May is graduation month. Millions of college grads are getting diplomas this month and starting life on their own.

I remember the last time I graduated. It was a great day, full of fun and celebration, smiles all around. It was a sad day, because I knew I might never see some of my great college friends again.

It was also a very frightening day. For the first time in my life I knew I would be completely responsible for my own existence. Student loan, car, room and board. They were all on my shoulders now. With only a few hundred dollars in the bank and no job, I was just a little bit terrified.

Fortunately I was able to get on my feet quickly. I'd learned a few basic personal financial management fundamentals somewhere along the line in school. They helped to get me off on the right foot.

Hopefully today's grads are smarter than I was and know these things cold. But just in case any needs a reminder, here are my three most important personal finance fundamentals for anyone starting out on their own.

1. Keep it simple Straight out of the chute you'll feel like you own the world. Full of self-confidence and fearless, you'll have plenty of fire and motivation to build out your life to match your dreams. Do it, by all means. But don't take on any excess baggage in the process. You don't need multiple credit card accounts, checking accounts and brokerage accounts. One of each will do. It may not happen right away, but sooner or later you'll get tired - really tired - of dealing with the complexity of managing multiple account balances. Find the few basic accounts you need and use them exclusively.
2. Pay attention to the details Watch what goes on with your personal finances. Pay attention to how much you're putting away in savings. Your future financial health depends on how well you keep track of where your money goes and how it grows. Nobody will do this for you, so you have to learn to do it yourself. If you don't learn to pay attention to the little things - credit card fees, ATM fees, brokerage and mutual fund expenses - your financial health will suffer.
3. Keep a budget Your budget is your map to financial health and independence. Even if you're starting a job making more money than you think you'll ever need, sooner or later you'll discover it isn't enough. The temptation to live beyond our means is built in to all of us. Learn to control it and you will prosper. Your budget is your best tool to ensure your own financial health and well being. It's your map to financial independence.

There you have it. These are my top three personal finance fundamentals every graduate should know. To be sure there may be others; but I think these are the absolute basics, the fundamentals. Use just these three, and your chances of success in life are greatly enhanced.