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You've walked across that stage and accepted your diploma, and now you're ready to take on the world. Just wait until those paychecks start rolling in and you can really start living it up with your own place, a shiny set of wheels and a new iPad, with a great trip to Europe to kick things off.

Not so fast, advises Todd Romer, founder and president of YoungMoney.com. Reality in the form of your first student loan payment is just six months away, so make sure you can cover that regular bill, before signing for a new car loan or booking those plane tickets. Romer offers these tips to help you make the transition from college to the real world without breaking the bank.

Bank your graduation cash

Graduation cash might be the biggest chunk of change you've ever had. But instead of taking your friends to Las Vegas for the weekend, consider socking away 75 percent to 80 percent of your graduation loot for use as an emergency fund, the deposit for your first apartment, or a practical big-ticket item such as a car.

"I'm not against having fun, but at the same time, it's really about becoming responsible about money," Romer says. "Spend 10 percent to 15 percent on yourself, but look at the gifts as a way to begin saving."

Plan for that rainy day

Avoid having to make a financial 911 call to Mom and Dad by starting an automatic savings plan.

Have $50 transferred each month to a savings account, so you can bank some cash for an unexpected auto repair, big dental bill or other unanticipated expense, Romer advises. A good goal is to have the equivalent of three-months' rent under the proverbial mattress.

Are you ready to leave the nest?

If you're leaving college with little debt, except for student loans, and have lined up a job or have leads, you're in a good position to get your own place. Otherwise, it might be best to move back in with Mom and Dad for a year or two.

Whether you're back in your old room or setting up your first place, cut costs on the basics by changing your cell phone or cable TV plan, or by asking for a better deal. If your job doesn't provide health insurance, find out if you can stay on your parents' plan until you're 26, a provision of the federal health care reform law.

"Almost everything is negotiable, except paying your taxes," Romer says.

Set boundaries with roommates

When living with roommates -- whether they're your BFFs or strangers from Craigslist -- decide in advance how you're going to divvy up rent, utilities and other costs, and take advantage of online person-to-person payment services that allow for easy cash transfers.

"Boundaries are important -- you have to be clear with roommates about who's paying what," Romer says.

Graduate school may not be worth it

More schooling may seem like a good antidote to a bad job market, but think twice before racking up more debt for any old graduate program. Ask yourself whether you're passionate enough about the topic to justify the expense and how getting another degree will help you realize your career dreams.

"You have to know what you want to do before you go to graduate school," Romer says.

Start thinking…retirement?

It may sound crazy to even consider retiring when you haven't even begun your career, but if you have the opportunity to participate in your company's 401K program, do it. By starting now, your pre-tax contributions will increase exponentially over the long haul.

"People say there's no such thing as a free lunch -- this is a 'free money' situation, and it's absolutely foolish not to take advantage of that," Romer says.

Don't worry, you'll be happy

Getting your financial house in order is important, but it shouldn't be the only consideration as you take your first steps after college. "You have plenty of time to figure out what your true passion or calling will be," Romer says.

By keeping close tabs on your expenses and controlling your debt, you'll lay the groundwork for a bright future, no matter whether it's the subject you studied in school or some new opportunity that presents itself out of the blue.