3 necessary expenses for young professionals

When you’re young, it can feel like you’ve got loads of cash and hardly any expenses. You might live with roommates and still drive your old car from college. It’s a great feeling on payday. But after you’ve enjoyed that feeling for a while, it’s probably time to start thinking about the future. Here are three necessary expenses that you need to consider as soon as you can…

Life insurance: When you’re young, you may not think life insurance is very important. But, if you were to pass away, your family would have to pay funeral costs and may even be responsible for any debt you have. A simple life insurance plan could help alleviate some of those costs.

Savings account: Even if you’re doing a good job of saving for retirement, you may be overlooking saving for emergencies. You never know when something may come up that’ll cost you. A medical bill, car wreck, or an old water heater could surprise you with unexpected costs. Hopefully insurance would help in those instances, but it never hurts to be prepared.

Financial advice: Sure you’re just starting out, but you may want to consider a financial advisor. While you can do a lot on your own, a financial advisor is a good way to reduce stress. Letting a professional take the reins could help you get going down the right path to never worrying about money issues, especially when you’re older.

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. Through news, community, press, jobs and events, he keeps credit unions digitally informed throughout the day. Web: www.cuinsight.com Details