Many thanks to my friend, Don (an awesome runner, fellow goal-setter and avid learner) for sending me this great idea with links to the Freakonomics website article and Freakonomics Radio podcast on “commitment devices.”
I write a lot about goals, and in thinking of how to achieve my goals in 2013, my friend Don mentioned using “commitment devices.” What is a commitment device? Wikipedia summarizes it (according to journalist Stephen J. Dubner and economist Steven Levitt) as: “a means with which to lock yourself into a course of action that you might not otherwise choose but that produces a desired result. Put differently, a commitment device is a ‘way to change one’s own incentives to make an otherwise empty promise credible’.” Put even more simply, it is a way to “put your money where your mouth is!”
Dean Karlan has an interesting article on the Freakonomics website called “What Can We Learn from Congress and African Farmers About Losing Weight?” The article discusses commitment devices in relation to the Congress’ fiscal cliff and other situations. Some examples he gives are:
> “Commitment savings accounts” in the Philippines where customers could make deposits but only withdraw when the goal was reached (they saved 81% more than the control group!)
> An “advanced commitment model” for African farmers to buy fertilizer for next season while they have money from this year’s crops or requiring them to hold money in commitment savings account until the next harvest season to invest in crops (significantly increasing the value of the harvest.)
The Freakonomics Radio podcast had some examples that were MUCH closer to home including: a man who gave up 42 “vices” for 30 days and staked a donation to someone he did not admire as an incentive to keep at it, a man who voluntarily put himself on a “no-gambling” registry in Missouri to dissuade himself from gambling and one of the Freakonomics own author’s try at staying awake in class in college with a commitment device.
The Freakonomics guys also developed one of several websites that help people set up and manage their commitment devices. Check out StickK. The premise according to the website is that the Commitment Contract concept is based on two well known principles of behavioral economics:
1. People don’t always do what they claim they want to do, and
2. Incentives get people to do things.
It seems to be working. Check out these numbers!
What do you think? Would creating a stick (on StickK) motivate you? Who would be your referee?
I mentioned a few weeks back that I am a “Greatist Ambassador” and one of the perks is being hooked up to a great Facebook group where Ambassadors share ideas, questions and comments. Amy from Strong Inside Out posted a link to a really cool project she has launched on IndieGoGo. (And you know I love my IndieGoGo projects!)
Amy is a fitness trainer in Los Angeles who is doing a nationwide bootcamp tour to promote fitness as a way to support recovery from depression and addiction. The funds she raises will go to To Write Love on Her Arms, a non-profit movement, which is dedicated to presenting hope and finding help for people struggling with depression, addiction, self-injury and suicide. TWLOHA exists to encourage, inform, inspire and also to invest directly into treatment and recovery. Check out her blog and her campaign on IndieGoGo. She is truly an inspiration and will help so many young people with her campaign! Go Amy!
Yesterday was “Blue Monday” a/k/a the most depressing day of the year. This is psuedo-science, but they figure the 3rd Monday in January is the most depressing due to: shortest day of the year, winter weather, debt from holidays and lapse of New Year’s resolutions. Wahnt Wahnt. The Today Show reported many people shop to console themselves. So… here are some deals for you to ward off Blue Monday!
> Need a little retail therapy?
– Check out up to 70% off on awesome women’s clothes and household items at Modcloth. New to Modcloth? Create a free account with this link and you will get $15 off of your first $50 purchase.
– Enjoy an extra 50% off all sale items at C. Wonder with code EXTRA50 (Check out the super cute cashmere monogram gloves w/tech finger tip for $25!)
– Get an extra 40% off on final sale items at J. Crew with the code GET40 or an extra 40% off on final sale items at the J. Crew Factory Store with the code MOREPLEASE.
> Hey Runners – it’s cold outside (here!) Take 30% off of National Running Center’s Coldest Weather Collection with coupon code C13121
> Maybe a nice meal would cheer you up? Gilt City is at it again!
– Try great deals and special meals at the Pump Room or the Savoy in Chicago.
– Or these great deals on pizza or pizza making class at AOA Bar and Grill in Tribeca or dinner for 2 or 6 at Matilda in New York City
> Would something sparkly cheer you up? (duh!) Check out 60% off deals at Gemvara from Google Offers or 50% off on celebrity favorites from Gioielli by Nikki Baker at Gilt City.
> Maybe a photo book of fun memories and a journal would help? Check out Moleskine Custom Photo Books & Notebooks (Up to 71% Off) at Groupon. Four options available with free shipping.
That’s all I have for now. Don’t forget to check out my KonaKase (and other training goodies) give away, too!