Then, put some of that savings toward retirement.
"People should be saving close to 18 percent of their income for retirement; most don't come close to that figure," said Artie Green, a certified financial planner at Cognizant Wealth Advisors in Palo Alto, California.
At the very least, max out your contributions on your employer-sponsored 401(k) plan to take advantage of the dollar-for-dollar employer match (if one is offered). If you can't do that, contribute as much as you can. Every little bit will compound over the next 20 to 30 years, making a big difference for your growing pile of cash.
Those without an employer plan should set up an individual retirement account. With a Roth IRA, you can make after-tax contributions up to $5,500 a year and earnings grow tax free. People self-employed can make tax-deductible contributions to a Simplified Employee Pension account.
If you aren't sure how to invest or what your asset allocation should be and don't want to hire a financial planner, you can try a low-cost broker like Charles Schwab, TD Ameritrade or Fidelity. They offer low-fee funds that can help you diversify by investing in target-date funds, mutual funds or exchange-traded funds.
There are also low-cost automated investment services, or "robo-advisors," like Wealthfront, Betterment or Acorns that build a portfolio based on your risk profile, often for a fee of less than 1 percent per year.
Either way, "follow an investment strategy based on expected long-term returns and not on chasing the latest hot stocks," Green said. That will build the groundwork to "maximize the likelihood that they will be able to do everything they've hoped for during their retirement years," he said.
As a generation that already has pretty good saving habits, keep it up so you stay on the upside of your financial future.