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When people invest money into something, they often become more committed.
This is largely because of two well-researched psychological phenomenons in human beings:
1) Loss aversion - people are more motivated to act to avoid a monetary loss [2][3].
2) Sunk-cost bias - people who invest money are more likely to follow through [4][5][6].
So putting money behind your goal could be the key to your success.
Psychological research sources:
[1] Volpp, K. G., Gurmankin Levy, A., et al. (2006). A randomized controlled trial of financial incentives for smoking cessation. Cancer Epidemiology Biomarkers & Prevention, 15(1), 12-18.
[2] Volpp, K. G., John, L. K., Troxel, A. B., Norton, L., Fassbender, J., & Loewenstein, G. (2008). Financial incentive–based approaches for weight loss: a randomized trial. Jama, 300(22), 2631-2637
[3] Kahneman, D., & Tversky, A. (2013). Prospect theory: An analysis of decision under risk. In Handbook of the fundamentals of financial decision making: Part I (pp. 99-127).
[4] Haita-Falah, C. (2017). Sunk-cost fallacy and cognitive ability in individual decision-making. Journal of Economic Psychology, 58, 44-59.
[5] Arkes, H. R., & Blumer, C. (1985). The psychology of sunk cost. Organizational behavior and human decision processes, 35(1), 124-140.
[6] Parayre, R. (1995). The strategic implications of sunk costs: A behavioral perspective. Journal of Economic Behavior & Organization, 28(3), 417-442.
[1] - Matthews, G. (2007). The impact of commitment, accountability, and written goals on goal achievement. 87th Convention of the Western Psychological Association.
[1] - While you are in the process of achieving your goal and as long as you have not forfeited your bounty.
Please note that we are not affiliated or partnered with any of the above charitable organisations. The logos used here are for identification purposes only. We may also donate to additional charities and social causes not listed here.
FOUNDER & CEO
Nick Hatter is one of the UK's leading therapeutic life coaches who has featured on Vogue, Forbes, BBC One, Men's Health, AskMen, The Guardian, The Telegraph - and many more.
Nick is also trusted and endorsed by doctors, clinical psychologists and neuroscientists, and has 50+ five star reviews across Google and Trustpilot. He has also coached celebrities, athletes and CEOs of billion pound companies.
He has trained in a number of approaches including FUSION® Therapeutic Coaching, Cognitive Behavioural Therapy (CBT), Human Givens Psychotherapy, and more.
He is a Fellow of the Association for Coaching and is currently completing an MSc in Mental Health: Psychological Therapies.
Nick also has spent more than half a decade volunteering and supporting addicts in 12-Step Addiction Recovery programmes (similar to Alcoholics Anonymous).
Still have questions?
Please contact our support team at support@goalbounty.org
Or call our Founder, Nick Hatter, on
+44(0)20 3488 0210
Journalist / media?
Please email press@goalbounty.org
You lose all of your bounty.
We keep 90% of it and donate 10% to a charity, social venture or community cause of our choosing.
We will do a card refund via Stripe within 7 working days of us having verified that you have indeed achieved your goal.
Please allow a further 5-10 working days for the refund to show in your bank account once we have sent the refund.
In some cases, we may do a bank transfer if refunding to your card is not possible.
Yes - the money gets put into a separate ring-fenced account which is only used for storing your deposited bounty, and never for our day-to-day business operations.
We will not spend, loan out or invest your money while you are working towards your goal.
Additionally, we have a comprehensive legal agreement to protect your money.
No - once you're committed, there's no turning back.
GoalBounty is for those who are serious about achieving their goals.
However, if your doctor has advised that you need to stop your goal for a period of at least a month for medical reasons, we will refund your bounty in full, provided you can send us a letter or note from your doctor.
We will agree in advance what the required evidence will be that you have achieved your goal or quit your bad habit.
For quitting smoking or drinking, we might agree to organise a hair test at your expense to check for traces of nicotine or tobacco.
For checking regular workout attendance, we may ask to see activity data from wearables like FitBit, or perhaps a step counter on your phone.
For going to bed earlier, we might ask to see screenshots of Screen Time (if you're on iOS) or Digital Wellbeing (if on Android).
For business goals, we may ask to see business bank statements, and for other goals, we may need something more custom.
