For the first time on record, living with parents is now the most common arrangement for people ages 18 to 34, an analysis of census data by the Pew Research Center has found. To that point, about 33 percent of all millennials live with their parents, slightly more than the proportion who live with a spouse or partner. It's the first time that living at home has outpaced living with a spouse for this age group since such record-keeping began in 1880.

Dorsainvil also encourages young people to establish an emergency fund. An emergency fund is a stash of money set aside to cover the financial surprises life throws your way. These unexpected events can be stressful and costly. Being prepared with an emergency fund gives you confidence that you can tackle any of life's unexpected events without adding money worries to your list, she explains.

Creating financial freedom is the ability to maintain a comfortable lifestyle while saving for the future and staying out of debt. Achieving it requires restraint and careful planning, she explains. The reward is stability and peace of mind. If young people adhere to these steps, Dorsainvil said, they will create a strong financial foundation and be able to move out of their parents' home and enjoy their financial freedom.