How habit stacking can help achieve your financial goals in 2023

Estimated reading time
 5 min

In this article

• What is habit stacking?
• How can I use it to help with my financial goals?
• Why is it important to have financial goals?

We’ve all set a New Year’s resolution – a goal or a habit we hope to implement. But as life gets busy and the year goes on, our January intentions aren’t always remembered by June.

Like all things, making a new habit or goal stick takes time and practise. When it comes to building your financial wellbeing, it’s no different. This year, to help you set yourself up for a successful year, why not consider a concept called habit stacking?

What is habit stacking?

Habit stacking is the act of adding a new habit or behaviour to your schedule by ‘stacking’ it with another. The purpose is to build new habits by pairing them with already engrained habits in order to make them stick. Essentially, it’s a buddy system for productivity.

How can I use it to help with my financial goals?

Habit stacking can be used by anyone, anywhere, for big or small goals – including financial ones. But there are a few rules you should follow to ensure your habits are successful, such as making sure your money goals are realistic and achievable – and the habits you pair them with are firm.

Here’s some examples you could use in the New Year:

• Going to the gym + put away a specific amount

Whether you’re a self-confessed gym junkie or just in the habit of going every week, why not attach a savings habit to your normal endorphin-raising routine? This could mean saving the cost of your weekly membership repayment, or a specific portion of your wage.

• Reading a book before bed + check your budget

Knowing where your money is at is essential to a healthy savings account. If you’re someone who reads a few pages of a book before bed, try adding a nightly or weekly check of your budget to your night-time routine too.

• Checking social media + pay a bill

For many people, being on social media platforms is an almost automatic habit. Instead of watching or creating social content, you could use this time pay off a bill or schedule your next payment to ensure you keep up to date.

• Friday night movie night + add a little extra to your super

While it may not seem relevant right now, one day you will need your superannuation to retire – and hopefully, you’ll have saved a decent amount. So, when you next order that Friday night takeaway, consider topping up your superannuation fund with an extra contribution too.

Why is it important to have financial goals?

Goals are important for success and motivation. When they relate to money, there’s lots to be gained. Whether you’re saving for a holiday or a rainy day, financial goals are important to keep you on track and ability to enjoy your life.

Remember, start small and make your goal stacking realistic. It can take 66 days to form a habit, but if you remain consistent, this year could be your best yet. For more information to help you become financially savvy, see ANZ’s 52 Tips guide.