Your attitude is great, but be careful to temper your (awesome) ambition with a dose of reality. Saving is investing is great, the earlier the better, and seeing retirement at a young age with smooth lots of life's troubles; saving is smart and we all know it.
But as a college junior, be honest with yourself. Don't you want to screw around and play with some of that money? Your first time with real income, don't you want to blow it on a big TV, vacation, or computer?
Budget out those items with realistic costs. See the pros and cons of spending that money keeping in mind the opportunity cost. For example, when I was in college, getting a new laptop for $2000 (!) was easily more important to me than retirement. I don't regret that. I do regret buying my new truck too soon and borrowing money to do it. These are judgment calls.
Here is the classic recipe:
- Eliminate all debt other than student loans ( I assume no mortgage)
- Setup an auto deposit of $200 or so into an IRA. (Vanguard STAR fund if you need a place to start)
- Create a savings account for your goals: have direct deposit into that savings account for that vacation / computer / wardrobe / library late fees.
- Spend the rest of your check on normal stuff like rent and good times.
Adjust the numbers or businesses to your personal preferences. I threw out suggestions so you can research them and get an idea of what to compare.
And most importantly of all. DO NOT GET INTO CREDIT CARD DEBT. Use credit if you wish, but do not carry a balance.