By: Momentum Financial Adviser Ross McMillan

As moustaches of all shapes and sizes sprout from the faces of men across the world, November (or Movember) brings about a healthy level of awareness for men’s health. When it comes to critical issues like cancer, mental health, and suicide, it may be that most men understand the physical and mental toll – but do they understand the financial implications?

According to Momentum Financial Adviser Ross McMillan, “Health costs can quickly become burdensome, particularly when unexpected, but with financial preparation, they’re easier to manage.”

McMillan shares a few critical financial tips that can help men proactively tackle both their health and finances:

1. Habit-stacking for health and wealth

Good health habits don’t just improve physical wellbeing, they can also bring financial peace of mind. We are ultimately a product of the small, consistent decisions that we follow through on regularly.

McMillan suggests starting with habit-stacking: pair a daily or weekly health activity with a financial check-in. For instance, after completing a regular exercise session or health self-check, take a few minutes to review your budget, emergency fund, or savings contributions.

“Regular check-ups can catch health issues early, lowering potential treatment costs, just as regular financial reviews can prevent costly oversights. By integrating these habits, you’re building resilience in both health and financial areas,” says McMillan.

2. Build an emergency fund that includes health considerations

An emergency fund should be robust enough to cover unforeseen medical expenses. While three to six months of expenses are often recommended, McMillan urges men to consider the potential costs of serious illnesses, which will likely tell you if you should aim to save even more.

Prostate cancer treatments, for example, can be expensive, especially if you opt for newer or less invasive procedures that aren’t fully covered by basic health plans.

“By having an ample emergency fund, you reduce the risk of depleting savings or taking on debt to handle unexpected health costs,” says McMillan.

3. Invest in gap cover and critical illness cover

Standard medical aids may often fall short in covering high-cost treatments that might follow a major diagnosis. McMillan says gap cover can fill these immediate funding gaps by paying for shortfalls in medical aid cover and boosting the oncology cover provided by your medical aid, while critical illness cover can provide a lump-sum payout upon diagnosis of certain severe conditions, such as cancer. This provides financial “breathing room” and provides capital to fund other treatments and lifestyle changes.

“Having these insurance policies in place offers not only financial support but also peace of mind, allowing you to focus on recovery rather than financial strain,” advises McMillan.

4. Seek financial advice to optimise your planning

Financial advisers can offer personalised insights into how to safeguard your finances in light of potential health risks.

“An expert adviser can help assess your insurance needs, emergency fund goals, and even your Will, helping you ensure all aspects of your finances are set up to support you and your family, even in the event of illness.”

McMillan says regular check-ins with a financial adviser are crucial to adjust your plan over time as your circumstances and financial goals evolve, keeping you well-prepared for both anticipated and unexpected health events.

5. Prepare estate and digital planning documents

Our health and our wealth are intrinsically tied. McMillan says health crises disrupt not only physical wellbeing but also our daily finances and the finances of those who depend on us.

“It is imperative that you create a Will and, if possible, a living Will and share where it’s stored with a trusted family member. This preparation can ease the administrative burden on your family in challenging times and helps ensure finances continue to be managed effectively, reducing the risk of disruptions that could add unnecessary stress,” says McMillan.

Ultimately, Movember highlights men’s health, but McMillan says financial preparedness is equally vital. “We cannot separate our health from our wealth. Not when it comes to our wellbeing. Men need to take more proactive steps to empower themselves financially to deal with potential health crises – which inevitably come to many of us,” McMillan concludes.