Commitment Devices
A commitment device is a strategy or tool that helps individuals stick to their goals by creating consequences for failing to follow through. These devices can take various forms, such as financial penalties, public commitments, or setting up automatic savings plans. The idea is to make it harder to back out of a decision, thereby increasing the likelihood of achieving desired outcomes.
People often use commitment devices to improve habits related to health, finances, or productivity. For example, someone might use a fitness app that tracks their workouts and shares progress with friends, or they might pledge money to a charity that they will lose if they don’t meet their goals.