people in their 20s think that it is cool to have credit-card debt," says Claire Mackay, a planner and chartered accountant at Quantum Financial.

But it is "dumb", not cool, to have credit-card debt, she says.

3. Resist peer pressure

A survey by The American Institute of CPAs shows that almost 80 per cent of Millennials let their friends' spending habits determine their own. It's likely the results would be similar for Australia.

Try not to be pressured by a friend to buy clothes that you cannot afford and resist the temptation to pay by credit card if the debt cannot be paid off quickly, Mackay says.

4. See through "bargains"

Don't get sucked in by sales and "bargains", says Lena Rizk, retail policy manager at the Australian Bankers' Association, on ASIC's Money Smart website.

She says a bargain is not really a bargain if you don't need it.

Mackay says these days, everything is on sale. "Marketers encourage impulse buying," she says. "If it's something you need, then do your homework as it may not be as cheap as you think."

5. Set a budget

"It is dull and boring, but do set a budget," says Andrew Hewison, a financial planner and managing director of Hewison Private Wealth.

A written budget provides a tangible way to monitor your income and watch your expenses while looking for spare cash towards paying off debt and saving for specific purposes, he says.

6. Track spending

Getting a grip on your cash flow is the No. 1 way to take control of your finances, says Leonard Gennusa, a financial planner with Fitzpatricks Private Wealth.

He says there are some good online tools and apps for monitoring expenditure. An an example, there's TrackMySpend from the Australian Securities and Investments Commission, which is also available as an Apple and Android app.

7. Study money literacy

Kirkright says it is important to make yourself financially literate. "Financial jargon can be difficult to understand, making the idea of taking control of your finances seem impossible," Kirkright says.

"If you are unsure of some of the terms you hear, ask someone to explain at the bank, use the internet or seek professional guidance," she says.

8. Invest in yourself

The most important financial asset is yourself. Just as credit-card debt is very expensive debt, HECS-HELP debt is about the cheapest debt you will ever have and it's "good" debt in that education and training sets up your future, Mackay says.

HECS-HELP debt is repaid from your salary until the debt is extinguished. It comes out of your pay without you hardly noticing, she says.

9. Ask if wheels are essential

Jonathan Philpot, a partner at HLB Mann Judd Wealth Management NSW, warns against borrowing to buy a car as personal loan interest rates are high.

"You should not be spending too much on your first car and you should be paying cash for it," he says. In fact, twentysomethings should be asking themselves if they really need a car, given the running costs, Philpot says.

Those who live near good public transport links could supplement the bus or train with taxis or ridesharing services.

10. Sort out super

Most employees can chose who manages their super and should not just sign up with the default fund provider of their employer, Hewison says.

Industry super funds are probably the best "set and forget" super options, he says.

Gennusa says he sometimes sees clients with several super funds. The problem with that is each fund has fixed costs. It's better to have one fund and one set of fixed costs, he says.

Philpot says those in their 20s (as well as people in their 30s and 40s) could be in a more aggressive, high-growth option than the typical default option.

11. Aim for the property ladder

"For a comfortable retirement, home ownership has to be part of it," says Richard Felice, financial planner and a director of countplus one.

The difficulty is coming up with the deposit, especially for those in Sydney and Melbourne.

The earlier you get a foothold on the property ladder the better, even if it means lowering your sights on the type of property and its location, he says.

12. Nest for longer

One way to help save for a deposit is to stay with your parents for longer or move back in.

That could be difficult for some and the freedom of living on your own can be worth more than the savings.

Kirkright says living at home can be a great opportunity to save but if you have already moved out, make sure to negotiate the terms of your return with your parents first.

13. Partner with power

When you partner with someone you want to be the best version of yourself, physically, mentally and financially, Mackay says.

By being confident with your own money you go into a partnership knowing your own strengths and weaknesses. It's important not to outsource financial decision-making to the other partner.

And women should remember that a man is not a financial plan, Mackay says.

14. Set, but don't forget

Philpot says there is great power in automating savings - by having some of your salary go straight into a savings account or into an investment.

You don't miss what you don't see, he says. However, while recurring direct debit to pay for things is convenient, you have to be careful not to keep paying for things, like gym memberships, you don't use, he says.

15. Look after yourself

Kirkright says getting your finances in order will help to reduce stress, but self-care is also important. "Make self-care a priority," she says.

"Set goals for sleep, exercise and 'me' time", she says. With the rise of instant messaging, it is easy to get into the trap of responding to work calls out of hours. If you are starting out, you may feel like you should be on call.

Kirkright says its not only important to maintain a healthy lifestyle but to maintain friendships, which are so important to happiness.