Asking a millennial graduate whether they have expensive debt will always be emotive, but student debt doesn’t count as ‘expensive’, so for once it seems that I’m blissfully ‘debt-free’, hooray! I’ll savour this feeling…
I got into the savings habit young, so I feel virtuous on the emergency funds question. Thanks to a combination of my first post office account and then later a Cash ISA, I have three months’ salary in cash. It looks like my childhood pocket money is paying off now
Here I come unstuck. However, at the risk of proving the age-old adage that the young think they’re invincible - while I know I’ll need life insurance at some point, now doesn’t seem to be it. At the very start of my career, I don’t have any dependents or contractual outgoings, such as a mortgage yet (I wish!).
I feel the same about a will. My most expensive assets are probably my phone followed by my battered old laptop - hardly family heirlooms. Though the advice that many charities offer free online will services, is one to bookmark. While I may not have any riches to pass on, I’ll definitely look into making a will. I should probably specify that I’d like my urn to nourish a tree after I’m gone!
Bonus points on the pensions, however. I’m the rather chuffed owner of a current and a past workplace pension. However, I have been meaning to combine them into one pot, so I’ve added that to my to-do list.
I don’t currently have a stocks and shares ISA, though working at Boring Money has given me some appetite to start my own little investment portfolio. First, I need to break my cash habit and have a bit more money to save.
Want to get your own 6 Point action plan? Take the quiz!
Take the quiz and get your own personal 6 Point Financial Action Plan.