College graduation is cause for celebration.  If you receive money from relatives for earning a college diploma, you've earned that wardrobe upgrade, new gadget or dream backpacking adventure.

Experts recommend setting aside three to six months worth of living expenses, but that takes time.  Aim to save just $500 to start and build from there.

If you racked up college credit card debt, paying it off now will save you money in interest, boost your credit and give you a fresh start as you enter the real world.

Most student loans have a grace period, which means you're not obligated to start making payments until six months after you leave school.  Click here on USA Today for more information.