Financial planning, is like maintaining your health or getting your car tuned up each year--you need to go to the experts. The trick is finding the right experts and then following their advice.
Financial planning should be a long-term process, and it is difficult to do, when the income barely pays the bills when you start that first job.
Furthermore, you have to decide are you just planning for the year or for the future. In either case, a portion of your income should go into savings. Assuming you are planning for the future, an IRA or Roth IRA is the easiest way to start. If your company has a 401K program and offers a match to a certain percentage of your salary, contribute an amount that will allow you to get the company match--free money. If you can contribute more, do so. It will be tax deferred. You will pay taxes later, but when your annual income is lower.
There are many financial tools. You need to find a broker or financial adviser, one who will help you address your long-range plans and not be urging you to sell one day and buy the next, so he can get a higher commission. This may mean talking to a dozen brokers or more. What works for me, may not be the best thing for you. It takes research, diligence and time.
I lost my job of 22 years with no notice. I got a very generous severance. I eliminated all my debt. I collected unemployment, found part-time work (after 20 months) and when I reach 62, I will be back on the course I mapped out several years ago. It has been a little lean for the past two years, but the planning we did, and the support of my wife in understanding the need to spend less got us through the lean times.
The key is planning, and you cannot start too soon.