The suggestion of putting $500 at risk will probably scare a lot of people away from even considering this method of keeping resolutions. Who wants to go broke trying to slim down or get in better shape? But the beauty of this approach is that it can be free. A commitment contract uses the threat of losing a chunk of cash to increase the likelihood that you will persist toward your goal. A financial penalty for missing your weekly target literally increases the cost of eating or failing to use your gym membership.

Source: Los Angeles Times January 01, 2019 11:03 UTC