1. Build up your rainy day fund
If you don't have at least six months worth of living expenses set aside, build up your emergency fund, says Bach.
Life doesn't always go as planned — you could lose your job, have a medical emergency or deal with a car breaking down — and it's important to give yourself a safety net.
As for where to stash the fund, there are a few good ways to boost the returns of your savings while knowing you can access your money pretty quickly if you need it. Try a high-yield online savings account. Or, Bach suggests, "Put it in a money market account that pays reasonable interest. A money market account is one of the simplest and most secure alternatives around for anyone who wants to put aside some cash and earn a reasonable return on it. "