Plan smart, live healthy: Your wealth and health depend on it

World Cancer Day, on 4 February, is a good reminder that early action can save lives and protect finances.

Regular cancer screenings help detect illness sooner, improving survival rates, while early financial planning shields families from unexpected costs.

“The connection between cancer prevention and financial wellness is clear,” certified financial planner Howard Freese from Old Mutual Personal Finance says. “Both require early, deliberate action to reduce risk and build resilience for the future. Just as scheduling annual medical check-ups ensures your physical well-being, consulting a financial adviser regularly safeguards your financial health.”

Freese likens a financial adviser to a “wealth doctor” who helps assess risks, set priorities, and tailor a plan to your family’s needs. “Consulting a financial adviser helps you identify and manage financial risks before they grow into bigger problems,” he explains.

Both cancer prevention and financial security require ongoing planning, regular check-ins, and the ability to adapt.

“Think of it like health check-ups — they prepare you for potential issues. The sooner you address these areas, the stronger and safer you’ll be when life throws a challenge your way,” says Freese. “Life changes, risks evolve, and plans need adjusting.”

Five ways to align your health and financial wellness:

1. Start Early: “Both health and financial planning emphasise the importance of early action,” says Freese. “Regular screenings can detect cancer at treatable stages, while early financial planning helps you build a strong foundation – taking advantage of compound interest and lower insurance costs while you’re young and healthy.”
2. Personalise Your Plan: Financial planning should be tailored like cancer prevention, which depends on personal risk factors such as age and lifestyle. “A financial adviser helps prioritise your goals and identifies specific risks, like ensuring you have the right medical aid, life cover, severe illness cover, or disability insurance,” explains Freese.
3. Check In Regularly: Just as routine medical check-ups catch health issues early, reviewing your financial goals ensures they align with your current needs. “An annual financial review ensures your plan remains relevant and adaptable to life’s changes,” Freese adds.
4. Manage stress with risk cover: “A lot of stress comes from financial worries,” says Freese. “Severe illness cover ensures that if you’re diagnosed with cancer or another serious condition, you have a financial safety net to manage costs without added strain.” Medical aid and risk coverage work together to address immediate healthcare needs and long-term protection, so families can focus on recovery rather than expenses.
5. Make informed choices: “Healthier lifestyle choices often lead to financial benefits,” says Freese. “Improving your body mass index (BMI) or quitting smoking can reduce insurance premiums. These changes enhance both your health and financial well-being.”

Waiting for a health-related or financial crisis can have serious consequences. Acting early, reviewing plans regularly, and tailoring solutions to your needs can help safeguard your family’s well-being. “Both health and financial planning are about preparation and peace of mind,” Freese concludes. “These steps help you and your family thrive amidst life’s challenges.”

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