When you are just starting out, almost every decision you make will either contribute to your future success or to trouble down the road. Start smart and you’ll reap the benefits for years to come.

Here are eight musts for starting smart:

Open a checking account. If you are new in a city, open a checking account first. Some landlords require the first month’s rent and security deposit to be paid with a certified check or money order.

Get car insurance. Car insurance can be expensive, but it is a must. The best way to get a good value is to drive cautiously.

Get renter’s insurance. This is not the place to save. You take too big a risk when you choose not to protect everything you own.

Start building an emergency fund. It’s not a matter of “if” something unexpected will happen. It’s a matter of “when.” Eventually your car will die or you’ll find you suddenly need a root canal. Ideally, you need to have at least three month’s salary saved. Don’t let the amount intimidate you. Start small, but start immediately to build that savings.

Create a budget. Once you get that first paycheck, you may feel like you have more than you’ve ever had before. Unfortunately, if you don’t plan, it will disappear more quickly than you expect. Keep track of everything you spend for two to three months so you know where your money goes. Then be realistic, create a budget and stick to it. Don’t forget bills (like insurance and taxes) that will come once or twice a year.

Don’t forget retirement savings. You can always find a reason not to save. However, if you start now, the magic of compounding interest will be on your side. Put retirement savings into your budget from the start. If your company offers a 401K, take advantage of it.

Exercise Self Control.  Consider the luxuries – even the small ones – before you buy them. A 20-ounce bottle of water a day will end up costing you $365 a year. Packing your lunch could save you $2,000 a year.

Before you were out on your own, you probably didn’t give much thought to controlling the amount of some of your living expenses. If you left a light on, most likely you didn’t think about it much because you didn’t see the electricity bill. Once you are paying your own bills, you will probably discover that little things can end up taking a big chunk of your money. In an economy where most people are focused on cutting corners, it pays to know how to save in the little ways. Literally.

Try these seven small steps to saving money:

Bundle services. You can often find reduced rates by getting more than one service from the same company. When you bundle Internet, phone service and cable from one provider, you could take advantage of special discounts, reducing your bill by nearly 15 percent in some cases. Compare prices among companies to find the best deal.

Turn up the thermostat. Turning up your thermostat even two degrees will lead to significant savings over the course of the summer. Try to keep your thermostat set at 78 degrees. Every degree your cooling unit is set below that will add 6% to your bill. It costs less to run your ceiling fan than to turn the thermostat down. So utilize fans to stay cool.

Reduce number of phone lines. Many people are moving away from maintaining one or more land lines in addition to a cellular phone. Learning to live with fewer lines could make a significant impact on your overall bill each month.

Unplug your appliances. Even when you are not using them, appliances still use power when they are plugged in. Don’t leave your laptop plugged into a charger all the time. Over the course of a year, this alone could save you around $200.

Avoid using extra electricity during peak hours. Utility companies charge higher rates during peak daylight hours. Save money by using appliances like washing machines and dishwashers at night or first thing in the morning. Use your washing machine and oven at night or first thing in the morning.

Reduce your water use. Take shorter showers and wash clothes only when you have a full load. Turn your water heater down to 140 degrees. You won’t miss super-hot water in the summer, and you’ll save $10 a month over having the unit set at 160 degrees.

Switch to energy efficient light bulbs. The new bulbs cost more initially, but you will make back more than their cost in energy savings over two years. And they don’t heat up rooms, so you won’t need as much costly cooling power from your air conditioner.

Small savings can add up over time. If you don’t need to trim spending to make ends meet, consider trying these strategies as a way to increase the amount you put into savings. These small steps to saving money could be the perfect way to start building your savings and strengthen your financial position in the future.