As a new graduate, you have likely received a range of financial tips. You may have heard that a good salary ensures you will have financial security, or you might have heard that it's fine to wait to start saving since it is never too late. However, some of the things you might have heard about money are simply untrue. And when you start to manage your personal finances after college, it is critical to be able to separate the facts from the myths.

You Don't Need to Worry about Debt

You may have heard that as long as you can meet the minimum payments each month, you don't need to worry about debt. However, if you only make the minimum payments every month, you might not be able to make much progress on the overall debt. With a high interest rate, the minimum payment may only be covering the interest. Consider looking at your debt-to-income ratio to get a better idea of how much you owe. That allows you to make a plan to pay off the money. Student loans can be one of the biggest struggles for many new graduates, so consider making a plan for those first. The good news is you don't have to put your entirely monthly budget toward paying off that debt. Instead, consider refinancing them into a new loan so you can lower your monthly expenses a bit.

Budgets are Too Time Consuming

Even though you might feel that it takes a long time to create a budget that works for you, it is important to know where your money is going. And the advantages of being financially literate are significant. But living by a budget can help you have peace of mind that you will have enough money for everything. Instead of wondering where your money went at the end of the month, you will know exactly how much you have allowed yourself to spend in a certain category. As long as you stay within that amount, you won't need to worry about going into debt.

It's Okay to Wait to Save for Retirement

You might have heard that it is never too late to begin saving for retirement, but this is another money misconception. When you are right out of college and just starting your career, the thought of retirement may never have entered your mind. Getting your retirement account set up, whether it's an IRA or 401(k), will only benefit you in the long run. Because of compound interest, putting away more money now means you won't have to put as much away later on. Waiting until you have a larger salary might not be the best idea. That's because expenses also go up once you are older. When you have more income, you may also have a home, one or more vehicles, or even kids. Many employers make it easy to save for retirement since you can just have the funds automatically withdrawn from each paycheck and put into the account.