What financial moves should college grads prioritize?

You have officially made it out of college and into the real world, which brings with it a new financial reality. Even if you are excited to start bringing in a regular paycheck, you are likely also facing some new expenses as well, like rent payments and groceries — not to mention student loans.

You may feel like you have plenty of time before you have to start worrying about the financial nitty-gritty. But the sooner you start giving your finances some thought, the better you can set yourself up for the long run.

Figure out a budget

Establishing a budget is a baseline financial must-do no matter your age or stage of life. Not only is budgeting "simply an exercise of 'living within your means,'" said The Balance, but it allows you to be "knowledgeable and prepared for whatever life throws at you financially." Once you know how much you are bringing in each month and where it's going, you "can avoid credit card debt and work towards goals like travel or buying a house."

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There are a number of different ways you can go about budgeting, but "a 50/30/20 budget might be a good place to start," said NerdWallet. With this budget, you aim to "spend 50% of your take-home income on needs including housing, utilities, groceries transportation and minimum monthly debt payments." Meanwhile, "the next 30% of your income goes toward wants," and "the last 20% should go toward savings goals and paying down debt."

Make a plan for paying down student loans

If you have federal student loans, you will have a little breathing room before repayment begins — usually, "there's a six- or nine-month grace period on your student loans after you graduate," said CNBC Select.

During that time, get acquainted with the basics of your loans, like "how much you owe, which types of student loans you have (federal vs. private), whether they are subsidized or unsubsidized, and which repayment options are available to you," said Investopedia.

Once you have those details ironed out, figure out how you will pay back your balance. "Tools like the Department of Education's student loan calculator can be helpful resources," said Investopedia. You should also look into opportunities to save, such as autopay discounts, or you might consider refinancing if you have private loans and your interest rate is steep.

Establish an emergency fund

Post-graduation, it is also important to start socking away some money in case the unexpected should occur, whether that is an illness or a hefty car repair. Experts generally recommend that you save "several months' worth of expenses in your emergency fund to give yourself some financial cushion if you need it," said Bankrate.

A good place to stash it is "in a separate high-yield savings account so you won't be tempted to spend it," said Bankrate. Plus, you will earn some interest while it is parked there, which can help you with the task of slowly building up this fund over time.

Begin building your credit

"Having a good credit score is essential for many of the financial tasks you'll need to tackle as a new grad, whether you're renting an apartment or opening a new credit card," said CNBC Select — so it is worth putting some energy into building your score after graduation.

If you do not yet have a credit history, "you can start by either opening a secured card or becoming an authorized user on someone else's credit card," said CNBC Select. With a secured card, you will need to put down a deposit, usually equal to the card's credit limit, which will act as collateral in case you do not make your payments. As an authorized user, you will get added to the account of someone who has already established a solid credit history.

If you have already established your credit, keep on building your score through good habits like making payments on time, keeping your credit utilization low and regularly reviewing your credit report.

Start saving for retirement

Yes, we know — you are just at the start of your career, so retirement literally could not be further away. But the sooner you start saving for your golden years, the better chance you will be able to enjoy them exactly as you imagined. 

If your employer offers a retirement plan, like a 401(k), start contributing as much as your budget allows. Don't have a plan through your employer? Consider a traditional or Roth IRA.