Of course, if you lie, then you're only cheating yourself!
For fitness goals, we will allow a period of self-certified illness or recovery of up to 7 days.
We will also allow one period of self-certified illness or recovery every 3 months for fitness goals.
If you require longer break, you will need to provide us with a letter or note from your doctor.
For other goals - no excuses!
Just email your evidence to support@goalbounty.org
Make sure you use the same email address as the one you registered with GoalBounty.
Before we take your money, we agree what the proof and evidence will be in advance. You must later supply this evidence once requested before we can refund your bounty.
We also only work with independently verifiable goals (see below).
If there is still any dispute over proof, then we refer to an independent arbritator who will assess the case and any evidence and they will ultimately decide whether your bounty will be refunded. However please note that you will need to bear the cost of this.
If relying on data from FitBits, Apple Health, Run Keeper, etc. we advise that you take screenshots and make regular backups.
Any - as long as it can be reliably and independently verified by us.
Examples of verifiable goals:
✔ Meditate 10 minutes a day every day
This can be verified with stats from the Calm or Headspace app, etc.
✔ Lose 5kg in 6 months in body weight
Easily verified using scales.
✔ Finish writing my 70,000 word book
We can verify this by you submitting a Word or PDF document and us doing a word count.
Examples of unverifiable goals:
✗ Achieve spiritual enlightenment
We have no way to verify this.
✗ No more junk food
'Junk food' is too vague and undefined. It also unclear whether it refers to mere purchase or consumption.
✗ Become a great writer
'Great' is too subjective here. There is no way we can objectively and independently determine whether or not you are a great writer.
Any - as long as your abstinence can be reliably and independently verified by us.
Note that if you are recovering from chronic alcohol or drug abuse, you may need to withdraw under medical supervision for safety reasons, and we strongly advise you to speak to your doctor.
Please note that our service is not a replacement for medical treatment.
Breaking habits and achieving goals can be difficult by yourself.
Thus, we offer support in a number of ways:
You could, but here's several reasons why using GoalBounty is much better:
1. Impartiality: Friends may be biased, leading to leniency or strained relationships if disputes arise. GoalBounty provides an objective approach.
2. Security: Secure fund storage ensures the money isn’t misused or misplaced, unlike with a friend. GoalBounty also comes with a comprehensive and enforceable legal agreement to protect your bounty.
3. Expert Support: GoalBounty incorporates regular accountability, coaching and resources to enhance success, which friends typically cannot provide.
4. Consistency: Friends might forget or be inconsistent with follow-ups, while GoalBounty offers structured reminders and tracking.
5. Confidentiality: Sharing goals or financial stakes with a friend might feel uncomfortable or expose personal information. GoalBounty maintains privacy.
6. Conflict Avoidance: If you fail to meet your goal, it could damage your friendship, especially if money is involved.
7. Legitimacy: GoalBounty offers formal agreements and clear terms, ensuring no ambiguity, unlike verbal agreements with friends.
Supercharge your motivation
By submitting this form, you hereby agree to our privacy policy.
GoalBounty™ is a goal-setting and accountability service and platform operated by GoalBounty Ltd. GoalBounty is not a bank or savings account.
You may lose all of your money if you do not completely refrain from, or consistently maintain, the agreed habit, or achieve the agreed goal within the agreed timeframe. Do not use our service if you are experiencing financial difficulties. Our service is not a replacement for, nor intended to be, psychiatric, psychological or medical treatment/advice.
Consult your doctor before starting any new diet or exercise regime, or if you are suffering or withdrawing from alcohol or substance abuse. We provide absolutely no warranties or guarantees as to your performance or results with our service. Your results with our service may differ from results advertised on this website, in academic research, or elsewhere. Fees may be incurred for using our service and for depositing bounties.
By using GoalBounty, you acknowledge that you are fully and solely responsible for your financial decisions and you fully understand the risks involved. To the extent permitted by law, GoalBounty Ltd and its directors, founders, employees, workers, secretaries, contractors, consultants, agents, advisors, experts and coaches are not liable for any direct or consequential loss or damage, or loss of earnings, arising from your use of the service.
All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.
GOALBOUNTY™, GOAL BOUNTY™ and the GoalBounty logo are unregistered trademarks of GoalBounty Ltd, a company registered in England with company registration number 16134633.
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