If you or someone you know could use a little help in the financial planning department, check out these tips from Forbes Magazine Contributor, Kerry Hannon.

Upon graduation from college, most students have worked a few part-time or summer jobs to earn some extra cash. But when they graduate, it becomes more of a responsibility to work full-time and budget all earnings.

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These tips from Kerry Hannon, a Forbes Magazine Contributor, provide a basis for college graduates on what to do with their finances:

  • 1

    Read a book on money basics.

    Hannon recommends books written specifically for young adult audiences.
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  • 2

    Make a tentative budget.

    Be cautious of your activities - eating out, shopping, overbuying products, etc.
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  • 3

    Look for free rent.

    Hannon says that living with one's parents can cut back enormously on costs. Plus, it allows one to save more money.
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  • 4

    Stay away from debt.

    Hannon advises that "Debt is a dream killer."
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  • 5

    Get rid of debt quickly.

    Hannon believes in thinking of debt as your worst enemy.
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  • 6

    Start an emergency fund.

    This is a TOP priority. Set aside a certain amount of income each month, and don't touch the stash until you've built it up to at least 6 months worth of living expenses.
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  • 7

    Invest.

    Buy stocks, and let your money grow. Don't move it around too soon.
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  • 8

    Take advantage of retirement plans.

    Employers will offer such programs to you as an employee, it is important to understand and utilize them.
  • 9

    Don't use your 401k too soon.

    Let the money values build over time, you'll need it once you retire.
  • 10

    Take health insurance when it's offered to you.

    Just because you're young does not mean you won't need health insurance. Take advantage of the offer when it's presented to you.
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  • 11

    Splurge on life experiences.

    Hannon says that trips or once-in-a-lifetime opportunities are worth the cost.
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