How to build money habits that will safeguard your future

As the holiday season approaches, many focus on spending quality time with loved ones.

However, this festive period also offers a unique opportunity to reflect on and strengthen the habits that safeguard our future, both financially and physically.

Why regular life insurance reviews matter

Joretha Bothma, Head of Product Development, Underwriting, and Claims at Momentum Life Insurance says financial resilience begins with preparation.

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According to the Road Traffic Management Corporation’s (RTMC) 2023-2024 Festive Season State of Road Safety Report, 1 280 road fatalities were recorded last year during the holiday period.

Motor vehicle accidents were the leading cause of unnatural deaths, as highlighted in Momentum Life Insurance’s claims data for 2023.

“These alarming statistics underscore the importance of having a robust financial safety net, especially life insurance, to protect against life’s uncertainties.”

“Regularly reviewing and updating your life insurance is key to ensuring your family’s financial security.”

The power of habit stacking

She says adopting good habits is often the foundation of lasting financial and physical resilience.

One effective method to incorporate these habits is habit stacking. This is the process of building new behaviours onto existing routines.

By stacking essential habits, individuals can make it easier to stay consistent in managing both their financial and physical health.

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Here are a few simple yet powerful ways to stack financial and health habits into your life:

Combine financial and health checks annually

Bothma says reviewing your financial health is important. Meet with your financial adviser to assess your life insurance, investments, and retirement plans, and update your beneficiary details.

“Assess your physical health: Schedule health screenings, such as mammograms or prostate exams, alongside a general health assessment to monitor critical indicators like cholesterol and blood pressure.”

Reflect and realign your goals

She says life’s circumstances are ever-changing, and key events such as marriage, the birth of a child, or career shifts can significantly impact your financial needs.

“Use these life events as triggers to review your financial portfolio and ensure your financial plan aligns with your evolving needs.”

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Set reminders to stay consistent

Consistency is essential for success. Mark your calendar for annual check-ins to ensure you stay on track, and adjust your plans as needed for evolving priorities.

“Just as regular health screenings help detect potential risks early, frequent financial reviews ensure your safety nets remain intact.”

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