$ Know Before You Go $

You should avoid credit card debt at all costs.

Credit card debt has some of the highest interest rates out there, meaning it's some of the most expensive debt you can take on.

Don't confuse debit and credit cards

Debit cards can only spend the money in your checking account. Credit cards enable you to spend more money than you have: The company essentially loans it to you, for a price (interest).

A fancy car means nothing.

Despite what you see on Instagram and Snapchat, a Maserati doesn't mean a person is set for life. A fancy car means nothing about a person except that they choose to spend money on a fancy car — and many of the country's millionaires don't even bother.

Lottery tickets are a waste of time.

Not only do you have a better chance of becoming the president of the United States, but many lottery winners end up completely broke. Put that money towards your retirement account instead. 28. Pay yourself first. Money you save today is money you have to spend tomorrow, so make saving for the future a priority as soon as you can.

A budget is just a plan for your money.

Once you know where your money goes, a budget maps out how much money you owe every month, and how much money you have left. It's not restrictive, like a diet — it's just a way to make sure you aren't spending money you don't have.

All money is real money

Student loans and credit cards don't feel like "real money" because you aren't handing over any cash. But when you're being billed for $10,000 a few years down the line, that money is just as real as the $10 you just spent on lunch.

A checking account is different from a savings account, so don't treat it as one.

A checking account earns no interest and keeps cash at hand, to pay bills or make cash withdrawals. You shouldn't keep more money there than you need for your bills, plus a buffer. A savings account earns a smidgen of interest and is meant to hold money for the longer term.

Never pay ATM or checking fees.

There are plenty of banks out there with conveniently located in-network ATMs and checking accounts without fees. Paying for either at this juncture simply means you didn't do the two-minute Google search to find a better option.

Buying lunch and coffee every day seriously adds up.

There's a reason every personal finance book you pick up tells you how many hundreds of dollars you could save per year if you bring coffee instead of buying it. The little stuff adds up.

Interest can be a good thing or a bad thing.

When interest is accruing on, for instance, your investments, you're earning money. When it's accruing on, for instance, your student loans, it's increasing the amount you have to pay.

Missing bill payments is a slippery slope.

Missing a payment isn't like turning in a late assignment. It has serious consequences for your credit and for your wallet, so do what you have to to remember to pay your bills on time.

Don't charge money to your credit card that you can't afford to pay.

Leaving some of the money your credit card company "loaned" to you unpaid and applying it to next month's bill is called "carrying a balance." Make no mistake that this is a form of debt.

Don't be a stingy tipper.

If you can't afford to tip appropriately, don't request the service in the first place.

Understand where your money goes.

If you don't know how much you've spent and on what, you won't know how much you have left to afford the things you want.

Don't pay just the minimum.

If you have the money to pay more than the minimum on any debts you carry, do it. Paying just the minimum amount owed will drag on the lives of your debts and mean you pay more in interest overall.

No one is looking out for your money like you are.

If you're lucky, your parents have kept an eye on your money so far. But once you take control of it, you're the only one who always keeps your best interest in mind.

You'll always take home less money than you expect.

Just because you're making $10 an hour doesn't mean you'll take home $400 at the end of a 40-hour workweek. Taxes will take a chunk before you ever see it.

Start paying your student loans before you have to.

You won't be required to start paying your student loans until after graduation, after what's called a "grace period." Interest, however, accrues during that period you aren't paying, so make an effort to start paying the minute your loan servicer will allow it, to reduce the balance.