So you don’t have a clue what you’re going to do after college. That’s not as much as a problem as not knowing how to finance it. Have you even heard of a Roth IRA? Kathryn Greiner, director of credit education at the University of Michigan Credit Union, gives a primer on your future finances.

HEALTH INSURANCE

Full-time students are generally covered under their parent’s health insurance until they’re 25. But right after graduation, while you’re searching for one of those elusive jobs with full benefits, you’ll probably be dropped. Insurance companies like Blue Cross-Blue Shield offer youth policies for about $50 a month. A cheap policy will cover you if you’re hit by a bus, but routine visits to the doctor is another story.

LIFE INSURANCE

Life insurance is important when your liabilities are higher than your assets. At graduation, you probably won’t have a lot of either. But life insurance can be beneficial long before you have children to survive you. Burial policies available for as little as $10 a month will make sure your loved ones won’t have to cover your premature funeral.

CREDIT CARDS

Opening a first credit card is an important financial milestone, but also the point where your life can go terribly wrong. A lot of young people are enticed by cards offering perks like retailer discounts and frequent flier miles, which pack high interest rates and harsh penalties for late payments. Other cards advertise a low initial rate that will increase over time. Look for a card with a fixed interest rate and late fees. The website Bankrate.com keeps an ever-changing list of the cheapest credit cards in the country.

LONG-TERM SAVINGS

It’s worth it to open a savings account with only a few thousand dollars. While the interest it earns initially won’t be much, keeping all your money in a checking account earns nothing. Ideally, you’ll have three savings plans: an expensive fun fund, an emergency fund an a retirement fund. The first account goes toward big purchases — a car or a vacation — that you would be tempted to use a credit card for. The second is in case a bout of misfortune — an accident or a payment dispute — leaves you temporarily unable to cover regular life expenses like rent and bills. Make it a goal to put away money every month until you have at least a month’s worth of rent squirreled away.

RETIREMENT

It’s no secret that company benefits plans are getting flimsier every year. People who retire in ten years are liable to get just half of what this year’s retirees will receive. What do you think the situation will be in 2048? Opening a retirement savings account in your twenties should shore up your golden years just fine. You can put up to $5,000 away a year in a Roth Individual Retirement Account, which you’ll be able to withdraw tax-free come the ripe old age of 59.5.