Continues from Part 2
3. Accountability (Money At Stake) App
This tool is a bit different because it requires you to put money at stake, especially an uncomfortable amount of money. For one person, $5,000 is an uncomfortable amount to put at stake. For another person, $500 can be an uncomfortable amount to lose for failing to achieve their goal.
Within the last decade, several web-based and mobile apps have been born to serve as the solution to this problem. They are similar in theory, but vary a bit regarding the terms.
StickK is a web-based app created by behavioral economists at Yale University, which allows people to pledge money to encourage commitment.
Beeminder is a web-based and mobile app that helps people turn long-term commitments into daily ones. With this app, failing the first time will require you to pledge money to stay committed next time.
21Habit is another web-based app based on a 21 day challenge. It requires you to invest $21 towards your 21 day challenge. For each day that you are successful, they will give you $1 back. For each day that you are not successful, they will donate that dollar to one of their supported charities.
This app can be great for entrepreneurs on tight budgets. Since you cannot invest more than $21 per challenge, you will not be tempted to pledge more despite your desire to do so.
The Final Word
Some apps will last a long time. Other apps will live short lives. These apps are nothing more than tools. Like tools, some of them will live shorter lives.
There will always be productivity apps on the internet. If apps are not your thing, then you can choose to hire someone instead. Perhaps, you have a disciplined friend that will honor the terms of your commitment contract.
Alternatively, you may choose to put out a Craigslist ad to pay someone to uphold your commitment contract. If you fail to uphold it, the loss will be greater. You would not only lose money to paying someone, but you would lose the money that you put at stake.
Whether you hire a friend or someone else, a notary can be useful to assure that both parties fulfill their end of the deal.
Photo: Pixabay
