RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Milestones to Plan for As Young Parents

down-arrow
December 12, 2023

Becoming a parent is an exciting and transformational experience that comes with a lot of responsibilities. Along with the pleasures of parenthood, there are crucial financial considerations to protect your growing family's well-being and future. As young parents, you must plan ahead for financial milestones in order to lay a solid foundation for your family's financial security.

Let us look at important financial milestones that young parents should plan for in order to secure their family's future.

Buy a Life Insurance Plan

HDFC Life YoungStar Udaan, a specialized child plan, is designed to help you build a strong financial foundation for your child's future endeavours, whether it be education, marriage, or business goals. This comprehensive child plan offers more than just life insurance it combines the benefits of protection and investment to ensure your child's dreams are safeguarded, come what may. By investing in HDFC Life YoungStar Udaan, you create a dedicated financial corpus that grows over time, providing the necessary funds when your child needs them the most.

Create an Education Fund

Start putting money aside for your children's school and college education as soon as possible. You can lessen your children's financial burden for higher education by starting early and continually contributing to these funds. Child plans can help you plan and save systematically for such long-term goals.

Save for your Child’s Dream Wedding

While your child’s wedding may seem far away as a young parent, it is nonetheless a very important milestone to plan for. Depending on how much you would like to spend on your child’s wedding and considering inflation, it is advisable that you set aside some funds for this important milestone in your child’s life.

Create an Emergency Fund

It's impossible to predict every new expense or unexpected costs that will arise when you have a new baby, no matter how frugal you are. Saving for unanticipated expenses will save you from going into debt or asking family and friends to lend you money, which neither of us wants. Setting aside 6 to 9 months’ worth of living expenses in a separate account for rainy days is a great way to ensure peace of mind.

Manage Outstanding Debt

Create a plan for managing and repaying any outstanding obligations, such as student loans, credit card debt, car loans, etc. Prioritise debt repayment in order to save money on interest and enhance your overall financial status. Seek professional advice or use debt consolidation tactics to successfully streamline and manage your debt.

Prioritise Retirement Savings

While retirement may seem far away, it is critical that you start saving for your own retirement as soon as possible. To create a solid financial future for yourself, strive to routinely contribute a portion of your income to retirement. Your child will likely have more than one option for financing his or her education, such as scholarships and education loans but nothing can compensate for lost retirement funds. Hence it is essential to prioritise your retirement savings at every stage in your life.

Conclusion

You may create a firm foundation for your family's financial future by actively planning for these financial milestones. Remember that each family's circumstances are unique, so while developing your financial plan, consider your personal goals, risk tolerance, and financial capacity.

Related Articles

ARN: ED/08/23/3975

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

How to use an online savings plan to secure your child's education fund?

How to use an online savings plan to secure your child's education fund?

Build a secure future for your child's education fund with an online savings plan. Discover smart strategies to invest wisely and ensure a brighter academic journey.

5 Tips for Building Your Childs Overseas Education Corpus

How to use glide path investing in planning for your child’s education

Best monthly saving schemes for child's education

Explore the best monthly saving schemes for your childs education with our comprehensive guide. Secure their future with top-rated investment options, ensuring a bright and financially sound educational journey.

Best monthly saving schemes for child's education
How to choose the Best Child Education Plan? Previous
How to use glide path investing in planning for your child’s education Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches