How to Change: The Science of Getting from Where You Are to Where You Want to Be

by Katy Milkman

Present bias often causes us to procrastinate on tasks that serve our long-term goals. An effective solution to this problem is to anticipate temptation and create constraints (“commitment devices”) that disrupt this cycle. Whenever you do something that reduces your own freedoms in the service of a greater goal, you’re using a commitment device. An example is a “locked” savings account that prevents you from accessing your money until you’ve reached your savings goal. Cash commitment devices are a versatile form of commitment device. They allow you to create a financial incentive to meet your goal by letting you put money on the line that you’ll forfeit if you don’t succeed.