The Gym You Didn't Go-To
Economists at Berkley have estimated that members with an annual gym membership paid more per class than those who opted for a monthly membership. Basically, those with a monthly membership had attended more class for every penny they invested.
How often have we been in this scenario?
- Buying a yearly planner and not using it beyond three days.
- Buying an annual subscription of your favourite tool and not using them!
This happens because of pre-commitment. Pre-commitment often fails because our motivations and actions are external. And we won’t stick to things unless our motivations are internal.
Paying money does not equal to you turning up at the gym. Investing just money in self-improvement rarely propels self-improvement.
How can we overcome this?
With pre-commitment, we assume that our future self will want/need the same stuff as our present self. We overestimate our abilities and motivations and end up spending on things we might not stick to.
Start with a MVB- Minimum viable habit.
- A simple A4 sheet over a journal
- A weekly/monthly subscription over annual subscription.
- Cutting one day of junk before going 'all-in'.
Thoughts?