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It’s about building an important habit of saving. Just be sure to increase that $5 as paychecks increase.

3. Contribute to your employer’s 401(k)

Except under certain circumstances, always contribute to an employer-matched 401(k) or similar retirement fund.

By waiting to do this, or failing to do so at all, you are leaving hundreds to thousands to tens of thousands of dollars of free money on the table.

Pensions are starting to be less common so a 401(k) is often the preferred way to start saving for retirement.

4. Don’t accumulate credit card debt

Credit cards are an effective tool for building credit history and even earning some lucrative rewards, but be careful. It's tempting to buy more than you can afford and this will only lead to you spending more money because of the high interest that accumulates on your charges. If you insist on using a credit card it's best to make sure you pay off the balance in full each statement.

Don’t get into the habit of paying the minimum amount due on a credit card. It does nothing but charge interest.

Paying only the minimum doesn’t help improve credit scores. Pay the credit card bill on time and in full each month.

5. Create a strategy to pay off student loans

Look at your student loan debt and create a plan for paying it off. Fortunately, many loan providers give a grace period for recent graduates. On average this is the first 6 months after graduation where the newly grad does not have to make a payment, If you are fortunate enough to land a job right off the school, start paying off your loans right away. You're only going to help yourself pay down the debt faster so why not. This should also be the case if you are pulling in enough income through a side hustle or temporary position while looking for permanent work.

Does it make sense to consolidate? Are student loan forgiveness programs available? Which loans have the highest interest rates? Can you afford to pay a bit more than the minimum to help pay down the principal faster?

Take the time to create a strategy and explore the resources you can find (for free) on the internet.

6. Ask for help

Transitioning to life after college can be overwhelming. A lot of growing-up happens in this period of life. While it may not be as care-free as when you were in school, it is still a ton of fun. The party is not over as they say. So it doesn’t matter if you're freelancing or landed a job with a six-figure salary (think petroleum engineers), handling life’s finances can be daunting but stay disciplined and remember you're not alone. There are so many others in the same position as you. Talk to them. Find out what they are doing and what is working or not working for them. Ask your family and mentors how they handle their money. And just remember to enjoy life's other aspects because unlike money, time is not an asset you can make up.