AS we approach the end of the year, it’s natural to reflect on what we didn't achieve—the trips postponed, the targets missed, or the personal milestones left unmet.

Yet, in this process of self-assessment, we often overlook our accomplishments and forget the core truth: every new day is an opportunity to begin again. This principle is especially critical when it comes to financial planning.

The single biggest hidden cost in financial planning is the cost of waiting. Delaying key decisions—whether it’s taking out life insurance, starting a retirement plan, or building a pension fund—doesn't just cost you time; it dramatically increases future expenses and reduces the overall benefits you stand to gain.

 A life insurance policy purchased at age 25 is significantly more affordable, and has a longer runway to build value, than one purchased at age 45.

 Similarly, retirement savings grow exponentially when given years to harness the power of compounding. The longer one delays, the heavier the financial burden becomes later in life.

Why do so many postpone? For many, financial planning feels like a problem for "later," when income is higher or life is more stable. Others mistakenly believe they need substantial amounts of money to begin. 

In reality, long-term planning is not primarily about how much you start with; it is about when you start. Small, consistent steps taken today can build substantial security tomorrow.

This is precisely where life insurance and pension solutions play a vital role. At Jubilee Life Insurance, we view these solutions as essential building blocks for lasting security and peace of mind.

They safeguard individuals and families against life’s inevitable uncertainties while creating a clear pathway to turn aspirations into reality.

Financial security is not achieved overnight, but it begins with a single, crucial step. The sooner you start, the stronger your foundation for the future will be.

Elia Kibaja is Head of Operations – Jubilee Life Insurance Corporation of Tanzania Limited.