"Many young professionals view the financial value of their first job in terms of their paycheck," Jaleigh White, director of Wealth Planning for Fifth Third Private Bank, said in a release. "They put off financial planning for a few years until they begin to consider marriage or home ownership. However, young people should look for ways to begin saving for their future as soon as they begin working." 

Today's 25- to 34-year-olds are spending more and saving less. White advises young professionals to become familiar with their current financial situation and determine where they want to be in the future. They should then begin setting realistic goals to help them move toward financial security. 

"Young professionals can start saving for the future by prioritizing their discretionary spending," White suggested. "Start with small changes, such as saying goodbye to trendy coffees and buying generic medicines and other drugstore items. It's important to learn how to make the best use of spare cash."

In addition to controlling spending, young professionals should develop a plan to get out of debt. White advises that debts be listed in order of interest rate, paying off the expensive debt on credit cards first but, most importantly, protecting their credit score by paying bills on time. Student loans do have some advantages because the interest may be considered a deductible at tax time.

Developing a savings plan for major purchases can help avoid using credit cards and incurring more expensive debt. Buying a house can be one of the most beneficial purchases a young professional can make. In addition to building equity, the mortgage interest may also be tax deductible.

No matter how complete the plan, emergencies always can occur. White advises young professionals to establish an emergency fund that could cover three to six months of expenses. 

They also should consider disability coverage and become familiar with their life insurance and property/casualty insurance coverage to determine how well they can weather a financial crisis.

When considering a job opportunity, White recommends young people look beyond their paycheck and also consider the firm's benefits and retirement plans. 

"They should become familiar with the health care and insurance options, as well as any health savings plans or flexible spending accounts which may be available," she said. "Also, they should look for ways to maximize their employer retirement plans, such as 401(k), stock purchase, and non-qualified deferred compensation plans." 

These choices may lead young professionals to determining a personal investment philosophy that will guide them now and in the future.

"Adopting a personal investment philosophy that fits an individual's style can make it easier for young professionals to begin saving from the time they enter the marketplace," she added. "It's important to realize that the future is now when it comes to creating financial security."