Graduating from college and entering the "real world" can be as scary as it is exciting. Within a short time, new graduates are expected to find a job and become financially able to support themselves. But, what does it take to become financially self-sufficient?

"In addition to finding a job, young adults need to develop a budget and obtain the right tools for managing their money," says Cary Mills, a mortgage loan originator with Fifth Third Bank. "I encourage new graduates to seek help from a trusted source, such as a banker or financial advisor. We can advise them on how to plan a budget and obtain the accounts that are right for them."

Checking accounts
To become financially self-sufficient, Mills encourages young adults to obtain their own checking and savings accounts. "Many students have joint checking accounts with their parents while in college. But once they start working, they usually are ready to manage their own accounts."

People can open accounts with a quick visit to a bank. "All they need is an ID and a deposit," Mills explains. "If they haven't managed money on their own before, we also take the time to teach them how to manage the account, either online or with a paper ledger. Most young adults prefer to work online, where they can balance accounts, track daily balances, pay bills and transfer money from checking to savings or vice versa."

Mills is also careful to explain the importance of tracking all debit card transactions and knowing what it takes to build a good credit score. She also encourages people to ask about automatic overdraft protection so they can avoid expensive overdraft charges and to set up automatic payments for certain loans.

Savings accounts
Mills recommends new graduates also open a savings account for an emergency fund. She suggests saving at least two months' worth of living expenses: housing, utilities, cell phone, transportation, food and other expenses. She also encourages them to factor in student loans, which start coming due shortly after graduation. (Also read "How to manage student loans.")

If people are able to save more than this, Mills encourages them to do so. "Saving must be based on each person's individual situation. If money seems tight, I encourage them to reduce any unnecessary spending. Often, it's the little things that add up."

Renting versus buying
Some young adults may find that their budget allows them to save up for a house down payment. "Right now, we're in a buyer's market and new graduates may want to consider building equity in a home - instead of spending it on rent," she says.

Mills encourages people to learn all they can before buying a home. "Owning a home is very different from renting," she says. "At Fifth Third, we make sure potential buyers are aware of property taxes, home owners insurance, utilities and maintenance. We want to make sure our customers are making decisions that are right for them - personally and financially."

For more information on getting started financially, contact Fifth Third Bank at (866) 475-4201 or visit the Fifth Third Website.

Loans are subject to credit review and approval.