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Entering the working world after school can be daunting enough without worrying about money. Unfortunately, now that you're really on your own, there is nothing more important than staying smart about your personal finances. Here are ten tips to help you get off on the right foot financially.

1. Start Saving - Apartments and cars are expensive, and entry level jobs don't pay much, but don't use this as an excuse not to stash away a percentage of your pay. Not only is it critical to get into the habit of saving early in your life, but you'll want to have a cash reserve saved up for the unexpected and at some point, a down payment on a home. To make saving painless, have 10% of your income automatically deducted from your paycheck.

2. Build Credit - If you don't already have a credit card, sign up for a card with cash rewards. Use it to buy your everyday purchases like gas and groceries, but pay it off in full every month! In time, this will build your credit history so you can get approved for auto loans or a mortgage when you need them.

3. Make a Plan to Get Debt Free - If you graduated with credit card debt, make a plan to pay it down quickly. Focus on high-interest credit card balances first, and put as much extra cash as you can towards the debt every month. Whatever you do, avoid going into more debt. It can be tempting to spend your new paycheck on new clothes, going out, and lavish vacations, but doing so will cost you for years to come.

4. Open a 401k - If your employer offers a retirement plan like a 401k, don't miss out on this important benefit. Ask your human resources manger about enrollment paperwork, and elect to contribute at least 6% of your before-tax income to your fund. Many employers will match 50% of your contribution, and this money will grow, tax-free, for your entire career. If given the option, choose "high-risk" portfolios that have the potential for high returns. You're young, so you can tolerate the risk. To read more about 401ks, check out this earlier posting.

5. Open a Roth IRA - In addition to your employer-sponsored retirement plan, get into the habit of saving for the future on your own. A Roth IRA is the perfect way to go. You can open one from most financial institutions and contribute up to $5,000 annually (as of 2008). Unlike a regular IRA, you contribute after-tax dollars to a Roth, but when you retire; your distributions are not taxed. This is the perfect complement to your 401k, which lets you contribute pre-tax dollars, but will be taxed when you take distributions in retirement.

6. Learn to Budget - In order to make sure you don't go into debt, learn to set up a simple monthly budget and stick to it. Write down how much you make each month and then tally up your expenses like rent, gas, cell phone, food, student loan bills, entertainment, etc. Aim to keep your expenses well below your income, and save the rest. If you find that you spend more than you make, take a long hard look at what you can cut out of your spending, or take on an extra job to make ends meet. There are many free online tools that can help you with your budget, including one of my favorites: Mint.com.

7. Start a Business - Don't think you're the entrepreneur type? You don't have to be to earn a little extra cash from your own business. One of the key ways people become financially successful is by creating income streams outside of their salary. Think about ways you can turn a hobby or interest of yours into a part-time gig. Maybe you have an impressive MP3 collection and could DJ parties, or you're an IT whiz and can help people with their computer programs. Know your way around the Web? Start a blog that earns revenue from advertisers and affiliates.

8. Set Goals - Successful people figure out where they want to go, and then figure out how to get there. You should do the same, both financially and professionally. Make a plan for where you want to be in five years, and reevaluate your progress every couple of months. How much do you want to be earning? Where do you want to live? How much do you want to have in the bank?

9. Improve Yourself - Your greatest asset is your education and skills that you can use to find employment or run a business. Consider whether an advanced degree could improve your earnings potential. If going back to school isn't for you, continue to enrich yourself by reading plenty of books in your field or taking a few extra classes. You never know when a new skill will propel you into a new position or make you worthy of a big raise.

10. Give Back - Finally, remember that money isn't worth working for if you only spend it on yourself. Even if you can only spare a few dollars a month, choose worthy causes and give to them. Knowing that you're helping to make a difference to others less fortunate or to advance important research is worth every penny.

Recently, we have received some questions from MyPath members asking for tips on how to manage the costs for training for a new career.

Here are some general guidelines:

Consider the typical salary for your new career interest and ask yourself how much debt you are willing to take on to earn that particular salary.

After an exhaustive career exploration that involves researching jobs and conducting informational interviews with people in target career fields, many job seekers determine they need additional training to develop skills for a new career. However, it is important to research the possible training providers as intensely as you have researched your career interests.

Whether you are interested in a community college, a four-year institution, a short-term training program, a professional certification program or a private training provider, here are some questions you should ask.

How much is this going to cost?

School can be pricey. While it may give you new skills for a completely different career or add to the skill set you already have to make you a more marketable job candidate, it does not guarantee employment. Consider the typical salary for your new career interest and ask yourself how much debt you are willing to take on to earn that particular salary. Using these figures, calculate approximately how long it will take you to pay back the debt and consider the sacrifices — such as holding off on buying a new house or car — that you may have to make as a result.

Also, be sure to take advantage of resources available to help you with financing your education or training. One way to secure financial assistance is through the Workforce Investment Act. This federal program was designed to assist qualified unemployed, underemployed or dislocated workers by providing job-training scholarships.

Another means of support can be found through the Department of Education, which provides federal student aid for eligible individuals. Federal student aid is accepted at all community colleges and most public and private universities. Typically, most for-profit schools as well as non-degree-bearing programs such as continuing education or certification classes do not accept federal student aid, but you should check with the financial aid office at your school or training provider of choice to be sure.

Information about and a free application for federal student aid (FAFSA) are available at http://www.fafsa.ed.gov/

How many students who complete this training program end up working in a related career?

If you are going to make the commitment to train for a new career, you want to ensure the training and skills you receive will actually allow you to find work in that field. Credible training programs and schools should have this information and be willing to share it with you. Moreover, they should be able to direct you to graduates of the program who are successfully working in that field. You can set up a time to speak with them about any specific obstacles they faced in making the transition from school to work and ask them if they would do anything differently if they had the chance.

Does this program prepare me to obtain certification in my chosen field?

Many occupations have professional certifications that are recognized as industry standards. Find out what the standard certification is for your career of interest and ask the training provider whether you will be able to successfully obtain that certification after passing through its program. Also ask the training provider for data on its graduates’ certification exam pass rates. That information will give you an idea of how well the program does in preparing students to attain necessary professional certification in their career field.

What tutoring and additional help are available outside of class?

Many of you may be going to school for the first time or returning to school after a long hiatus, so you may be a little rusty. Ensure that there are sufficient resources available for any additional support you may need. Ask about tutoring programs, mentors and instructors’ office-hour schedules.

Does the program provide internships?

Internships offer you an opportunity to put your newly acquired skills into practice in a real-world work setting. Experienced professionals in your field will groom you as you learn the ins and outs of the industry and discover which areas you need to improve upon. Internships also provide an excellent opportunity to network with individuals and organizations in your new career of interest.

Are there other ideas and suggestions?  What are some creative ways you have managed the costs of changing careers?