Newly minted college grads should make these 5 money moves according to a financial planner

Graduating college may mean school's out, but you still have plenty of lessons to learn when it comes to managing money.

But setting yourself up for financial success after college doesn't have to be complicated. CNBC Select spoke with certified financial planner Faron Daugs of Harrison Wallace Financial Group, who suggests recent graduates follow these five pieces of advice to get their post-degree life started on the right foot.

Building up an emergency fund — a savings account with three to six months' worth of expenses — right out of college can help get you through some of the painful learning experiences that can define your immediate post-college life. From bailing on a disastrous first job to splitting with a partner you live with, having an emergency fund gives you the freedom to act in your best interests regardless of the financial consequences (up to a point).

A high-yield savings account is a great place to keep your emergency fund, since it helps the money you've saved grow faster than it would in a traditional savings account. Some of the best include Happen Bank LevelUp Savings for its strong APY and no monthly fees or minimum balance required. UFB Portfolio Savings took a runner-up spot for its ease of use, including its online and SMS banking availability and free ATM card. 

To level up your emergency fund savings, automate deposits from your paycheck or bank account to help it grow effortlessly. "Systematically save money from whatever you're earning," Daugs suggests.

If you have student loans, you'll want to make sure they're as simple to manage as possible. One way to wrap multiple small loans into one loan is through a process called consolidation, which merges all of your smaller, individual loans into one with a single payment and interest rate.

It's an option available to both private and federal student loan holders (though you can't consolidate any private loans you have into the federal loan system). "Depending on whether you have federal loans or private loans, you generally can reach out to each of those institutions and then ask about consolidation loans," Daugs tells CNBC Select. 

You'll want to pay close attention to the pros and cons of refinancing or consolidating your student loans. Consolidating a federal student loan with a private student loan could mean losing some of the protections the federal student loan system gives borrowers, such as repayment plans.

You'll also want to think about how the interest rate you're charged would change after consolidation. While federal student loan consolidation interest rates are based on the average of your existing loans' interest rates, the same isn't true for private student loans. Your credit score and current market conditions determine the rate you'll get with a consolidated private student loan.

With interest rates rising across the board over the past few years as the Federal Reserve fights inflation, the interest rate you'll end up paying on the consolidated private loan may be significantly higher than your current rates. 

While those with federal loans will likely want to consolidate those debts through the federal student loan system, borrowers with private student loans can consider refinancing through a bank or lender. CNBC Select has done some of the research for you on the best private student loan refinance companies, and our top picks include Earnest for its ability to work with fair-credit borrowers and no origination fees, prepayment penalties, late fees or disbursement fees. Citizens™ is ranked as our top choice for those with a co-signer for its co-signer release option after 36 months of on-time payments. 

Your credit score determines more than just the cards in your wallet. It can also determine how much you pay for a variety of financial tools, from car insurance to personal loans.

Using a credit card and paying it in full every month is one way to help build your credit score. "The key is: go ahead and put things on there. But make sure you pay that credit card bill in full every month," Daugs says. "If these are normal purchases that you would be making anyway, rather than putting them on a debit card, put them on a credit card, but then pay that bill." 

Daugs suggests aiming for a cash-back credit card, which generates cash for spending on the card. Some of CNBC Select's top picks for cash-back credit cards include the Citi Double Cash® Card which offers a total of 2% cash back, with 1% on all eligible purchases and 1% when you pay your bill with a $0 annual fee. The Chase Freedom Unlimited® is our top choice for no-annual-fee cash-back credit cards for its welcome bonus and ability to transfer rewards to a Chase Ultimate Rewards card (see rates and fees). 

But credit cards aren't the only way to build your score. Getting an auto loan could also bolster your credit history, letting potential lenders know you're a trustworthy borrower (assuming you aren't late with your payments). "If the interest rate is reasonable and it makes sense to finance [your car], that's another means of building up your credit," Daugs says. 

It's also sometimes possible to add your rent to your credit score (or other recurring expenses like subscription services) with a free service like *Experian Boost®, which reports these payments to your credit report if your leasing or management company is partnered with the credit bureau. 

If you're weighing multiple job offers after graduation, Daugs encourages you to look beyond the salary when making your choice.

"A lot of times what recent college grads look at is the bottom line, 'what is my base pay?'" he says. "I always encourage them to look at the whole package, don't just look at what the salary is or what the hourly rate is, look at all of the benefits that are going to be available to you."

You'll want to consider the compensation package as a whole, including retirement benefits. "With 401(k) plans, there are some matches that may be available," Daugs adds. When a match is offered, companies will contribute an additional amount to your retirement plan up to a set percentage of your salary when you contribute.

And a 401(k) isn't the only benefit to consider. A healthcare package could be another thing to evaluate, especially if there's a health savings account available with a match. "Those are free dollars with tax benefits to you — they're not taxable to you, yet they are a means of compensation," Daugs says.

If you're still unsure, a meeting with a financial planner can help you evaluate compensation packages and create a plan to get the most out of your benefits.

Most recent grads have been told to make a budget but it can be tough to decide what type of budget works best for you. "Many times, I've found it helpful for people to use a reverse budget," Daugs says. 

Also called a 'pay yourself first budget,' this method prioritizes your saving and investing goals by treating them as essential expenses that are paid with automatic deposits.

To start building your reverse budget, determine your expenses and how much is left to comfortably save and invest. Then, set up automatic transfers when you're paid, and spend the rest on your necessary and discretionary spending. 

Daugs says that this is an effective way to build your emergency fund or start investing with small amounts. "Take those dollars out of the equation first, and learn to live on what's left." 

In a time in your life when it's easy to overspend, this budget can keep your saving and investing goals on track. "You'll learn that you're not really missing those dollars, yet you're building up assets," he says. 

Start by establishing a budget that helps you pay yourself first and avoid too much debt. Then, consider student loan consolidation, building up credit and an emergency fund, and evaluate any job offers you may have carefully. 

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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.