Commit to Yourself With a Commitment Contract

Having trouble losing weight? Want to quit smoking? A commitment contract may help you succeed. It's not a new concept - contracts have been around for many years, but how many people have bound themselves by a contract which requires self-improvement? Brilliant!

The idea of a commitment contract is very simple: 1. Decide on a goal to achieve 2. Decide on a punishment in the case you don't succeed at your goal.

Let's explore an example - when I first heard about this I was reading an article about two buddies who made a pact to lose weight. The wager was $500 dollars per week. If one failed to lose the required amount or didn't keep the required amount off, they would have to pay $500 to the other party, who would then donate it to a charity of choice. After a year both had lost weight and kept it off with no payments necessary.

The Internet age makes it is easy to write a commitment contract. Stickk.com provides an easy to use website which allows you to send money in and track progress. It even offers public humiliation as an incentive.

It's an interesting concept - but I feel like the most important part of this whole deal is the friend. If you have someone doing it with you it adds an extra incentive. If you sign up on SticK.com and have an off week...I feel it would be too tempting to lie to save your money. All it would take is one time to convince yourself it's ok to cheat...and then all would be lost, just like cheating on a diet. A friend would keep you honest.

Need extra incentive for that hard to reach goal? Why not choose to donate the money to a charity you dislike? How about you agree to send an anonymous check to someone you dislike? I think it would work...if you had someone keeping you honest. Very interesting concept.