GoalBounty is a new science-backed platform which motivates people to achieve their goals and new year resolutions - by using financial commitments.

With GoalBounty, users pay a financial "bounty" upfront towards a goal they want to achieve. For example, it could be quitting smoking or drinking, losing weight, going to bed earlier, or finishing writing a book. When users prove they have achieved their goal with evidence, they get their bounty refunded in full. Evidence can include photos, videos, screenshots or even a hair or nail analysis test which detects nicotine and alcohol usage up to six to 12 months prior to testing.

If users fail to achieve their goal, then GoalBounty keeps 90% of the bounty, and donates 10% to charities and social causes, such as Samaritans, Cancer Research UK, and PTSD Resolution.

To help users stay on track, GoalBounty provides automated follow-ups via SMS texts and email as well as regular progress reports - and users are penalised 5% of their bounty if they miss three progress reports in a row. They have a ‘Leniency Mode’, where users are given some leeway (such as 10% margin of error for weight loss goals or a slip once a month for fitness goals), and a ‘Hard Mode’ where users must achieve their goal - no exceptions (except for a medical exemption from a doctor). GoalBounty also has its own Discord server where users can get peer support.

What experts are saying

The Founder and CEO of GoalBounty is Nick Hatter, who is the author of the self-help book, The 7 Questions, and one of the UK’s leading psychotherapeutic life coaches with training and qualifications in Cognitive Behavioural Coaching (CBT), Therapeutic Coaching and Human Givens Psychotherapy, and has coached doctors, clinical psychologists, neuroscientists, celebrities and athletes.

Hatter says: “Money buys commitment - which is something I’ve learned from my 7+ years experience as a professional coach. As soon as people invest significant money into something, whether it’s coaching or personal goals, they often become much more committed.”

Despite its radical and potentially controversial approach to motivation, GoalBounty has received the backing of various medical and psychological experts.

Dr Milan Mehta, a doctor and GP of 15+ years, says, "GoalBounty has a lot of potential. If people pay a bounty upfront, they are more likely to be committed to getting results and less likely to make excuses for themselves. A lot of people need help quitting drinking, smoking and vaping… and GoalBounty could be of great help for the right audience."

Meanwhile, Dr Shah F. Tarfarosh, a Psychiatrist who has trained at both the University of Oxford and University of Cambridge, says, “GoalBounty could be a powerful tool for helping people achieve goals and new year resolutions. It applies smart psychological principles like loss aversion - where people are motivated to avoid losing money - to encourage goal achievement.”

“By combining financial accountability with follow-ups, it offers a structured way for individuals to stay on track with their goals. Approaches like this may help some people build better habits and work towards lasting changes.”

Why so many resolutions fail: what the science says

Researchers say that the most common reasons for slips in new year resolutions are due to a lack of personal control, excessive stress and negative emotion.

Hatter says: “When people are emotional, they can experience what is known as a cognitive distortion - an impaired way of thinking, perceiving and making decisions. Basically, emotional people become, for lack of a better phrasing, more stupid. Saying ‘no’ to a pint of ice cream, cigarette, a beer or a Netflix binge might be easy when you’re calm and everything is going well, but when you’re stressed or emotional, that’s when saying ‘no’ can become a whole lot harder.”

Another reason people fail to stick to resolutions could be a lack of accountability. One study by Dominican University of California found that people who formulated action commitments and sent their goals, action commitments and weekly progress reports to a supportive friend achieved significantly more compared to those who merely thought about their goals.

“Accountability can be a very powerful motivator - humans are social creatures with a need for status, and nobody likes to look bad or look like a failure,” Hatter says.

“Bad habits and addictions can be extremely difficult to stop using willpower alone. It might work for a small percentage of people, but the majority need lots of support. With no external accountability, it’s all too easy to slip back into old habits or behaviours without anyone knowing. But with GoalBounty, users get plenty of accountability and support, making it more likely that they will succeed.”