Keep your debt under control. You'll never get ahead if you get buried in debt now. Consider major cost-cutting strategies, such as buying a used car instead of a new one, sharing an apartment, or starting out with a smaller house. Chip away at existing debt by first paying off your high-rate credit card balances, then paying down any other debt you have, such as a car or student loan.

Be smart about student loans. If you’re paying off a student loan, take advantage of any ways to get your interest rate reduced. For example, some lenders will cut their interest rates if you have a history of on-time payments, or if you agree to have payments automatically deducted from your checking account.

Do your best to stick to the standard payback schedule, but if you're having trouble making your payments, ask your lender for some help. You may be able to lower your payments by extending your repayment period, switching to a graduated repayment schedule, or consolidating your loans into a single debt over a longer term. If you end up taking this route, be aware that you'll end up paying a lot more in total interest over the life of the loan, so gradually increase your monthly payments as your salary grows.

Check out the new student loan tax deduction. Starting in 1998, you may be able to deduct up to $1000 in interest you pay on qualified student loans from your federal taxes. If you’re a single tax filer, you may qualify for the full deduction if your modified adjusted gross income is under $40,000, and for a partial deduction if your income is below $55,000. If you’re married and file jointly, you may qualify for the full deduction if your income is under $60,000, and for a partial deduction if your income is below $75,000.

Prepare for the unexpected. Review your health, disability, life, auto, homeowners and personal liability insurance policies to make sure you have adequate coverage. If you're a renter, make sure you have tenant's insurance since your landlord’s insurance only covers the building itself, not your possessions, and its personal liability protection doesn’t extend to you. Tenant's insurance is relatively inexpensive, so there’s no reason to go without it.

Jump-start your retirement fund. Getting an early start is one of the easiest ways to make money because you've got time and compound interest on your side. Even small amounts saved now will add up to big bucks down the road. For example, if you invest $150 a month, starting at age 25, in a tax-deferred account that earns an 8% average annual return, at age 65 you'll accumulate a total of about $523,650. Compare this to if you had waited to begin saving until age 35: Your nest egg would total about $223,553 - that $18,000 you didn't save between the ages of 25 and 35 ends up costing you some $300,000.