Graduating? Learn 12 Good Money Habits to Start on the Right Path

If you've recently graduated from college, you most likely will earn more money than ever before. By the same token, you'll enter the workforce with more expenses and liabilities than ever before.
As such, financial planners recommend that you take money matters seriously. If you're graduating from college, here's what financial planners suggest:

1. Pay yourself first. Develop a spending plan before you do anything else. "If you don't start out now with good spending habits, it's hard to change them later. If you spend what you have and didn't save beforehand, it usually turns out that you are living paycheck to paycheck." For his part, I recommend saving at least 10 percent of your earnings from day one, period. If you start saving now, the compounding growth will make a huge difference later and then you can use some of the growth for periodic extravagances and know that you still have money working for you."
2. Keep track of your income and expenses. I recommend to keep track of your money. "Knowledge is power, You want to be as frugal as possible. Don't be too extravagant when you are young.” However, that doesn't mean you should deny yourself all of life's luxuries. "Make sure you put some fun stuff in your spending plan, It makes it easier to stick with the rest."
3. Establish an emergency reserve fund. I recommend six months of living expenses for new graduates in our current economic environment.
4. Contribute to your retirement plan. "If you're employed, and your employer offers matching retirement contributions, save enough to maximize the available matching.
5. Live at home instead of renting. If you are coming out of school with debt and your parents will allow you to live at home rent free, live there and pay off debt in lieu of having to pay rent. If living at home rent free isn't an option, get a roommate and save the difference. Splitting the cost of utilities, cable and water, etc. can help you save money. In addition, I recommend that you purchase renter's insurance.
6. Plan ahead. Look out a few years and determine what your needs will be. "Do you need to buy a car? Do you plan on getting married and starting a family? Do you plan to buy a house? If so, be sure to develop a monthly spending plan that incorporates the saving needed for these items.
7. Save your raises. When you get a pay raise, make sure that you increase your savings as well.
8. Consider contributing to a Public Provident Fund a/c or NPS Scheme. "If you're in your 20s, contributions to a PPF or NPS can be more beneficial “In your later years, distributions from these schemes will be tax-free. With taxes most likely on the rise in coming years, it is much more likely that you will be in a higher tax bracket later compared to now — having a source of tax free income in these later years will be a plus."
9. Check the fine print on your student loans. If you have student loan debt, understand what the interest rate is and how it can change. "Some loans offer options of minimum payments tied to your income. Start paying down the loans with the higher interest rates first."
10. Get Discipline: You should be Discipline while investing your money, let your Investment grow, have patience and don’t be greedy, as it will leave you only with losses.
11. Get your credit report. The Credit Information Bureau (India) Limited was enacted to ensure that you have easy access to your credit report each year. To receive a copy of your report log on to Cibil.com. "Keep in mind that insurance companies, lenders, Banks, Financial Institution, Credit Card Issuing Agency and potential employers have the right to view your credit and base a decision on that information
12. Last and Important is Consider hiring a financial planner. Hiring a financial planner when you are young and just starting out in life can help you start out on the right financial path. Planners can help you organize your finances, identify your goals, and understand the tradeoffs you will need to do to realize your goals.