StickK – Achieve Your Goals using Loss Aversion and Anti-Charity

Wasting Money

Achieve Your Goals using Loss Aversion and Anti-Charity.Every Friday I share one of my favourite finds of the week — a website, tool or an app that has impressed me.

My Friday Favourite this week is StickK – Achieve Your Goals using Loss Aversion and Anti-Charity.

What is it?

StickK is an app that helps users define their goal, acknowledge what it will take to accomplish it, and then encourage the user to put money on the line to achieve that goal.

How can it help me?

Most of us have goals, yet nearly all of us struggle to achieve those goals.

I’ve written before about the importance of writing down your goals.

StickK helps you to reduce the gap between writing down your goals and achieving your goals by setting a commitment contract.

A Commitment Contract is a binding agreement you sign with yourself (with a trusted friend as a referee) to make sure that you follow through with your intentions. StickK does this by utilising the psychological power of loss aversion and accountability to drive behaviour change.

For example — a friend of mine wanted to get up earlier every day. He created a Commitment Contract on StickK to say that he would be awake at 5 am every day for one month. He asked me to referee his contract on StickK and help hold him accountable to it.

While the StickK service is free, he gave his credit card details to the website. Why? My friend is a huge Chelsea Football Club fan, and if he failed to get up at 5 am any day (for whatever reason) then Stickk would donate £100 to his chosen “anti-charity”. In this case, his “anti-charity” was The Arsenal Supporters Club.

The idea of losing £100 to an “anti-charity” that you loathe is a powerful motivator. My friend completed his month’s commitment!

  • A Referee increases your chances of success by up to 2x.
  • Financial stakes increase your chances of success by up to 3x.

If you have a goal that you’re struggling to achieve, then you can use StickK to put your money where your mouth is and get it done.

If you have a goal that you're struggling to achieve, use the @StickK app to put your money where your mouth is and get it done. Click to Tweet

How much does it cost?

StickK is free to use.

Achieve Your Goals using Loss Aversion and Anti-Charity.

How can I get it?

You can visit the StickK homepage to sign-up and set your goal.

You can download the StickK app for Android, or the StickK app for iOS.

You can also visit the StickK Facebook page, or follow @StickK on Twitter.

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