Habit stacking for building financial resilience

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Habit stacking for building financial resilience

Building financial resilience through habit stacking is a practical approach to integrate essential financial and health habits into a daily routine to ensure long-term stability.

The holiday season was a time for celebration and spending quality moments with loved ones. However, it also provided an opportunity to reflect on and strengthen the habits that safeguarded our future, both financially and physically.

Financial resilience starts with preparation. The Road Traffic Management Corporation’s (RTMC) 2023-2024 Festive Season State of Road Safety Report recorded 1,280 road fatalities. Additionally, motor vehicle accidents were the leading cause of unnatural deaths in our 2023 claims data. These figures highlight the importance of a strong financial safety net, particularly life insurance, to protect against life’s uncertainties.

Regularly reviewing and updating your life insurance is key to ensuring your family’s financial security.

Habit stacking for stability

Adopting good habits is often the foundation of lasting resilience. Habit stacking — the practice of building new behaviours onto existing routines — makes it easier to integrate essential practices into your lifestyle.

Step 1 – Combine financial and health checks annually

Make it a yearly ritual to:

  • Review your financial health meet with your financial adviser to assess life insurance, investments, retirement plans, and beneficiary details.
  • Assess your physical health – schedule health screenings, such as mammograms or prostate exams, alongside a general health assessment to monitor critical indicators like cholesterol and blood pressure.

Step 2 – Reflect and realign your goals

Life’s circumstances change constantly. Events like marriage, the birth of a child, or career shifts can significantly impact your financial needs. Use these moments as triggers to review your portfolio and ensure your financial plan aligns with major life changes.

Step 3 – Set reminders to stay consistent

Consistency is key to success. Mark your calendar for annual check-ins and adjust your plans as needed to reflect evolving priorities.

Habit stacking for long-term security

Just as regular health screenings help catch risks early, frequent financial reviews ensure your safety nets are always in place. Together, these habits create a foundation of stability and peace of mind, empowering you to face the future with confidence.

As the holiday season ends, take a moment to reflect on your habits and their impact on your family’s security. Habit stacking offers a simple yet powerful way to integrate life insurance reviews and health assessments into your routine, providing peace of mind now and in the future.

By habitually reviewing your health, financial goals and safety nets, you can create long-lasting financial stability. This proactive approach ensures you and your loved ones are protected, no matter what challenges lie ahead.


Joretha Bothma | Head | Product Development | Underwriting | Claims | Momentum Life Insurance | mail me |


 



1 COMMENT

  1. “Watch your thoughts, they become your words; watch your words, they become your actions; watch your actions, they become your habits; watch your habits, they become your character; watch your character, it becomes your destiny.” – Lao Tzu

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