I was catching up on emails over my morning coffee and stumbled across one about a new website/iPhone application.
Basically you set a goal of how many days a week you want to go to the gym ( for example, I chose 4) and pick a start date, then you have to check in through the application when you're at the gym to earn your cash.
After you build your profile you have to set your "stakes", this is what you will be charged for every workout you skip. They range from $5(which is the minimum) to $100.
When you are at your gym you have to check-in and they will verify the address through GPS.
NO CHEATING ALLOWED.
The website says they have over 40,000 gyms in their database, university's included.
Don't see your gym? You can add it yourself and they will verify the address.
Check-ins are tallied on Sunday nights and the money you receive is from other members who didn't make their goal for the week and is sent via PayPal (not sure how often or what day they transfer the money, and the website is not clear)
I suggest reading through FAQ's before signing up/submitting your credit card. They actually require a doctor's note if you do not make your goal for the week because you were sick/injured and do not want to be charged.
That seems a little absurd to me....
This app/program is not something I would personally use because I do not feel comfortable giving them my credit card information and the reviews seem to be less than favorable.
I think a better idea would be to make your own gym-pact jar, set the stakes at whatever you would like them to be and when you miss a workout put cash into your jar, and you can donate the money to a charity of your choice. That way you see where your money is going and it doesn't get lost/stolen in cyberspace. Another option is to create a jar and every time you DO workout you put money into it and treat yourself to something special once you hit a certain goal.
What do you think of this idea?
Would you like to be charged for missing your workout?