Take care of your money, and it just might return the favor by working hard for you.

You know that big chunk of money the government takes out of your paycheck for taxes? You can make it smaller and save for retirement at the same time with a 401(k). Here’s how it works: The money you contribute to your 401(k) comes out of your paycheck before taxes are calculated, which means you end up paying less in income tax. And the money you put aside in your 401(k) also grows tax-deferred until you take it out. Even better is that with many company-sponsored plans, the employer matches a percentage of your contributions. So, make sure you at least contribute up to that amount. Why give up free money? If your company doesn’t offer a 401(k), consider opening an IRA instead.

Debt is neither "good" nor "bad." It's simply a tool. And different types of debt should be treated differently, because some debt is actually better than other kinds. For example, the interest on mortgages is tax-deductible up to $1 million on a primary residence as well as a second home—whether the money is used for purchase or to make major improvements—and the interest paid on a student loan may be tax-deductible depending on your income level. Credit cards and car loans, on the other hand, often have very high interest rates that are not tax-deductible, meaning you get no tax break on it. It’s a smart idea to pay that kind of debt down first and as fast as you can.

Read more about paying down your debt.

You never know what’s going to happen. So having an emergency fund can help you weather short-term setbacks and keep you from withdrawing retirement funds early or using those high-interest credit cards. An adequate fund is one that provides three months of nondiscretionary living expenses such as rent, food and car payments. Of course, you’ll want to keep the money in a high-yield checking or savings account so you can get to it right away should you ever need it.

Sure, it might feel strange to plan for something that’s 30 or even 40 years away, especially when you have so much going on right now. But all that time is actually a tremendous opportunity and, obviously, one you’re only going to get once. Do you want to have to work when you’re 85?

Whether you need a complimentary one-on-one consultation or some help with rolling over a 401(k), Schwab experts are ready to listen and get you the help you need.