Smart Financial Planning for Life’s Big Milestones

2025-06-29

159 Views

4 minutes read

Locate branch

Resume journey

Pay Premium

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

Life is a journey filled with important milestones, each of which brings both excitement and responsibility. As you pass through these stages, from marriage to raising children and planning for retirement, financial planning becomes increasingly essential. Without a solid financial plan, even the most wonderful life’s milestones can be overshadowed by financial uncertainty. Among the many things that come with these milestones is the importance of financial planning to generate maximum return on investment.

While getting caught up in the thrill of life’s big moments is easy, ensuring your finances are in order can be a key factor in making these transitions smoother and more enjoyable. Financial planning is often seen as a task reserved for the future or only for the financially savvy, but the best time to start planning is now. Moreover, you can use financial calculators India to calculate potential returns and plan your investments accordingly, ensuring you make the most of your savings at every stage.

This blog will explore how to approach financial planning at different stages of your life, with a focus on major milestones like marriage, starting a family, and life after kids.

Key Takeaways

Life milestones like marriage, childbirth, and retirement require careful financial planning to avoid financial stress.
A fund covering 6-12 months of living expenses is essential to protect against unexpected financial challenges.
With tax-advantaged education savings accounts, you can start early savings for your child's education.
Regular contributions to retirement savings plans are crucial for a financially sound future.
You must adjust your investment portfolio to align with your current financial goals and risk preferences.

The Marriage Milestone: A New Chapter

Marriage is often the first significant life milestone that requires thoughtful financial planning. In this phase, both parties bring their own financial histories, debts, and goals, which can enhance or challenge your joint financial journey. Getting on the same page financially is essential, as money is one of the leading causes of stress in relationships.

Budgeting as a Couple: Before jumping into joint accounts, it's important to understand your partner’s spending habits and financial obligations. Discuss your priorities, such as saving for vacations, homeownership, or future retirement. Create a joint budget that accounts for your combined income, regular expenses, and savings goals. This will help both partners align their financial goals and collaborate to build a strong foundation for the future.
Debt Management: It’s essential to openly discuss any debts that either partner brings into the marriage. Whether it’s study loans, credit card debt, or car loans, understanding the debt situation early on allows both partners to work together toward eliminating it. You may also want to consider consolidating your debts or refinancing options to make them more manageable.
Insurance and Estate Planning: Buying a life insurance plan is one of the most effective ways to financially protect your loved ones in case of unexpected emergencies. Additionally, creating a will and designating beneficiaries for your insurance policies and retirement accounts is critical to ensure that your assets are distributed as you wish.

Begin securing your future

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

...Read more Consent is required

Starting a Family: Financial Planning for Kids

Having children is another milestone that requires significant financial planning. Kids bring a lot of joy, but they also come with their own set of expenses ranging from diapers to college tuition and everything in between. While planning for the costs of raising a child can feel overwhelming, proper planning can easily meet these expenses without derailing your long-term financial goals.

Establishing an Emergency Fund: An emergency fund becomes more critical once you have children. Unforeseen medical expenses, job loss, or home repairs can cause stress. Setting aside at least six to twelve months’ worth of living expenses is recommended. This will offer peace of mind, knowing you have a financial backup to rely on during unforeseen circumstances.
Education Savings Plans: One of the biggest long-term financial goals for parents is saving for their child’s education. While it may feel far away, starting early can significantly ease the burden of future tuition costs. There are various tax-advantaged education savings accounts that allow you to save money specifically for your child’s education while enjoying tax breaks. The earlier you start, the more your money can grow over time. You can invest money in the iSelect Guaranteed Future Plus Plan by Canara HSBC Life Insurance for the maximum return on investment and to ensure the financial safety of your child’s future.
Health Insurance and Life Insurance: Having children often requires updating your health insurance to provide full coverage for the whole family. Since medical expenses, particularly for children, can be unpredictable, it's crucial to have a plan that covers doctor visits, surgeries, and emergencies. Moreover, as your family expands, it's a good idea to reassess your life insurance policy to ensure it offers adequate protection for your family in the event of an unforeseen situation.
Learn about - Child Insurance Plans
Creating a Will: As parents, one of the most important things you can do is create a will. This legal document outlines asset distribution after your death and details of who will take care of your children. Having a will is critical to ensure that your children are taken care of by the people you trust and that your financial legacy is managed according to your wishes.

