IMO, yes. But the very first thing you need to do is read and learn. Go to the library and load up on personal finance books. A simple read that will get you on the right track is Total Money Makeover by Dave Ramsey. Then read anything and everything and develop your own plan. Also watch/listen to podcasts and tv shows with finacial topics.

Summary of the TMM and a good starting point IMO:

1. Save $1000 in a money market (savings) account as a baby emergency fund.

2. Get out of debt (everything but the house which I guess you don't have).

3. Finish the emergency fund (3-6 mos of expenses, I suggest 6 in this business).

4. Begin to save 15% of your gross for retirement. Do the 401k first up to what will be matched (if yours is no match then do the Roth), additional amounts go to a Roth IRA.

I personally would modify this a little based on my own knowledge/tendencies regarding personal finance. For instance I would do the 401k up to the match before any other step to avoid passing up free $$. However, you need a knowledge base and a good feel for how you handle money before you will be able to devise a smart, workable plan for yourself.

The quick start for you seems to be: save as much as you possibly can in a savings/money market account (4-5% interest should be easy to find). Let it amass for a few months while you read, read, read. Then disperse those funds to the various targets as you develop a plan. You are in great shape starting so young. Save big now and you'll be in very, very good shape later on due to compounding and developing good habits with your money.


Good luck!