Pablo Rodriguez, Head of Global Consumer Initiatives, PayPal

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In 2015, over four million adults will be awarded a collegiate degree[1]. After this year’s graduates accept their diploma and walk off stage to officially enter the “real world”, many won’t have a plan in place for becoming financially independent. With mounting student loans and a job market in flux, saving money and avoiding debt can seem like an impossible feat.

In order to start your financial future on the right foot, PayPal has simple tips for 2015 grads:

Create a Budget and Set Priorities: Once you land your first job and begin earning a paycheck, allocate a certain percentage of your income for re-occurring payments like rent, utilities, gym membership and student loans. Next, see what is left over and allot a set amount for general expenditures like groceries and weekend activities (movies, restaurants, bars). To get a general idea of what you spend each month, regularly check your spending history via your mobile statements.

After you complete those steps, there should still be some money leftover, and that should be transferred to your savings account or put towards any credit card debt. The general rule of thumb is to keep 3-6 months of living expenses in an emergency fund in case you suddenly find yourself out of work. For additional tips on savings, 401(k) accounts and more, keep reading.

Keep Debt in Check: The day you cross the graduation stage, credit companies will begin sending you mail offers and enticements to open new lines of credit. Be judicious with your plastic. Do research before opening a credit card, know the interest rates and build credit history slowly and steadily by paying it off on time, every month.

When it comes to student loans, focus on paying off the debts with the highest interest rates first. An estimated two-thirds of today's graduates will leave school with student loans, and the average borrower balance is almost $27,000[2].

Check Your Generosity: You might be one of the first friends in your group to get a full-time job, but that doesn’t mean you have to spread the wealth. Covering a friend’s meal or drinks is very generous, but can add up over time. Instead of tracking I.O.Us., remind your friends that they can pay you back on-the-spot with Venmo or PayPal.

Think Long Term: Your first job may seem too early to start thinking about retirement, but the best asset when it comes to saving is time. Invest in a 401(k) program or an IRA early so the savings can build up by the time you retire! Contribute as much as you can – ideally at least enough to get the maximum employer match (if your company offers matching).

Educate Yourself: When school ends, it doesn’t mean learning stops. Be an advocate for your own financial future and security by consuming information on financial advice and investment options. Many online resources are available to help users take control of their finances and provide helpful spending and savings tips.

[1] Fast Facts – National Center for Education Statistics (2014)

[2] “Starting a Financial Life: Advice for New Graduates” – The Wall Street Journal (2013, May 17)