NEW YORK -- After Sandra Hanna graduated from college, she moved back to her parents' home so she could save some money. A year later, she moved out with a stash of $8,000 to help pay for her new life.

But within several months, she had burned through the cash and was starting to pile on credit-card debt.

Thousands graduating from colleges and universities this year will face challenges as Hanna did, but they'll have an easier time of it if they get going on the right foot by learning early to live within their means, avoid excessive debt and save for the things they want, experts say.

Hanna, 26, found her financial bearings by forming a "money club" called Smart Cookies with four other friends in Vancouver, British Columbia.

They'd meet weekly, initially following the "debt diet" espoused by television personality Oprah Winfrey, then later setting their own goals for spending and saving.

Hanna's biggest piece of advice to those graduating this year is to overcome the tendency to keep money matters totally private. "Stop trying to fake it, and have a serious money discussion with your friends," she said. "Everyone will breathe a sigh of relief because you'll find that you're not alone, that everyone is facing the same money pressures you are."

Nancy Flint-Budde, a certified financial planner in Salem, N.Y., said one of the first things new graduates need to do after starting that first job is to figure out just how much money is coming in and where it's being spent.

She suggests they use personal finance software to track their money for six months or so, then print out a report by category. "Then they can make spending adjustments, if necessary," Flint-Budde said.

She also encourages those starting new jobs to make sure they fully understand the benefits packages they are being offered so they can take full advantage of them.

Understanding benefits is especially crucial when it comes to health coverage, Flint-Budde added.

"It's important for them to take ownership of their own health care as early as possible," she said. "They shouldn't have a period of not having coverage just because they're young and healthy, because anything could happen."

Flint-Budde also advises new graduates to try to keep at least $500 in their checking accounts; that makes it harder to overdraw the balance, triggering high fees, and also provides a cushion for emergencies.

Dara Duguay, director of the Citi office of financial education, suggests that if possible, new workers save at least the amount needed to get a full company matching contribution in their retirement account. If that's not possible, start with 2 percent of salary and increase the pace with every pay raise, she advises.