There’s no better time to start amassing savings than when you’re still a young adult.

That’s because your investments have years—decades, really—to grow. Moreover, you may have more disposable income at this point in life than you will have when you’re older and have more financial obligations.

Building wealth isn’t challenging if you take the right steps at the right time. Here are five tips for building wealth as a young adult woman:

1. Save at least 10 percent of your income. The more income you stash away now, the less work saving will seem when you’re in your 40s or 50s. Try saving at least 10 percent of your income in a tax-advantaged retirement account such as your employer’s 401(k) plan. If you’re self-employed, consider setting up a solo 401(k) plan or a Simplified Employee Pension (SEP-IRA) that will give you a tax deduction for your contributions. Once you start saving in a retirement plan, aim to raise your contribution amount by 1 percent of your income annually until you reach at least 20 percent of your income.
2. Build a saving mentality. Learning how to spend with discipline and save wisely when you’re young will benefit you greatly throughout your lifetime. Consider creating a monthly budget that factors in your basic expenses, such as your rent or mortgage, food and entertainment, along with some allowance for unexpected expenses. Also set up a separate bank account that holds at least three months’ worth of savings in case of an emergency. Making automatic monthly deposits to that account is an easy way to force yourself to save.
3. Consider a Roth retirement plan. Roth retirement accounts, such as a Roth IRA or a Roth 401(k), can be especially beneficial to young adults. While you don’t receive a tax deduction on contributions, you won’t have to pay taxes on withdrawals in the future if they meet IRS guidelines.
4. Invest in stocks. Time is on your side—and you don’t want to waste that time by having too much of your assets sitting in low-return or no-return investments such as cash. Rather, allocate a portion of your savings toward higher-growth investments such as stocks or perhaps even alternative investments such as real-estate or private equity, depending on your risk tolerance.
5. Have a professional guide. Having an experienced financial advisor when you’re just starting to accumulate savings can be extraordinarily helpful. A Regions Wealth Advisor can help you determine an appropriate asset allocation strategy based on your personal goals and risk tolerance. Your goals may change as you get older, of course. But it’s good having a basic plan that can be fine-tuned as your priorities change. Your Wealth Advisor can be your go-to source for financial advice—whether that be buying property, saving for a wedding, or starting a family.