After How Many Years Do World Cups Happen Habits and Your Financial Health

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Habits and Your Financial Health

There is a saying “you are what you eat”. There is another saying that is equally important – “you are a product of your habits”. Using the analogy of an ocean liner – how would you direct it to change course in a meaningful way? Very slowly but consistently. If you can imagine an ocean liner, you would turn the course just a tiny bit – fractions of a degree in the direction you want to go. Someone watching the ship wouldn’t even realize anything had happened. As time goes on, the effect of a small change in direction compounds and becomes larger and larger. By the time you reach your destination, you may be hundreds or thousands of miles from your original navigation. If you tried to drive that ocean liner all at once, would you succeed? You would probably overdo it and cause an accident or get so far that you lose time to re-correct your direction.

What does this have to do with money and habits? All. If your goal is to make or save more money and get lots of great ideas and then try to implement them all at once, what is likely to happen? Failure! None of the many changes you’ve tried to make will stick and have no effect. How about going to a seminar and picking one change that you can easily make and you will make that change for a long time? You would probably be more successful. This is one of the secrets to changing your money habits and letting time do its magic. If you make a change that is barely noticeable (ie painless) then this method will hardly be a burden.

What are examples of this? Have you heard of the latte factor? The latte factor is to make one incremental change per day – not buy that cup of coffee and save money. Given the frequency of how many cups of coffee someone would buy over the years of their life, that would be a meaningful savings. Another version is that instead of buying a latte, you buy regular coffee and add your milk or cream to it. For example, this would save you $2 per day. After 365 days, you’ve saved over $700 a year from this one gradual habit change. The ocean liner analogy shows the effect of compounding change to make it even greater. What would you do with $700? Let’s say you invested it over 10 years. In addition to the $700 x 10 year contributions, you are also making a return on that investment. As a wild guess, let’s say you made $3,500 in return over 10 years—an average of about 5% per year. Now the effect has multiplied. You can then take that money and put it into an RRSP and get a tax refund, which would amplify the effect for a little while longer.

The latte factor has been beaten to death in many blogs and financial circles. The point of the latte factor is an example of one small habit that can lead to big changes over a long period of time if applied consistently. There are many other habits that can achieve this result. How about saving $1 a day buying bananas at your local grocery store? How about negotiating a slightly better rate for your mobile plan? How about buying a basic gym membership instead of a deluxe one that includes less but will suit your exact needs? How about wasting a little less food and shopping a little less each day? Maybe keep the computer, cell phone or cars you drive a year longer than you used to? Ask yourself what the trade-off might be for these things – but if there really is nothing to lose, then you’ve found a habit that will make you more money.

There are techniques that say you have to do the routine for 21 days to make it stick. This basically says that if you do it for so long, you make the habit automatic. It gets to the point that if you don’t do it, you’ll miss it! Why not be creative and explore what habits you can change and which add more effects over time?

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