1. Start a retirement account

You may be just starting your first job. But retirement is not far away. It is easy to start saving right now. You can maximize the amount. Starting saving for retirement for early will helps you to stay tension free. Your employer may offer you a pension account. Don't miss that. How To Make Extra Money Within Few Hours

2. Save and invest at least 15%-20% of your income

Start saving every month. Your starting salary will be very low. But if you're spending less than you make, then you should be able to start saving every month. You can invest this money in stock markets and mutual funds. Check the risk of investments, don't pour all your money into high-risk funds, You need to have a balance of investments.

3. Short-term, mid-term and long-term goals

Write down your plan for future. Life is unpredictable; even you can plan things accordingly. You have the full right to change the plans also. Have a rough but clear financial plan about your marriage, children, travel, house ownership, major purchases, world tour, etc. Having an idea of where you want to go in life will make it easier for you to make smart decisions with your money.

4. Pay off your debt

You are no more a teenager. You are an adult now. Start your adult life with zero debt. Clear all your student loan debts, credit card outstandings, etc. with your present salary. Begin to pay off what you owe. If you are stuck with credit cards or your bike emi, then cut up the credit cards, and use your pocket money savings to pay off your emi.

5. Pay cash for everything

Now, you are an employee and do start paying cash for everything. This will have a good impact on your daily life. Avoid credits and loans.

6. Skip unwanted insurance

Say no to your unwanted insurances. You can find more money to pay off your debts by this. Car insurance and health insurance are other places you may be likely to overspend. If you have company health insurance go for that.

7. Emergency fund

Plan for emergency savings. Life is uncertain, your job too. If you lost your job or you got sick, you can use money in your emergency account. You should have enough money in your emergency fund to cover unexpected expenses. This is money to cover your expenses, not necessarily to replace your income. Start with a small amount each month maybe 1% or 5% and work to improve this.

8. Stop buying unwanted stuff

Being 20 odd years old, you won't have lots of money to purchase more. So plan your purchases according to the money you have. Keep in mind what you buy and why.Limiting your purchases will save money that can then be put toward buying the stuff you want. Use offers, cash-backs, and also check for used goods.