Take advantage of company benefits. In getting that first paycheck, a lot of young people are wondering how to manage their money. Bair advises, first and foremost, to participate in an employer's 401(k) if it is offered. The tax advantage with an employer match is very important, she noted.
Enroll in direct deposit and automatic savings plans. Also, set up a direct deposit for your paychecks. Most banks now offer automatic savings, so when your check is deposited in your checking account, a set amount of funds can be automatically allocated to a savings account, which would be off limits and out of sight so it can keep growing, Bair said.
Read MoreDebt stress and anxiety: How to get out from under
Watch out for fees and overdraft protection. Bair warns of the importance of staying on top of accounts, explaining the need to ask a lot of questions about fees. "Unfortunately, fees on both checking and savings accounts are not as transparent as they should be," she said. And finally, stay away from overdraft protection. "It has tripped up far too many people. … Only spend what you have."
Disclosure: Sheila Bair is on the board of Banco Santander SA, one of Europe's largest lenders.
If you have comments or questions, send them to me at firstname.lastname@example.org or tweet me@sharon_epperson #GetAPlan.