For many young workers today, financial stability is the ultimate goal. It’s having enough confidence in your financial situation that you don’t have to worry about paying the bills, or about outstanding debts and payments. With the rising costs of living, for many millennials, financial stability may seem like a far-off dream, but the truth is it’s not an impossibility. With a little bit of discipline and hard work, anyone can be financially stable. If you aren’t sure where you are yet, then here are five milestones that you’ll encounter on the path to financial stability.

1. Increasing Your Emergency Fund

Everyone, from the youngest worker to the richest billionaire, needs an emergency fund. According to finance-related website Investopedia, an emergency fund is a readily-available asset that can be used in times of emergency, i.e. the loss of a job, a sudden illness, or other situations. Usually, this fund stays untouched until times of crisis, which sets it apart from your regular savings fund. As you become more financially stable, the amount that you regularly put into your emergency fund should get larger and larger, allowing you a safer buffer from all kinds of crises.

2. Buying Insurance

In the Philippines, most health expenditures are out-of-pocket, making the country one of the lowest in the region when it comes to insurance enrollment. However, not all medical expenses can be covered by your savings and salary, and a good health insurance plan is essential in protecting you and your finances. If you aren’t sure where to start, Paramount Direct has published companion pages that will help you choose the right health insurance plan for you. This guide answers all the questions you may have when it comes to health insurance as a young worker, making it easier than ever to select the perfect plan that is ideal for your specific needs.

3. Being Debt-Free

Inquirer reported in 2016 that 41% of Filipino millennials carry debt of Php 5,000 pesos or more, with the proportion under 35 carrying more than their older peers. While it can be tempting to live beyond your means, especially if you have a safety net like your family, being financially stable means living debt-free. Paying off all your debts and living within your means is only another milestone on the road to independence.

4. Writing a Will

For many millennials, writing a will might seem like something to think about years down the line. But like many things to do with finances, the soonest done the better. In the Philippines, only a written will and testament is considered valid, so making sure that your assets and investments are distributed according to your preference is of utmost importance. A will ensures that all your assets are accounted for and that you’ll be able to provide for your loved ones even from beyond the grave.

5. Starting an Investment Portfolio

Financial stability isn’t just about earning large sums of money— it’s also about knowing how to use it. Once you have enough saved up, it’s time to start actively investing in different equities instead of just letting your money just sit in the bank. Given the many risks posed by investing, many might be cautious, but with time and patience, your confidence in your investments will grow. Luckily, magazines and news sites like Forbes have tons of tips on how to get started with investing, so you don’t have to worry about jumping into it blind.