I just finished talking to one of my best friends from home about how to cut her credit card debt. Being a graduate student has taught me valuable financial lessons that I'm incredibly grateful for.

My first diagnosis: Quit trying to live the life you were accustomed to at home (unless you plan on moving back home with your parents). Cut internet, cable, and car usage. Move to an apartment within walking distance of your job. Drink cheap beer. Go find a farmer's market. And God, please never go to Starbucks.

I think once young adults accept the fact that they are going to be poor for a length of time, everything else falls into place.