How Serious Are You About Meeting Your Goals?
Serious enough to put money on it?
A new site called StickK allows you put your money where your mouth is.
Here's how it works:
- You create a commitment contract; i.e. lose 5 lbs.
- Setup the stakes: You deposit $50 (or any chosen amount) that will go to an appointed charity if you fail to meet your goal.
- You choose a referee who will decide whether you have met or failed your goals.
- If you make the goal you get your money back.
Not sure if anyone has actually tried this out - but a good idea. Imagine if you could get a refund on a gym membership if you achieved a certain goal -- I'm there would be a lot more motivation around and far fewer dropouts.
hat tip: deirdre
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There have been studies that people who are paid for losing weight have more success at it. I suppose it could work if the person put up an amount that it would actually HURT to lose. Still, with this method there is still no motivation to keep up new habits once a person gets their money back. And there is also the danger that someone may set a goal that's unrealistically high, and then panic in the end and restort to drastic, unhealthy measures in order to meet their goal and not lose the money.
ReplyLike a lot of things, I think this is a tool that could hurt or help, depending on the process involved. On one hand, external motivation helps a lot of people, but it can decrease the internal motivation one has to meet a goal. Also, my rationalizing brain would think, well, it will do someone else good if I don't reach this goal, since the money will go to charity! I agree with the previous commenter that some people who are too focused on an end result and not the process may resort to drastic measures near the end of the time period, which defeats the purpose.
I often tell my clients to set goals to improve daily habits (i.e. in the health and fitness realm, things like eating breakfast, getting a certain amount of exercise in etc.) rather than a number goal (for weight) at the end of a week/month, since you can be a success daily with process goals, but you can only succeed or fail once with an outcome goal.
ReplyIt would work for me. I'm on an incentive plan through my health insurance and I'm earning points for gift cards and exercise equipment. It's helped motivate me to get to the gym. 10 weeks of working out for a $25 gift card is definitely worth it.
ReplyIt strikes me that anyone who has that much trouble accomplishing their goals isn't going to motivated by losing a mere $50. As for the long term success of this sort of thing, I have to agree with ayse76.
ReplyI like that you can choose to have your money go to a charity you disagree with or a person you don't like. It would motivate me to know that if I didn't keep to my goals, some right wing charity was going to get my money, however little it was.
Also, you can pledge a one-time payment or set a longer-term goal, where you check in every week. Some weeks you lose, some weeks you win.
I think the way this would work best is not to pledge to lose x number of pounds by x date, but to commit to certain habits, such as cardio at least three times a week or only eating while sitting down.
I'm seriously considering this. I like the idea of getting my money back at the end in time to buy some new clothes for my thinnere self.
ReplyFor this to work for me, I'd have to donate the money to a charity that I really, really hate. Then I'd be really motivated to not let them have my money.
ReplyIt'd be better if your money was doubled if you met your goal. That way, you'd be really motivated to meet your goal.
ReplyI'm sorry but this is b-s. You should exercise for your health, no other reasons are valid.
ReplyI have to agree with fitness_fanatic...total BS....sorry guys...but your health should be the reason why you lose weight...
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