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The Science Behind Forming Better Habits, With Katy Milkman
Big Brains
What Is a Commitment Device?
One of katy's ideas to work against the obstacle of the what the hell effect is called a commitment device. This is an account with exactly the same interest rate as a standard account, but in this account, you can't take your money out until you've reached a predetermined date or goal that you set for yourself. A study by nava ashrof, dean carlin and wesley yen found it helped people save 80% more than if they had no access to their savings.
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