It would be helpful to have a column on the basics of what graduating college seniors need to know about money before starting the first day on a new job.

Do you have any tips for a 20-something college graduate who needs to start a budget?

A number of readers have requested financial guidance for new college grads, but that's a tall order for one column. So, beginning today and continuing in periodic installments over the next couple of months, I'll offer a course in personal finance for 20-somethings.

I'll cover everything from renting an apartment to buying car insurance, starting with the second question above: how to set up a budget.

For new grads, here are some suggested spending guidelines, presented as a percentage of your take-home pay: housing, 30%; utilities and other housing expenditures (including renter's insurance), 10%; food (at-home and away), 15%; transportation (including car loan), 10%; debt repayment (student loans and credit cards), 10%; saving, 10%; clothing, 5%; entertainment, 5%; car insurance and miscellaneous personal expenses, 5%.

Those categories and numbers aren't hard and fast. If you have moved back home and are paying nominal rent, you'll have more money to pay off debt or to save up for a car. If you've already bought an expensive car, you may have to cut back on clothing or entertainment expenses.

But the first order of business is to keep track of how much you are spending, and on what. Even if you think you have a good grasp of your finances in your head, putting the picture on paper (or on a computer screen) makes it more concrete and helps pinpoint trouble spots.

You don't need to record your expenses indefinitely -- even as little as a month should do the trick. If you're gadget-oriented, making your notations on a PDA or talking into a recorder may make the task easier.

And you don't have to account for every nickel. Guess what your expenditures are, and then compare your estimates with your notations and your credit card bills and bank statements as they come in. If you find, for example, that you're dropping more than you thought in restaurants or clothing stores, focus on cutting back in those areas instead of putting yourself in a budget straitjacket across the board.

Next week: Ten tricks to staying on top of spending.

MORE: Kiplinger.com | Your Money | Column

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