How a long-term financial plan changed a couple's future

Eight years ago, I met a newly married couple just beginning their journey together. He was 29 and she was 26. Like many young professionals, they had some of the building blocks of a financial plan but had not yet assembled the full picture. At the time, they were living with their parents, focused on building their careers, and unsure of how to align their financial decisions with their life goals.

Today, in 2025, they are parents, homeowners, and well on their way to a financially secure retirement. Their journey underscores how a disciplined, collaborative approach can transform planning into tangible progress. This article reflects how the Six-Step Financial Planning Process helped them achieve life-changing outcomes, proving that investing time in your future is always time well spent.

Step 1: Establishing the relationship

Our journey began after I conducted a financial wellness session at my husband’s workplace. At 29, he had a pension fund and group risk cover through his employer, but we quickly identified that financial products alone were not enough; alignment with personal goals was essential.

His wife was 26 at the time and unemployed. The couple had already taken a prudent step by ensuring they had a will in place to make sure their estates went to the correct beneficiaries. It became clear early on that setting a strong foundation would allow them to build toward their future with confidence.

Step 2: Gathering data and setting goals – laying the foundation

The next step involved understanding their personal and financial goals. We discussed their aspirations, such as owning a home, starting a family, and securing a comfortable retirement, and translated those into actionable financial objectives.

A lot of clients, both young and old, tend to accumulate financial products without understanding how they fit into their broader life plans. My role was to turn abstract products into purposeful tools.

Initial targets were set for retirement savings, future homeownership, and family planning to create a roadmap that evolved with their changing circumstances.

Once the goals were clear, the planning process became a shared journey, making every session truly time well spent.

Step 3: Analysing and evaluating their financial status

After gathering the necessary information, I conducted a comprehensive review of their financial standing. This helped identify gaps in their savings and risk cover and evaluate the resilience of their plan against future life events.

We recognised the importance of ensuring that the wife had her own risk cover. We also assessed how potential milestones like starting a family, purchasing a home and even death would impact their financial situation.

This critical analysis positioned them to make informed decisions and provided a clear path forward. At its core, our role as financial advisers is to place our clients in a position where they can make informed decisions.

Step 4: Develop and present the financial plan

The initial plan focused on optimising the husband’s employer benefits and preparing the wife for future income opportunities as her career progressed.

I created a detailed cash flow statement, focusing on building a budget buffer to support their goal of purchasing property. Fortunately, their minimal debt made this process more manageable, allowing them to focus on forward momentum rather than debt reduction. Indebtedness introduces additional goals and challenges when formulating a long-term financial plan. It was important to remain adaptable and to update the plan as their financial situation evolved.

Step 5: Implementing the financial plan

At 29 and 26, time was firmly on their side, making early action both impactful and achievable. We implemented the plan by adjusting the husband’s pension contributions and ensuring his group risk cover was sufficient for their needs.

Step 6: Monitoring and reviewing the engine of progress

From 2016 onwards, regular reviews addressed their changing lives, proving that monitoring is where real progress happens.

2017 – Dual incomes and planning for two

The wife found employment, and this positive development prompted a comprehensive update to the financial plan:

• A personal retirement annuity was recommended for her, as her employer did not offer a group retirement plan.
• Comprehensive risk cover was set up for her to protect her ability to earn an income if she became disabled or to provide for her family in the event of her death.
• Shared financial goals were re-evaluated to reflect her career trajectory.

2018 – A new life, a new priority

With the arrival of their first child came new responsibilities:

• Life cover was reassessed to ensure their child would be financially protected.
• Their will was updated to appoint a guardian as well as establish a testamentary trust for their newborn child.
• An education savings plan was started, taking advantage of long-term compounding. It is vital to start an education fund early in the child’s life.

2019 – Reaching the homeownership milestone

By 2019, they had optimised their budget and were ready to purchase their first home:

·        Risk cover was updated to include bond protection, ensuring that the home loan would be settled in the event of death or disability. This protects the surviving partner from financial strain and preserves long-term investments.

·        Their will was revised to reflect property ownership, ensuring the home would be transferred according to their wishes. This reduced the risk of delays or disputes in the estate and aligned their legacy planning with their new assets.

·        Cash flow and investment contributions were recalibrated to maintain retirement savings momentum while accommodating bond repayments and new expenses.

This review ensured that homeownership was seamlessly integrated into their broader financial strategy, a step forward, not a disruption.

2025 – A moment of reflection

During our most recent review, the progress they had made over eight years was clear:

• Their daughter’s education fund is on track to meet future schooling needs.
• Their retirement projections show a strong likelihood of achieving a 75% income replacement ratio, a testament to their dedication and the effectiveness of the plan. Currently, only 6% of working South Africans are expected to get to this target and retire comfortably.
• Their risk cover offers a safety net for when their lives do not turn out as planned.

Their journey has been built on consistent, collaborative planning and a willingness to adapt as life evolves.

Conclusion: A plan that stood the test of time

The Six-Step Financial Planning Process is not a one-time exercise; it is a structured, evolving journey. For this couple, each step is built on the last, fuelled by clarity, discipline, and regular reviews. Their progress is a testament not only to the process but to their commitment to investing time in their future.

Every review, every decision, and every update along the way proved one thing: it was all time well spent.

* Makalima is the financial consultant at Alexforbes.

PERSONAL FINANCE