Obsession with money can be a cause for concern, but it can also help you form the right habits. An app called StickK is founded on the premise that people who did not perform a certain promised habit pay up money for failing. The premise is simple. You provide your credit information when you first sign up and make a promise to perform a habit, say post relevant content on social media every single day for 30 days. You then pay – an amount of your choosing – if you do not follow your pact. This will be verified by a third party whom you will nominate such as your life partner or manager. It’s that simple.
Would the idea of using the motivation of losing money work? Perhaps so, especially in this part of the world where money is a highly regarded commodity. Culturally, we have always been taught to respect money. My parents, who grew up in tough pre-independence times, drilled the idea of “a penny saved is a penny earned” into my mind since I was young. Hence, losing money due to our inability to keep to a pact will definitely play strongly on our conscience.
If punishment seems a wee bit negative to you, you may want to explore rewards instead. There are some guidelines though, if you are planning to use material rewards to get motivated. Here are three guidelines to adhere to:
1. The item must be something you can live without
This may seem obvious but many people make the mistake of choosing items that they need. For instance, if your reward is to get a new watch to replace the old one which you misplaced, you will get the watch anyway because you clearly need one.
2. The item should not be something you need for your business
This is another common mistake. Telling yourself that you will buy a new HD webcam once you have completed your cold calls for a month does not make sense since you already need a camera for your Zoom meetings.
3. The item should be small but satisfying
Unless you are Bruce Wayne, you shouldn’t be splurging on Armani suits and shirts every time you finish about of appointments. You should start weaning off pricey rewards from the beginning. Start with small rewards and you may be surprised how happy you are with them. After all, it’s the little things that matter in life, right?
For me, the “I can master a new habit” reward is sufficient. But if money is a big driver for you, I will be more than happy to help you out in your goal. Email me your pledges (money goes to charity, of course!)