Having a personal budget is very important. In your budget you need to accout for fixed expenses and flexible expenses. Fixed expenses are expenxes that do not change. Examples of these are; mortgage payments or rent payments, and car payments. Flexible expenses are expenses that are easily altered or avoided. Examples of these are extra clothes, CD's, and junk food. 
There are two types of interest you may have on your savings account; compound and simple. Compund interest is interest that is paid on both the prinicpal and on anyinterest from past years. Simple interest is interest paid only on the principal. compound interest will earn you the most money. It is important to save your money, rather then spend it at soon as you get it. You need to save incase of emergencies. If there is some type of accident, and your insurance does not cover it, you need extra money so you do not put yourself in debt. it is a smart idea to not only save your extra money, but also invest some of it so you could possibly gain more money and earn interest. If you know you are going to have a stable income, I think it is okay to spend some of your money right away, you just need to be careful on how much you spend. You can know how much you are able to spend by putting yourself on a budget, and know what needs to be paid and when.
- Watch this video on how to make your own personal budget: https://www.mint.com/budget/creating/how-to-make-a-personal-budget/
- Read this article and learn how to stay out of debt: http://www.bills.com/staying-out-of-debt/
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