Put Your Money Where Your Mouth Is

I'm looking to have another challenge soon (I've spoken about “Free weight loss competitions” in the past. In looking over the Internet I found a few new sites that I had never heard of. These are geared toward using money as a motivator.  Some of them are a way to challenge yourself, and others are ways to have a “Biggest Loser” style challenge.So if you hate losing money, then these sites will help you lose weight.

StickkStickk was started by Yale University project who came up with a system for you to make a contract with yourself. It's free to use. All you do is pick a goal you would like to meet. This could be health, finance, career, relationships, etc. For my example it might be, “Lose 1 lbs a week.” I pick how many weeks I want to do this, and every week that I don't meet my goal it sends my wager to the following possibilities:

1. A person

2. A charity that I like (not really good motivation – when you lose they win)

3. A Charity I hate (a political, religious, lifestyle, etc) organization. This might motivate you.

You enter your credit card number, and it shows you how much money you will lose if you fail. I set up a contract to lose 1 lb a week for a six weeks. If I fail to weigh myself weekly, and if I miss my goal it will pay my wife $5. In reality this is not a great contract. You want it to HURT if you lose. This is why I love the idea of picking a charity you do not agree with.

You can pick a referee. Think of this as you accountability partner. This is another tactic to help you stay on track.

This site is one of the most professional looking sites, and it was super easy to sign up, and start setting up my first contract.

According to the site, people that create a contract are 70% more likely to achieve it. This is a great tool for those who can't do a “Biggest Loser at work” competition because you work for yourself or at home.

Diet Bet - Weight Loss Competition Diet Bet is a website for “Social Dieting.” This is a Biggest Loser Competition ready to go. The website offer a quick challenge (28 days – four weeks in other words) to lose 4% of your body weight. You pick how much people have to enter to bet ($10, $25, etc) and they handle the rest. They do charge a fee of 5%. If more than one person achieves their goal they split the pot. I was super impressed with this site.

The one thing that they have in place (I'm sure to help keep people honest) is you have an organizer who enters all the weigh in information. Once the initial weigh in is done, you can weigh yourself. From the looks of their video, you can keep up with the bet on your iPhone (I could not find and android version).  I really like this site, and immediate setup a “bet” for the podcast. While I've only done a few 12 week challenges, those can be hard to maintain interest and I love the short length.

Healthy WageThis is a website that offers weight loss challenges. You basically bet your own money that you will make your goal. For instance, there's a 10% challenge where you pay $100 to participate, and if you lose 10% of your body weight over six months, you win $200. People who move from an obese BMI (over 30) to a normal BMI (less than 25) in a year can earn up to $1,000. HealthyWage.com also offers more lucrative team challenges. They have given out over $200,000 in prize money. Their website is easy to navigate and seems pretty easy to use. I did not go through the process of setting up a challenge on this site (plans to do so in the future).

gympactI've already spoken about Gym Pact in the past. Here you again make a pact with yourself. For example you might say “I will go to the gym 3 times a week.” Using your iPhone the system stops you from cheating. You check in when you are at the gym (verified by the GPS) you check out will only count if you stay at least 30 minutes. Those who keep their pact with themselves keep their money – along with the money of those who did not keep their pact. The larger this site gets it could be some serious funds being tossed around. I just wish they would hurry up with their Android app (it was listed as coming soon in January…).

No Thanks

I've mentioned weight loss wars in the past, but their system will allow you to add a prize, but their system does not manage it. Their website is simple, and a bit to advertising heavy for me. Comparing it to dietbet.com blow it out of the water.

Some new websites have sprouted up. One is fatbet.net needs work. Their website looks like its half done, and they allow people to pick their own goal and you decide if its fair if July loses 6 lbs while Kevin loses 10. Seems hoaky. I'm not sure why people don't stick to the percentage of weight loss. You can add money, etc but the interface looked so juvenile I didn't even kick the tires on this site.

Future Tests

I am currently testing bietbet.com and stikk.com and look forward to trying healthy wage.

 

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3 thoughts on “Put Your Money Where Your Mouth Is”

  1. Hey Dave! Looking forward to the next challenge at Dietbet. Hope you had great time in New York & good luck with you daughter in law’s wedding.

  2. I remember when I had to lose 5 pounds, time goes fast when you dont take the necesary measures to care for your health, now its 25 pounds.

    I found your podcast and I listen to it, every day when I run. (jog-run) your podcast really motivated me to lose weight and this is the year I´m going to achieve it.

    I admire Jillian Michals and from your podcast I infer you do to. I started her workout program, in her page. I was wondering, what do you think about it?
    and what tracker would you recommend, the fitbit or the bodymedia fit?

    Ok, thanks for your help! really, I´m on my way to become a better me, and huge part of that is because of your podcast.

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