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Last week it was career guidance... now it’s time to help new college graduates manage their finances. (This advice can also help those who are restarting at any point in their lives.) These five steps should help form long lasting, good habits and begin the process of taking control of your money.

Understanding where your money goes is the cornerstone of financial planning. It can help you determine how much money is available to accelerate debt paydown and to save/invest.

Start with your take-home pay (after taxes and deductions), then itemize essential expenses (housing, food, transportation, utilities, loan payments) and then account for your fun spending (eating out, entertainment, travel, streaming). There are plenty of apps that can help you out — the tracking mechanism does not matter, what matters is that you do it.

The government has clamped down on repayment of federal student loans by enforcing default provisions that always were part of lending agreements. If you are graduating with a loan from Uncle Sam (or any private institution), head to studentaid.gov and determine the amount of money you owe, the interest rate associated with the loan, and the payment terms.

If the planned payment is too much relative to your income, consider an income-driven plan, which can reduce the monthly payment amount, but will extend the term of the loan. Then automate payments so you aren’t late and don’t miss a month. The government is now reporting late payments to credit agencies, so if you miss a month, it might ding your credit score (more on that below).

If you are graduating with credit card debt or an auto loan, prioritize paying down the highest interest loans and if possible, make extra payments on those loans, if your cash flow allows.

As soon as you have income, establish an emergency reserve fund that can cover six to twelve months of living expenses. You can usually find the highest interest rates at online institutions — go to an aggregator site like depositaccounts.com to find one.

Retirement may be decades away, but your future self will thank you for starting your savings habit early. If your employer offers a match, then try to contribute at least up to that amount. If you don’t have access to an employer plan, open a Roth IRA and start contributing now.

A credit score helps lenders measure your ability to repay a loan and honor your financial commitments. The higher the score, the lower the interest rate charged. The score matters more than you might think — it can affect everything from apartment rentals to car insurance rates.

Scores are based on your credit report, which is an accounting of your payment history, how much credit you have and the status of your credit accounts. While you do not have just "one" credit score, FICO is the most common, with scores ranging from 300 to 850.

The three main companies that report your activity to a scoring company are Equifax, Experian, and Transunion – and from time to time, there are errors in their data.

To ensure that your report is accurate, go to AnnualCreditReport.com. If you identify an error, dispute it (in writing) with the credit reporting company. Explain what you think is wrong, why, and include copies of documents that support your dispute.

Finally, personal finance is just that — personal. Your journey won't look exactly like anyone else's, so stay focused on your own progress, not anybody else's.

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(Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at askjill@jillonmoney.com. Check her website at www.jillonmoney.com)

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