Sheepskin time is a celebration of knowledge for the young.

But when it comes to financial obligations and dreams present and future, many newly gestated grads have the naivety of lambs before the slaughter.

Advisors have seen the Class of 2007, 1997, 1987 make the same money mistakes the Class of 2017 is bound to make.

To try to save them from faux pas that could keep them from getting the next document many seek after a diploma -- the deed to a home -- and other upfront financial goals, the consensus of experts interviewed is to pay off high-interest debt ASAP and create an emergency fund faster.

New college grads often are wise to ignore the advice to start saving for retirement immediately of family members and family financial advisors, argues Betterment for Business’s Michael Coleman, a Certified Financial Planner.

“Retirement isn’t most college grads' number one priority. It is possible it shouldn’t be,” says the robo executive.

Instead of saving for retirement with the money left over from their first paychecks after they pay daily living expenses, young people might be better off setting aside the cash to develop a three- to six-month emergency fund, Coleman advises.

It is also wiser to pay down loans with interest rates above 5 percent with left over money than squirreling it away for half a century.

It’s rare for two people to agree with each other on everything, but Merrill Edge Los Angeles Regional Sales Manager Joe Santos comes close with Coleman.

Santos points out that money for unemployment and emergency needs such as medical bills and car repairs often needs to be obtained quickly.

So, he suggests grads put these funds into an easy-to-access checking or savings account.

Like Coleman, he gives high grades for grads who make efforts to pay off high-interest loans.

Unlike the Betterment exec, Merrill Edge manager Santos said grads should start saving for retirement by contributing enough to an employer’s 401(k) plan to get free matching contributions.

Where to find the dollars for retirement from a young person’s earnings?

Santos says cut back on travel, health clubs and eating out. Abstinence is the way for grads to go, urges Univest Wealth Management Managing Director Dave Geibel.

Not from sex or alcohol, but Starbucks. “Spending $5 on a coffee every day adds up to $150 a month! That money could be used for a monthly car payment or put into savings,” says Geibel (his exclamation point).

Summit Place Financial Advisors’ Pearce Landry-Wegener urges grads to check the employer’s disability insurance and, if offered, to pay the premium after taxes so the benefits will be tax-free if they need to be accessed.

Joe DePaulo, CEO and co-founder of College Ave Student Loans, had this advice for grads starting a job on how to ease the burden of the ball and chain of college debt weighing on their finances:

1. Organize all your student loans to make sure you know when your monthly payments start, the amount due for each one and your various due dates so you don't accidentally miss any payments or pay late.
2. Get to know your loan servicers -- the companies handling the billing and payment services for your loans -- and make sure each of them have your current contact information, including both your e-mail and mailing address.
3. Consider signing up for auto-pay for each loan through your student loan servicers. You'll often get a discount on your interest rate when you’re making automatic payments, and you’ll know that your payments are being made on time each month. It’s a great way to save money and build good credit.
4. Know your grace period for your student loans, or how long you can wait after leaving school before you have to make your first payment. This can vary by loan depending which types of loans you have. The grace period is usually six or nine months, and it’s designed to give you time after you graduate to find a job and get on your feet before payments are due. Interest continues to accrue during the grace period on most loans though, so if you have the ability to start making payments before the grace period ends, you should. This will help you save money in the long run.
5. Pay attention to the interest rate on each loan. When you can afford to pay a little extra, you’ll usually save the most money by paying down the loan with the highest interest rate first.