Money Psychology: Charging Yourself

I was reading a LearnVest article titled Nudge Yourself to Better Finances.

They referenced a gym that charges their members for NOT going to the gym. This is a new business practice for gyms that I don't think I will hop on board anytime soon. For one, I know I would skip out on the gym a lot because I like running outside and because I get lazy like everyone else!

However, it poses an interesting technique and I thought that I will start charging myself if I get off track with my goals. There is a website called Stickk, created by Harvard grads, that advocates "goal-reaching" by allowing you to reach your goals with the help of supporters by creating monetary punishments for not reaching these goals. Has anyone joined this site and do you have any positive or negative feedback about it? I might like to try it. I'm always up for new websites with new ideas.

For myself, I think something achievable would be working out everyday. Since I don't have all the time in the world, doing sit-ups or push-ups or anything similar would still count as working out. I try to run or get to the gym at least 3-4 times a week but to raise the bar would be great, especially with the summer season coming up. If I miss a day's workout (or mini-workout), I think I will start charging myself $5 each day that I skip, and I will have to pay myself at the end of each month for the amount of days I have skipped. We'll see how it works out!

Anyone else willing to try this out? What sort of goals will you or would you charge yourself for? How much of a fee will you impose?


Rafiki said...Best Blogger Tips[Reply to comment]Best Blogger Templates

This is a great idea. I like it but you are still effectively keeping your money for whatever you want.

I guess it would be best to pay the fine to something like an RRSP, that way you can't just take back your money as you please.

I am not sure I have any goals I would want to try this with but I will keep it in mind for when I do.

ND Chic said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I think it would work but I'm not willing to do it. I know that sounds counterproductive and it kind of is.

Tasmanian Vegan & Minimalist said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I think that sounds great. I have totally slipped off the wagon both exercise and food wise.

I installed a ticker on my blog for my weight as I love updating them, but charging myself for not doing something or overeating, I think I could really get into that. It would have to be at least $5 a day though or I would not care. Thanks for the inspiration !

littlemermaid11 said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I heard of this idea before, but never try it. Good idea but not sure it is practical.

Little Lamb said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Great idea! But that would be another debt I'd owe!!! LOL

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