Are you the Monday morning quarterback of your finances?

A real job

The start of our working life brings many new decisions. From choosing that first job to deciding on health benefits and whether to enroll in the company 401(k) plan — there’s a lot to figure out.

A real place to live

While you may not be able to shed the need for a roommate, hopefully you’ll be able to take a step up from dorm living or campus housing. Whether it’s New York City; New Albany, OH; or New Braunfels, TX; you’ll need to find a new place and navigate a new apartment lease — or maybe even a new mortgage.

A real partner

You might meet someone you want to share your life with. According to the American Community Survey, 32% of women and 21% of men will be married by the age of 25. Finding someone could mean merging your finances with theirs – which can be complicated. So discussing your goals and financial situation early on is a good way to start preparing for the future.

A real life

Whether you get married, stay single or co-habit, adapting to the real world as an independent adult will be both exciting and a bit overwhelming. Striking the right balance of work, healthy relationships with friends and family, regular exercise, and working toward your financial goals will all be part of being good at life.

Budgeting your time and money is an important exercise that helps you set and achieve common-sense goals that will help you get ahead — and stay ahead, such as:

• Build an emergency fund 
• Spend less than you make
• Pay down any credit card balances, and/or keep paying them off every month
• Look at ways to reduce your student loan debt
• Save separately for discretionary purchases, including vacations
• Save for retirement, and max out your 401(k) contributions (especially if your company has a match)
• Consider life insurance – even if you’re single, you may still have people who depend on you and your livelihood

Set a realistic overall budget that helps you work toward goals, and stick to it. You’ll be amazed at how quickly you can build wealth — and protect those you love — even on a modest starting salary out of college.

And the next time you do get to watch a college game, just remember you have more in common with those incredibly talented athletes than you may think.