By Ben Katsel, Associate Wealth Advisor at Mariner
A serious medical diagnosis can change life quickly—not just emotionally and physically but financially too. Amid new appointments, treatment plans and shifting priorities, it’s easy to push financial decisions aside. Yet creating a plan for times of change may help provide stability, clarity and peace of mind.
It’s helpful to understand the difference between financial advice and financial planning. Advice often focuses on answering specific questions, such as how to invest or where to save. Financial planning is broader: it’s an ongoing process of aligning your financial resources with your goals, values and needs. It considers your entire financial picture and is designed to help you make confident decisions, even when life feels uncertain.
Here are three foundational steps to help you begin:
Understand Your Current Financial Picture
Start by organizing what you have and what you owe. Review your income and expenses, including any new medical costs or changes to work. Identify your savings and emergency funds, ideally enough to cover several months of essential expenses, and list any debts and their terms. Finally, understand your insurance coverages—health, disability, and life—and how they might support you now.
This snapshot becomes the foundation for any future planning. It shows where you stand today and where adjustments may be needed.
Prioritize Flexibility Over Perfection
In uncertain times, financial plans should adapt. That might mean revisiting your budget to address new expenses or using tools like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs) for medical costs. Explore benefits such as short-term disability or Family and Medical Leave (FMLA) if income is affected.
The goal is progress, not perfection. A flexible plan that evolves with your situation is far more valuable than one that tries to predict everything in advance.
Balance Today’s Needs with Tomorrow’s Goals
Immediate concerns deserve focus, but small steps toward the future matter too. Consider reviewing beneficiary designations, updating estate documents and continuing to save for the long term, even if contributions are smaller for now. These actions are meant to help protect your future choices and keep your plan aligned with your goals.
Final Thought
Financial planning is a process designed to help create stability and confidence; it is not just about managing money. By taking small, intentional steps now, you can focus on building a plan that supports you and your loved ones through whatever comes next.
For additional guidance, the CFP Board’s overview of the financial planning process provides an excellent starting point. FINRA also provides helpful strategies for preparing for and navigating financial hardship, and the National Cancer Institute outlines track and manage cancer-related costs.
This article is for informational and educational purposes only and should not be construed as personalized advice. Financial planning cannot eliminate risk or uncertainty, and outcomes may vary based on individual circumstances. For additional information visit mariner.com.
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