Locking In a New Habit
☑ LMY VERIFIED
Featuring Anjoli Walker, BCU Diversity, Equity & Inclusion Director (0:49), on psychotherapy and how it connects to money, inheriting behaviors and rewiring our brains, Nicole Ott, BCU Human Resources & Talent Acquisition Senior Manager (13:27), on social stimuli, tuning out the noise, and leveraging a wish list to keep up with your wants and needs, and Jennifer Budo, BCU Retail Branch Operations Director (22:03), on taking control of your savings in case of an emergency, starting small, and the power of an accountability partner.
Good and bad, habits define who we are. And learning how to be the best version of ourselves comes with trial and error, in the form of habits. Here are three steps to help with the change that inevitably comes with growth and locking in new habits, specifically when it comes to financial wellness.
Step 1: Reflect on your ‘why’s.
Oftentimes, money habits are inherited behaviors we learned from childhood, "with the greatest impact on a child’s development at a median age of 12 years”.1 Anjoli explains, “It’s important to understand your why,” behind a decision for change. The ‘why’ being the reason for the old habit and for the new habit, too.
Step 2: Make it easier for yourself.
"Starting a new habit is hard,” Jen says. Finding ways to make it easier on yourself can help with staying on track.
Blockers are actions that prevent you from repeating old behavior – like not buying chips to curb a snacking habit or freezing a credit card to avoid use. Conversely, fuelers are actions that reinforce new behavior – like watching Netflix on the stair stepper or listening to your favorite audio book on a walk to the grocery store.
Nicole explains the concept of “habit stacking”; Pairing things you are already good at with a new habit to build consistency more quickly.
Step 3: Stick to what works for you.
Ultimately, the process you choose is the one that works for you, and consistency is the only variable that matters. Progress doesn’t happen overnight, and consistency adds up overtime. This three-step method will help you better understand your situation so you can truly address your habits and make it easier to automate a new behavior efficiently.
1When can parents most influence their child’s development? Expert knowledge and perceived local realities - PMC
Featuring Anjoli Walker, Nicole Ott, and Jennifer Budo | Edited by: Dani Buschick
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