Best graduation gift? A meeting with financial adviser

According to 2006 figures from the Project on Student Debt, the average college I.O.U. was approaching $21,000.

With all that student loan debt, it's genuinely tough to focus on saving and planning for retirement.

But there's really no better time for a young person to be better positioned for good money habits that will last for a lifetime. Here are some of the best moves to make coming out of school:

Talk to a financial planner. Ask your parents for the graduation present of financial advice. A meeting with a financial planner can set a spending plan that will accommodate what your future income needs will be to extinguish that debt and how you'll be able to save in the future.

Sign up for the company 401(k) the minute you're eligible. A 401(k) plan accomplishes more than retirement savings. It teaches the value of "out of sight, out of mind" savings - when money goes to savings before you have a chance to spend it. Even if it takes a year before you can join the company plan, start putting money away in a traditional or Roth IRA.

Always aim for the maximum. It's a tremendous challenge to put away the most you can save in any retirement plan once you get out of school, but you can make it a goal to get there as soon as your income rises and your debt falls.

Hold off on buying a new car. Mass transit is best, but if you need a car, think about buying a quality used car that you can pay off quickly.

Don't forget about insurance. If you're single, it's not time for life insurance, but you must have auto, rental apartment and disability insurance. If you're driving a used car, you may not need to keep as much collision on your car. Don't forget to insure the contents of your apartment - one break-in can cost you thousands of dollars you don't have. And if you think only old folks can become disabled and cut off from a paycheck until they can work again, guess again. Think of how losing a paycheck for six months would hurt your finances.

Start laying away an emergency fund. Even if all you have is the proceeds from two missed lattes a week, start putting money in a special account you will not touch unless you are out of work and need to find some way to pay the rent. Make the trigger something as serious as that, or you'll never have a serious reserve for emergencies.

Don't forget about health insurance. Health insurance gets more expensive by the day, and finding a good employer that provides good options for this benefit is particularly important. Given that younger people are generally healthier, get some advice on whether you should investigate a high-deductible plan that's paired with a health savings account.

Such accounts allow you to stash money that can cover that big deductible - for individuals, the minimum deductible in 2008 is $1,100 - but the accounts can be invested just like IRAs. Over time, you can develop a nice little nest egg that can alleviate a lot of future worries about how you'll pay for health care.

Rebecca Warren is a certified financial planner professional and certified senior adviser in Mesa. She can be reached at (480) 357-8380 or by e-mail at Rebecca@WarrenFinancialServices.com.