Until now Rachel Rohrs hasn't had to worry too much about money.
A member of the Adelphi University class of 2007, Rohrs lived at home with her parents in South Hempstead, N.Y., while in college. Her tuition costs were covered by a scholarship and contributions from her parents. She paid her credit-card bills with earnings from a part-time job.
Soon, though, Rohrs will start a crash course in managing money. She is moving to Baltimore in August, after she marries Kyle Petrowski, a graduate student at the Johns Hopkins University.
There she will look for a job in graphic design and furnish an apartment as she learns how to shoulder all the costs with her husband. They are determined to remain free of debt, vowing to spend only within their means.
"I hope I'm prepared to deal with the bills," Rohrs said. "I'm a little concerned about how much everything will cost. I hope I'm not going to be shocked."
Managing money certainly can come as a shock for many recent graduates. At first their paychecks may seem like a lot of cash - until they have to pay the rent, utilities, groceries and student loans on top of drinks, dinner and fun with friends.
"You really need to think in terms of balancing what's coming in and what's going out," said Virginia B. Morris, co-author of Welcome to Your Financial Life: A Guide to Personal Finance in Your 20s and 30s. "The key is not getting in over your head in the first six months." That's how long it may take to truly determine your cash flow.
The simplest way to avoid racking up debt - or adding to the pile you collected during college - is to create a budget, experts said.
Start by writing down your monthly take-home pay. Then keep track of all your expenses, dividing them into two categories: fixed (rent, car payments, student loans) and discretionary (dining out, cell phone, music, weekend entertainment).
The size of some of these costs may prove surprising to those who are newly on their own. Many people may not realize how much they spend on nonessential things, experts said.
Once you see how all your money comes and goes, it's time to establish both short-term and long-term goals. The short-term targets include such categories as paying off debts, building savings and, if possible, stashing away funds for a vacation.
The long-term ambitions include saving for retirement, building a down payment for an apartment or house, and starting a 529 college savings plan.
Use your budget as a tool to avoid adding to your debt levels. It may be tempting to use plastic to furnish your new place or buy a new wardrobe, but avoid paying interest by paying off the balance each month.
Tami Luhby writes for Newsday.