A PACT and a little $$$

I just happened upon this app called PACT. It is an app that helps to set goals for working out and eating healthy. The premise is that once you set daily goals, you either receive cash rewards, or if you do not meet your goals then money is deducted from your credit card or PayPal account and given to those that do meet their goals. GULP.

Mind you, I am a bit hard-core on myself with running, being active, and eating healthy. I currently have a Nike FuelBand and find that it often encourages me to keep up with my daily fuel goal, which is accrued with the miles I run. There are times when I come home from work exhausted and could care less if I make my goal, and all I want is comfort food. Yet, that is the exception. For the most part, I come home and unwind from my day with a good, hard run and healthy meal. The question is how many days of the week end up that way, and how many days do I successfully hit my goal? It is so different from week to week.

The other aspect of the app pertains to food. You can track your food goals and then take pictures of what you eat. There is a bit of honesty and trust that go with this app. Maybe that is why rewards start at 30 cents, because most individuals are probably not going to “cheat” to receive 30 cents. The fact that they met their goal is motivation with the added accumulation of some change to show as proof of their consistent effort. Almost like an ongoing game of penny poker.

Since life can throw us curveballs at any moment, how are our goals to be and stay healthy impacted when money is involved? Would I handle my goals differently if there was money connected to it? I guess it would depend on how much money you make or lose. Reports about the app say you can earn 30 cents to $5 a week for meeting your goal, and $5-$10 each day for when you miss your goal. Again, yikes! How many of you would start to see $35-$70 leaving your checking account each week? The money that you pay for not meeting your goals goes into the pool to help pay for those that are meeting their goals.

Would PACT motivate you to exercise and eat healthy? Or would you start to feel down that you are not hitting your goals and watching cold hard cash fly out the door? Is it motivating and would it keep you on track?

What do you think?

Bump to Pay App

How many times are you out with a friend and they say I am covering this, and you say I will pay next time. When the next time comes you realize you do not have your credit card and about enough cash for a small coffee. Your friend covers to pay for your dinner, but you are adamant that you are paying her back. Now you can, right away! No need to send her a check in the mail, wait until you see her next, or send her a check through your checking account.

You can now use the Bump to Pay app on your phone (iOS devices). The app uses PayPal for the transaction, so you need to have a PayPal account set up that will take money out of your checking account. You can then select the amount you want to share with a friend and Bump your phones to make the money transfer.

As long as it is truly secure, then it is definitely an app individuals will use. Hopefully they will expand to other smart phones. For now, anyone with an iPhone has no excuse for not covering their own tab.

Has anyone tried it? I always like to hear what others think before I use apps that require connecting to my credit card or checking account, but it does sound convenient. What else will they think of?! What apps have you thought of that do not yet exist?