Money tips for life’s major moments

The only constant in life is change; but big life changes shouldn’t mean feeling uncertain about your finances. 

So let’s take a look at ways you can manage your money during some of life’s major milestones, like starting a new job, getting married, having children, and more.

Starting a new job

Check your tax band

When starting out in a new role, many of us consider things like what to wear to the office, how to make a good impression, and where the good biscuits are stashed. But to keep your finances in line with your career path, there are a couple of other things to think about.

If your salary has changed, you might need to pay a higher (or lower) rate of income tax. So it’s a good time to check which tax band applies to you. Remember, you don’t pay tax at the same rate on all your income. And if you’re based in Scotland, you’ll pay a different rate of tax.

Read: Income tax: Five things you need to know

If you’re a higher- or additional-rate taxpayer, it’s worth checking if you’re eligible to claim pension tax relief from the government. Learn more about this topic in our guide to pension tax relief.

Keep track of old pension plans

When you start a new job, your employer should set up a new pension plan on your behalf. This is likely to be a different plan to the one you had in your previous job. Having multiple pensions can make it harder to keep track of what you’ve got. In fact, there are currently tens of billions of pounds lying unclaimed in dormant or lost pension plans.

So it’s worth thinking back to your old jobs and making a note of the pension provider’s details. You should make sure all your pension providers – past and present – have your latest contact details, so they can get in touch with you. If you’re interested in bringing your pension pots together, our article explains some of the key thing to think about.   

Getting married

Update your pension beneficiaries

A beneficiary is the person – or people – you want to leave your pension to when you die. After getting married, you may wish to list your spouse as your pension beneficiary. If that's the case, you’ll need to tell your provider. You can usually change your beneficiaries online or via your provider’s app, or by filling out a beneficiary nomination form. Your pension typically sits outside your will, so it’s worth keeping your beneficiary nominations up to date.

Becoming a parent, guardian, or grandparent

Consider claiming Child Benefit

Child Benefit – a tax-free payment from the government to parents or guardians responsible for raising children – can give a two-child family up to £2,337 per year. The rules around Child Benefit can be quite complex, but don’t let that put you off checking what benefits you’re entitled to.

If you claim Child Benefit and you or your partner earn £60,000 or more within a tax year, you’ll be subject to a High Income Child Benefit Tax Charge. That means you’ll need to pay some or all of the benefit back in the form of income tax.

Even if you need to pay all the benefits back, it’s still worth considering claiming Child Benefit, as it can help you get National Insurance credits. These can impact the amount of State Pension you get when you reach State Pension age. Learn more about Child Benefit and the State Pension.

Save for the future or give a financial gift

It’s never too soon to start saving for the future. If you’re a parent or guardian, you may want to consider opening a savings account for your child or children. Options like the Junior ISA allow you to save up to £9,000 for your child tax free, and they can start withdrawing the money when they turn 18. Several other options are available – take a look at this helpful guide from MoneyHelper.

You may also wish to give a financial gift to your children or grandchildren. Financial gifts can help them prepare for the future or navigate their own big money moments like getting married, heading off to university, or buying their first home. They also have the advantage of potentially lowering future Inheritance Tax bills, but there are rules around gifting – so it’s worth getting familiar with them before making your decision.

Other life changes

Dealing with divorce or separation

A pension can be one of the biggest assets involved in a divorce or civil partnership dissolution. It’s worth learning about how pension savings might be divided and updating your listed beneficiaries.

Another thing to consider is setting up a Power of Attorney. This is a legal document that lets someone you trust make decisions – including financial ones – on your behalf if you’re no longer able to. Although a Power of Attorney usually ends when a legal union does, it’s worth making sure there isn’t a clause that overrides this. Learn more about changing your Power of Attorney.

Retiring

Retirement should be an exciting time. But in a recent survey by Standard Life, 1 in 5 retirees said they wish they’d planned more thoroughly for their retirement. While planning from a young age is advantageous, there are still things you can do into your 50s and early 60s to boost your retirement income.

To understand how much money you might need, you can speak to a financial adviser or use online tools like our pension calculator.

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The information here is based on our understanding in May 2026 and shouldn’t be taken as financial advice.

A pension is an investment. Its value can go down as well as up and could be worth less than was paid in.

Your own personal circumstances, including where you live in the UK, will have an impact on the tax you pay. Laws and tax rules may change in the future.

From April 2027, the government has announced their intention to include unused pension savings when calculating the value of estates and could be subject to inheritance tax. The full details of how this will work are still to be confirmed.