Photo © AAP Image/Bill Bachman/Wildlight

After you've finished your education, it's time to move out.

You may think that it's a smart deal to stay in suburbia, but the research suggests otherwise; according to a UBank study, some 69 per cent of Generation Y who work full-time but live at home are unable to keep track of their money.

So what should you do?

If you have credit cards it's time to cut them up. Spending money you don't have on things that fall in value is the number one way to go broke.

Make a commitment to get yourself out of debt. Even if it means taking extra shifts. The confidence you can gain by taking your credit card head on could be the making of you. Once you've done that - get some savings! (Check out Barefoot's savings calculators here.)

And if you are living at home, make sure you pay your way. Many baby boomer parents are struggling towards a retirement they can't afford - having kids to cook, clean and look after makes that job harder.