Understanding holistic financial planning for a secure future

Have you ever thought about what your financial future looks like? Not just your savings or retirement fund, but the full picture? Holistic financial planning is about more than ticking one box at a time. It’s about understanding all the parts of your financial life and ensuring they work together to protect you and your family now and in the future.

Why the full picture matters

It might feel practical to focus on one goal at a time — maybe you’re saving for retirement or just want to make sure you have medical cover. But life is unpredictable. Without a comprehensive plan, you might be leaving yourself open to risks you didn’t see coming, especially if you’re not regularly reviewing your plan with a financial adviser. Financial advice becomes crucial when you face significant life events, such as receiving an inheritance, struggling with debt, losing your job, or suffering from a critical illness. By weaving in a holistic financial plan, you can be better prepared for these eventualities.

A holistic financial plan helps you:

• Protect what matters most: your family, your health, your income, and your belongings.
• Prepare for the unexpected: such as job loss, medical emergencies, or even death.
• Create long-term wealth: through smart saving, investing, and tax optimisation.

What should be in your plan?

There are many different approaches to this, but broadly speaking, the following four key areas should be part of any solid financial plan:

Build my future

Set yourself up for financial independence. This includes emergency savings, retirement planning, and creating a strategy to grow your wealth over time. Financial planning becomes essential when approaching major milestones like starting a new job, buying a home, or preparing for retirement. Your plan should be flexible enough to accommodate these transitions.

Support my family

Make sure your loved ones are looked after. This includes having medical cover and an up-to-date will in case something happens to you. Life events such as having a child or caring for ageing parents can significantly impact your finances, and a comprehensive financial plan ensures that your family’s future is secure, no matter what life brings.

Protect my assets

Your car, your home, and the things you’ve worked hard for all deserve protection. Insurance can help ensure they’re covered. Whether you’re purchasing a new home or facing unexpected life changes, asset protection is a key component of financial security.

Protect me

If you become ill, disabled, or lose your job, you need a safety net. Insurance benefits — like income protection, disability cover, and critical illness cover — all serve different purposes, but together can give you peace of mind that you and your loved ones will be protected against the financial consequences of such events. This is where speaking to a financial adviser can make a huge difference in determining the best solutions tailored to your needs.

A plan that grows with you

It’s okay if you can’t afford to do everything at once. A good financial adviser will help you prioritise what’s most important right now and create a plan that grows with you as your life changes. It’s not about perfection — it’s about progress and protection. If you’ve experienced life changes, such as getting married, the birth of a child, starting a new job, or getting divorced, it’s essential to revisit and adjust your financial plan to keep up with your evolving needs.

Why a will matters

Having a legally valid will is one of the most important — and most overlooked — steps in financial planning. It ensures your money and possessions go where you want them to, helping protect your family from legal complexities and unexpected costs during a very stressful time. Whether you’re building your wealth or simply ensuring your legacy is protected, a will should always be part of your holistic financial plan.

Don’t overlook life insurance

Life insurance isn’t just for later in life — it’s a key part of any financial plan and should be explored from early on. It’s affordable and can make all the difference for your family if something happens to you. Life cover, critical illness cover, and income protection all work together to shield you and your loved ones from the financial consequences of unexpected health events.

The bottom line

Financial planning isn’t just about saving or investing — it’s about protecting everything you’ve worked for. By looking at the full picture, you’ll be better prepared for whatever life throws at you. Whether you’ve recently received an inheritance or are preparing for retirement, the right advice can help you optimise your financial decisions and make the most of what you have.

If you don’t have a financial plan yet, now is a great time to start. And if you already have one, it might be worth checking in with your financial adviser to ensure it’s still working for you — especially after major life events or changes in your financial situation. Holistic planning is about ensuring that every aspect of your financial life works in harmony, offering you protection and peace of mind today and in the future.

* Kolbe is the head of life insurance marketing and enablement at Momentum Life Insurance.

PERSONAL FINANCE