Do you believe in paying yourself first? That is, directing earned income first to your retirement and savings accounts before you have a chance to squander it?
There a number of good reasons to do so from both a practical standpoint and also from a behavioural finance standpoint
It’s tougher to spend money that never hits your pocket or checking account. The best way to pay yourself first is to automate the process. That way, you never have to think about it.
Most recommend saving 3-6 months of living expenses in your emergency fund. This should be an entirely separate account from your checking account.
The next place to route your paycheck is towards your retirement accounts. If you have student loans, you may consider breaking this up into two separate steps.
For the 80% of readers graduating with student loan debt, you obviously need to automate these payments as well. If your Debt to Income Ratio (DIR) is < 1, then I recommend you refinance your student loans to get a cashback deal.