“It’s not what you do once a year that will change your life, but what you do every day.” These were the powerful words of globally renowned author and leadership expert, Robin Sharma in his electrifying keynote address, entitled ‘Leader Without a Title’, at the recent Momentum Science of Success festival
Going six years strong, the event is part of Momentum’s #SuccessIsAScience campaign and this year, the financial services provider is giving South Africans insight into how the success we publicly witness often comes from the hidden habit’s others don’t get to see. Habit stacking has emerged as a simple but effective strategy or ‘hack’ for reaching these goals and ultimate success – one small, consistent step at a time.
The idea behind habit stacking is to build new habits by linking them to habits we already have and are executing reliably or without thinking about. If your goal is to increase your financial literacy, for example, you might listen to an educational podcast while out on a daily walk or after completing a workout. Added Sharma: “Small, daily, seemingly insignificant improvements done consistently over time, lead to stunning results.”
At the event, guests were treated to a sensory loop upon arrival, including a jasmine fragrance installation which, according to research conducted by the American National Institutes of Health, was meant to elicit stimulation and activation. This was a great illustration of how our senses play a role in triggering neural pathways that assist us to consume new information – a key aspect of being able absorb new concepts and behaviours that are associated with habit stacking. "In South Africa’s challenging economic climate, success is often about making the most of what we have,” said Nontokozo Madonsela, Group Chief Marketing Officer at Momentum Group in her welcome address.
“Habit stacking empowers us to align small, daily choices with our financial goals, proving that even the simplest routines can create transformative change and help us navigate tough times with resilience."
In his presentation, Sharma set the mindset for the day by spending time sharing his new rules for everyday leadership, including the importance of failure in your success journey; as well as some key principles to lead your field. A highlight from his talk that prompted a shocked reaction from the audience was how much time people spent as ‘cyberzombies.’
According to research Sharma obtained from Harmoney Healthcare IT, the average person uses their phone 4 hours and 37 minutes per day, resulting in 70 days per annum. “Imagine what this looks like over years and how much time we are losing,” Sharma said. He encouraged the audience to examine their phone habits to become smarter at building better habits for success.
Sharma’s class was followed by an intriguing conversation about rewiring one’s brain between Professor Kobus Neethling and broadcaster Thabo ‘T-bo Touch’ Molefe that further interrogated the habits that were needed for success - and also how to honestly let go of habits that no longer served you.
Prof. Neethling, President of the South African Creativity Foundation and the Creator of the Neethling Brain Instruments (NBI), asserted that breaking out of old habits is key to be able to find new solutions to challenges. “Springboks coach Rassie Erasmus did this beautifully, and changed the team’s habits in training, and they went on to win two world championships,” he said.
Neethling encouraged the audience to question whether a habit was still useful or practical, rather than simply continuing to do something because it’s what a person has always done. From a financial perspective, applying this approach can consequently also be useful in breaking away from old financial habits that no longer serve you, such as overspending or ineffective budgeting.
How to habit stack successfully
You may be wondering how the habit stacking method would help you stick to new goals. Sure, forming new and positive habits sounds wonderful on paper, but how can you successfully and sustainably make it a reality? Head of Behavioural Finance for Momentum Investments, Paul Nixon, suggested using the EAST model in his masterclass. Developed by the UK’s Behavioural Insight Team, the model states that to enable new behaviours, they need to be easy (E), attractive (A), social (S) and timely (T).
Using the example of learning to save money, you might choose to stack the habit of saving R10 each time you have a morning cup of coffee:
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.
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.
Money Trauma coach and author, Vangile Makwakwa, also hosted a masterclass where she expanded on how culture and generational trauma can impact how people approach their finances and can define their money habits.
The last address of the day was by Emma Harris, the Founder and Chief of Glow London in the UK, shared her poignant near-death experience that resulted in her #slowthefdown movement. Through her talk, she encouraged the audience to build in wellness habits into their chase for success, so they do not end up paying the ultimate cost with their health.
Start habit stacking today and push yourself toward financial success. Team up with a financial adviser to create a personalised financial plan and watch how combining it with habit stacking
