Everyone likes to receive money, nobody likes to lose it.
Money is the key to losing weight – and no it’s not about affording the best personal trainer or gym membership money can buy.
Science says the threat of losing money is enough to get our butts into gear and successfully achieve our fitness goals.
In a Study done at the University of Pennsylvania, 280 over-weight adults had to achieve 7000 steps a day over a 13 week period. They were split into 3 groups: Gain Incentive, Lottery Incentive and Loss Incentive.
The group that was ‘loss incentive’ was allocated $42 a month upfront. The people that achieved 7000 steps in a day got to keep their money.
However, if they didn’t achieve their goal, they had $1.40 removed.
$1.40 doesn’t seem like a lot, but it was apparently enough as the loss incentive group were the only group that were actually motivated to achieve their fitness goals.
The groups that received money as an incentive didn’t end up achieving their goals.
Getting going with a new fitness regime is only easy for the very few (already active) individuals. For those who don’t necessarily like exercise, it can be hard to get motivated.
You’ve probably gone through all the tricks in the book to try and convince yourself the treadmill is worth it today and to go forth into the gym with all the beautiful fit people.
Financial incentives framed as a loss are a proven effective way at achieving physical and fitness goals.
And by the sounds of it you don’t exactly need to break the bank.
If you pay yourself 50 dollars at the start of the month and fine yourself when you don’t achieve your goals, science says you are more likely to achieve your goals.
And if you fine yourself $1.50 every time you don’t achieve your goals, donate the money that you took away from yourself to a charity of your choice.
You get to be on your way to being your best self and may donate to a charity along the way: there will be no losers.