If your student loan balances are high and you have a long time until retirement, it can be difficult to decide which financial goal should be your priority.
Should you sock all of your extra money toward getting those loan balances down?
Or, should you instead focus on growing your money through your retirement savings?
"In reality, most new graduates should probably be doing a little bit of both," said Christine Benz, director of personal finance at Morningstar.
That is because making regular payments to whittle down your student loans will enable you to make steady progress toward financial freedom. Meanwhile, you should be contributing at least enough to your retirement plan to receive an employer match, if you are eligible for one.
But after you reach those initial hurdles, there are some key things to consider when deciding where to put your extra money to get the most bang for your buck.