My advice: spend it on experiences. Go have an adventure.
This is the best time for you to take in all that the world has to offer. Spend a weekend in Rio and go to Carnivale with five of your friends. Fly to Europe and stay in hostels for two weeks using the Euro rail to travel across the continent. Get a four day pass to Bonnaroo, and drive to Tennessee in a rental RV. Go see the pyramids in Egypt. Skydive. Take risks, explore, see the world and have fun.These experiences have the potential to change your life. Even in my limited travel experience, people tell me they are jealous all the time. In the three years since I have been out of college I have traveled across Europe, seen America from every angle possible, spent too much money on concerts and sports games, and jumped out of perfectly good airplanes. Nothing is stopping you from having your own adventures except yourself. And adventures like these get harder when you get older. Kids and jobs get in the way and vacations are harder to come by. A trip to Prague when you’re 26 and with five of your buddies sounds more fun than a trip to Prague when your 40, married, and hauling four kids around. Doesn‘t it?Of course it does.

It’s true that after college you will need to buy stuff for your real life. Even if you had all these things in college, you’re going to want to upgrade your furniture, buy new and more expensive clothes, purchase a new car, etc. I know I did. But, I got the things I needed and wanted without being irresponsible. I bought most of my furniture at Ikea and saved a little money. I indulged on a 42” plasma and PS3, but I bought discounted returns or close out items. And I bought a used car for myself with a little higher mileage than most.

Just think about when you’re 60. What will you regret? Not having a bigger TV or not seeing Paris?