Life Beyond Kids: Planning for Retirement and Beyond

Once your children are older and you’ve successfully met the challenges of parenthood, it’s time to look toward the future. As your family’s financial situation evolves, it’s essential to reassess your financial goals and start planning for retirement.

Maximising Retirement Savings: As you move through your career and approach retirement age, it’s vital to start increasing your retirement savings. Contribute regularly to retirement plans like the Saral Pension Plan or the Pension4Life Plan by Canara HSBC Life Insurance for a financially sound retirement.
They key rule is: More you save now, the more financial freedom you’ll have when retiring.
Rebalancing Investments: As you age, your risk tolerance may change. It’s important to regularly review and rebalance your investment portfolio to meet your current financial goals and risk preferences. Shifting your investments toward more stable and low-risk options as you near retirement can help protect your wealth.
Preparing for Healthcare Costs: Healthcare costs are one of the significant expenses during retirement. As you age, your healthcare needs may increase, and these costs can quickly add up. To mitigate this, consider investing in a Health Savings Account (HSA) if available, which allows you to save money tax-free for medical expenses. Also, make sure to explore long-term care insurance options to cover potential future needs.

Stay on Track with Life’s Financial Milestones

Life is filled with unexpected turns, but proper financial planning can help you overcome the hurdles ahead with confidence. Whether you’re newly married, starting a family, or planning for retirement, each milestone presents unique financial challenges that require careful thought and consideration. Return on investment can be maximised by using tools like financial calculators India to track and adjust your investments over time. By planning early and regularly reviewing your finances, you can ensure that you’re prepared for life’s biggest financial and emotional moments.

By implementing effective financial strategies, you can establish a strong foundation for your family’s future while working towards your personal and career objectives. It’s always a good time to begin planning, and with Canara HSBC Life Insurance’s diverse product offerings, you can secure the well-being of your loved ones and make investments for the future, no matter what life brings.

Glossary

Emergency Fund: A savings buffer to cover unexpected expenses, typically covering 6-12 months of living costs.
Debt Management: The process of planning and strategising to pay off debts, including loans and credit card balances.
Health Savings Account (HSA): A tax-advantaged account used to save money for medical expenses, often in health insurance plans.
Rebalancing Investments: Adjusting asset allocation in an investment portfolio to align with the investor’s goals and risk tolerance.
Consolidating Debt: Combining multiple debts into a single loan or payment, often to reduce interest rates and simplify repayment.

FAQs

Return on Investment (ROI) is a financial metric used to evaluate the profitability of an investment. It helps investors assess how efficiently their money is being used to generate profit. A higher ROI indicates a more profitable investment.

It is calculated by dividing the net profit from the investment by its initial cost, then multiplying the result by 100 to express it as a percentage.

The 50-30-20 rule is a simple budgeting guideline that helps you manage your finances. It suggests dividing your after-tax income into three categories:

50% for needs (essential expenses like housing, utilities, and groceries)
30% for wants (non-essential items like dining out, entertainment, and hobbies)
20% for savings and debt repayment (building an emergency fund, retirement savings, and paying off loans).

A standard calculator performs basic arithmetic operations, while a financial calculator is specifically designed to handle complex financial functions, such as calculating interest rates, loan payments, and investment returns.

Planning life after marriage involves open communication with your partner about financial goals, career aspirations, and personal values. Create a joint budget, set savings and investment goals, and discuss plans for major milestones like buying a home or starting a family. Regularly revisit these plans to adjust as your needs and circumstances evolve.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

What Will Be The Value of Rs 1 Crore After 20 Years?

The Psychology of Spending & Money-Saving Tips

Financial Planning - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.