Habit stacking: The simple daily strategy to boost financial success

Canadian writer, and leadership expert, Robin Sharma, known for his motivational insights, introduced the concept of "habit stacking".

Canadian writer, and leadership expert, Robin Sharma, known for his motivational insights, introduced the concept of "habit stacking".

Published Dec 5, 2024

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Canadian writer, and leadership expert, Robin Sharma, known for his motivational insights, introduced the concept of "habit stacking" as a tool to help South Africans navigate the tough economic climate.

“Small, daily, seemingly insignificant improvements done consistently over time lead to stunning results,” he said during his keynote address.

He said the idea behind habit stacking was straightforward — people should attach a new habit to an existing routine. For instance, if you want to save more money, you could transfer R10 into a savings account every time you enjoy your morning coffee.

Now in its sixth year, the festival forms part of Momentum’s #SuccessIsAScience campaign, which explores the often-hidden habits that lead to visible success.

Momentum’s Group Chief Marketing Officer, Nontokozo Madonsela said the method empowers people "to align small, daily choices with our financial goals” and “proving that even the simplest routines can create transformative change and help us navigate tough times with resilience".

Sharma also challenged attendees to re-examine their daily screen time, revealing a startling statistic that the average person spends four hours and 37 minutes on their phone each day equivalent to 70 days a year. 

“Imagine what this looks like over years and how much time we are losing,” he said.

He encouraged the audience to examine their phone habits to become smarter at building better habits for success.

President of the South African Creativity Foundation, Professor Kobus Neethling, urged attendees to assess whether their current habits were still useful.

Neethling encouraged the audience to question whether a habit was still useful or practical, pointing to Springboks coach Rassie Erasmus as an example of someone who changed routines to achieve world-class success.

Head of Behavioural Finance at Momentum, Paul Nixon, suggested using the EAST model to make new habits stick.

This approach means making the habit simple to start, appealing by imagining the benefits, fun by including others, and easy to stick to by linking it to something you already do.

"Automating payments so that they happen at the same time each day makes it easier to stick to this goal. Visualising what you would be able to do with all the money you save after a year attaches a reward to the habit and makes it more attractive," Nixon said.

"You can then share your weekly progress with friends on a WhatsApp group chat to make it a social activity and to remain accountable. Lastly, your habit would already be anchored in a timely deadline if you attach it to an existing, predictable habit like drinking your morning coffee." 

The festival also explored the emotional aspects of financial habits. Money trauma coach Vangile Makwakwa discussed how generational patterns influence money management, while UK entrepreneur Emma Harris shared her personal journey of survival.

Harris stressed the importance of prioritising wellness alongside financial goals, inspiring attendees to balance health and wealth in their pursuit of success.

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