How To Lose Pounds While Gaining Cash

How To Lose Pounds While Gaining Cash

As someone who has struggled with my weight over the years, I know how hard it can be to stick to a strict health regimen. Finding the drive to exercise and the self-control to deny yourself guilty pleasures can be exhausting. However, the key is finding the right motivation. Some people are using monetary incentives to fuel their weight loss. Here are 3 ways to lose pounds while gaining cash.

3 Ways to Lose Pounds While Gaining Cash

1. Weight Loss Apps

With everything going digital, there are a ton of apps to help you on your weight loss journey. You can find mobile apps to help you track your diet, create an exercise routine, record your progress, and motivate you to reach your fitness goals. However, here are the three unique apps that use cash to motivate you.  Although the platforms slightly vary, the concept is the same: these apps put a price tag on your desire to get fit.

HealthyWage

HealthyWage is one of the most profitable and widely used apps to lose pounds while gaining cash. You can place bets on yourself to improve your overall health and help you reach your fitness goals.

When you sign up, you set your goal and the amount you want to wager. First, you’ll need to open an account. Then, you use the prize calculator to set the time limit for you to lose weight. From there, it will determine how much you can win.

HealthyWage will reward you with cash for your efforts. But like any bet, you should be ready to eat the loss if you fail. If you don’t meet your goal, it is possible to buy more time to extend the bet. However, once you place the bet, there is no going back.

Members can also do a team challenge to help motivate each other. There is a $25 submission fee, but you could win up to $10k. If you do this challenge, you must verify your weight loss with a video call or in-person weigh-ins at a local Weight Watchers. These challenges offer good payouts for winners with an average purse of $1,400. And, there’s no points or prize system to convert cash.

DietBet

DietBet is another excellent app to help you lose pounds while gaining cash. It won’t pay as much as HealthyWage. But, you can still rake in significant winnings. You can get started by becoming a member, then setting your fitness goals and choosing the program you want. There are three different challenges you can try:

  • Kickstarter – lose 4% body fat in 28 days
  • Transformer – lose 10% body fat in 6 months
  • Maintainer – maintain weight loss for 12 months

Like many other fitness apps, you have the option to do it on your own or join a team. Just be aware there is a fee to join which is based on the size of the team. Furthermore, the larger your team, the less you can win. And, there are also fees when you place a bet.

  • 25% for bets under $100
  • 20% for bets between $100-$249
  • 15% for bets between $250-$500
  • 10% for bets over $500

However, DietBet makes it easier to win your bets and reap the rewards since it focuses more on long-term goals. People lose weight more healthily by setting more realistic goals. While you won’t know exactly how much you can earn, you won’t need to convert or redeem points to claim your cash winnings.

Stickk

Unlike the other apps that use winning money as the incentive, Stickk uses negative reinforcement (losing money) as a means to help you reach your goals. And, there are no limits on how much you can bet.

Instead of getting paid, you bet against yourself to lose extra pounds or stick to a fitness routine. When you join, you will sign a “commitment contract” to acknowledge that you forfeit the money if you give up or don’t achieve your goal. Then, you’ll be assigned a referee to make sure you adhere to the bet. If you lose, the money goes to a designated charity, person, or the app itself.

Then, Stickk assigns a referee to verify your weight loss or progress. Any long-term goals require a weekly report. However, short-term goals only need a final report at the end of the bet.

This app is a little different than others. Rather than motivating you with financial rewards, the fear of losing money keeps you on track. You can also invite friends and family to cheer you on and increase your chances of success.

2. Workplace Challenges

Apps are the only way to lose pounds while gaining cash. There is a long history of successful office challenges to help people get fit and get paid.

These are great for small office settings and inter-departmental challenges. When you first set it up, everyone needs to decide if the challenge will be individual goals or team competitions. Then they must agree to the timeframe, terms, and stakes. After this, you pool money and set the prizes beforehand.

Weekly weigh-in and visual trackers can help motivate everyone to commit to the challenge. It will also help to be around people who are supporting your goals. And at the end, the winner can claim their cash prize.

3. Reimbursements from Your Health Insurance

Although this may not be as fun as placing bets or holding competitions, your health insurance also offers you incentives to lose weight and improve your health. They recognize that a healthy lifestyle benefits their company since they will have fewer expenses. So, they pass the savings on to you to promote better health.

Some insurance companies offer reimbursement for gym memberships. This may cover the entire cost, or at least offer a discount. And, people with better overall health will pay lower rates and premiums which saves you a ton of money in the long run.

Tips to Stay Motivated

If you are having trouble getting started, here are a few tips that can help you reach your fitness goals:

  1. Find a workout buddy. Studies show that having a regular workout partner increases success. Having someone there to encourage and push you helps keep you focused. And, you can keep each other accountable so you don’t slack off.
  2. Choose a fitness plan you can stick to. If you hate to exercise or have limited time, it will be difficult to stick with a new exercise regimen. Be realistic with your goals and time commitment. And, choose an activity you enjoy doing and will want to continue long-term.
  3. Share your wins. Even if you don’t meet every goal, you should celebrate your wins and important milestones. Sharing your success with family and friends is also a great way to gain more support if you are struggling and need extra encouragement.

Losing weight can seem like an overwhelming goal. However, placing a wager provides excellent motivation to push through. But, when you make a healthy lifestyle your long-term objective, you win the greatest prize of all.

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