Only 24% of Millennials demonstrate basic financial literacy, yet we tend to score ourselves highly when it comes to financial know-how, according to the National Endowment for Financial Literacy. This discrepancy between our confidence levels and our actual understanding of money could come back to bite us if we don't make an effort to close the gap.

Here are a few basic steps that will get you on the right financial path and help solidify your peace of mind, either right now or later down the road.

1. Automate your bills.

You can avoid the monthly hassle of bill payments by offloading the process, either to your bank or to the companies and accounts that are billing you. You can also choose a third-party app that consolidates your recurring bill payments and handles them automatically. Whichever option you choose, automation will eliminate the headache and ensure that you never miss a payment.

2. Enroll in a retirement plan.

Maybe as a reflection of the financial literacy study mentioned earlier, another study by the National Institute on Retirement Security found 66% of Millennials have saved nothing for retirement. You may rank retirement savings low on your priority list—especially if you bear the burden of hefty student loans or other debts. But the earlier you start saving for retirement, the more you will be able to bank in the long run, and something is better than nothing.

3. Get insurance coverage.

You may already have health insurance or car insurance, but have you considered renters insurance? What about life insurance? Life insurance, for one, can seem like a need even more distant than retirement savings. But the fact is that horrible things can happen at any time, to anyone, and without life insurance your loved ones might struggle to cover those unforeseen expenses. Here's a list of some of the best companies offering life insurance in the US.

4. Check your credit report.

Sometimes not knowing is worse than knowing. You might dread knowing your credit score because you're sure it's lower than you want it to be. But you can't chart a course to a healthier score unless you know exactly where you stand. If you feel intimidated, check out this resource from Experian that explains different ways to boost your credit score.

5. Get a credit card (and don't carry a balance).

Although rising generations like ours increasingly avoid credit cards because of the possibility of accumulating debt, when used responsibly a credit card can be a valuable financial tool. If you plan to buy a home someday—or even rent an apartment—you will likely rely on your credit score either to get a loan or to demonstrate reliability to your landlord. Just ensure that you only use the card for items you can actually afford, and thus pay off monthly.

These tasks can feel tedious and scary if you have little experience in money management. But each one is a vital step toward establishing financial peace of mind, and with a little preparation you can accomplish each one.