Here you are, ready to start your life and make big things happen in this world. Lucky you, I’ve got a little bit of unsolicited advice on how to start heading in the right direction, read on.
Perhaps you went straight to work after high school, or maybe you’ve earned a degree or learned a trade. No matter which path you’ve chosen, at some point it’s time to leave the nest and start fending for yourself. Some of you have parents who will hold your hand every step of the way until you’ve got the wings to fly, and some will get a swift, but loving shove off the perch until you scramble to a glide. Either way, there are a few simple ways for you to start building your own nest, working toward your goals and securing your future (yes, those are things you think about now).
Just because you may not have that much of it yet, doesn’t mean you should skip this part. Whether you’ve started your dream career or are still babysitting for the neighbour kids until you “make it big”, now is in fact the perfect time to consult with a financial advisor, there are a few things they can help you out with.
- A Budget – Understanding your cost of living and lining it up with your actual income can be a real eye-opener, and will go a long way toward helping you make the changes you need to set and achieve your goals.
- Goal Setting Success – New car? House? Backpack across Europe? Sounds lofty, but not out of reach. A financial advisor can help you put a plan into action and get you well on your way to any one of these and more.
- Retirement Savings – I know, it sounds far away but trust me, think about it now and you’ll thank me later. Simply setting aside as much as you would spend on a night out once a month can really add up with interest by the time you’re ready to retire.
Don’t tune me out here either, believe it or not you need this too and not just for your car, but lets talk about that.
Vehicle Insurance – If you’ve been insured under your parent’s policy you might want to look at getting your own. You now have a few years of driving experience under your belt and when you talk to an advisor, they can help you find a good balance between the coverage you need and your budget… you know, the one you talked to your financial planner about.
It’s also a wise idea to consult your insurance advisor before making a car purchase; the type of vehicle you buy can have a big impact on the cost of your premium.
Home and Contents Insurance – If you’ve purchased your first home and have a mortgage the bank will insist you have home insurance. If you are renting however, no one will tell you that you need contents insurance. So let me tell you now, YOU NEED CONTENTS INSURANCE. The cost is minimal, as little as a few of your fancy lattes per month depending on your needs, and it’s a small price to pay in the event of some sort of disaster like a fire or flood.
How does contents insurance work? It insures the contents you bring into your rental home; clothes, furniture electronics, etc. And if you’re thinking the only furniture I have was dragged up from a dank basement, it doesn’t matter. The fact is that you do own these things and if you lost everything tomorrow they would need to be replaced at your cost. Could you do it? Probably not. This policy would insure that everything would be replaced with brand new items.
Oh, and if you think it won’t happen to you, let me just remind you of the floods, fires and storms Canadians have experienced in recent years. That doesn’t even begin to account for the criminals and hapless neighbours.
If that backpacking trip is already on the agenda or you plan to do a little road tripping with your friends, be prepared. It just so happens I wrote a post about road trip planning not so long ago, a worthwhile read if you are getting ready to go, you’ll find it here.
And last but not least travel insurance. You’ll need this even if you are travelling in Canada, provincial health care is limited outside of your home province. Even you are staying closer to home the cost to get you back by ambulance or air in an emergency could be pricey. Learn more about it here in the “Who’s Gotcha Covered?” post.
Need more information? Check out some of our sources and resources:
- Need a financial advisor? Godfrey-Morrow Insurance and Financial Services
- Travel insurance? Find it here.
Have More Questions?
Let me know and I’ll do my best to address it here for you and all of our readers. Better yet, contact an InsureMy advisor; these guys know their stuff. Email Info@InsureMy.ca or give them a call locally at (403) 410-1896 or toll free at 1-844-410-1896.
Everyday Insurance With Allie
Working mom, lover of the great outdoors and self-professed know-it-all. Our resident blogger, Allie isn’t the insurance guru she claims to be – but she’s learning and we are happy to help guide her. All the while keeping you in the loop on the “insurancey” stuff you need to know. #AskAllie