Comments on: Should You Give Yourself Material Rewards For Meeting Certain Milestones?

By: Susan

Susan — Tue, 02 Oct 2007 23:13:53 +0000

I agree with rewards, but the Kitchenaide mixer is more of a headache than an asset since it has a plastic part holding the gears in place. Check out the amazon.com reviews and read all about it. It is a very bad design.

By: Steve

Steve — Tue, 02 Oct 2007 18:18:09 +0000

This is a great way to accomplish things you want and have the things you wanted perhaps in an indirectly as a result of your accomplishments. Its natural to want things but we can’t always justify it unless we’ve done “something” to accomplish them, whether it be go to work or some other task that rationalizes it in our head.

By: disavow

disavow — Tue, 02 Oct 2007 18:10:17 +0000

My “material rewards” usually involve gin.

By: klf

klf — Tue, 02 Oct 2007 15:18:53 +0000

Yes, I believe that rewarding yourself for reaching certain milestones is important. I used to go to the bookstore and buy books mindlessly. Consequently, they didn’t really mean anything, I didn’t always read them once I had them, etc. but once I changed my reward method, which is similar to the flossing reward above (for every day I walk 30 mintues minimum, I set aside a dollar)I found that not only am I choosier in my reading selection, I appreciate the book so much more. These tend to be practical books (financial, cookbooks, gardening) which I will use again and agan. My fiction books are all borrowed from the library.

By: Mikko

Mikko — Tue, 02 Oct 2007 13:32:14 +0000

Having a ‘reward’ was the easiest way for me to economize. I really wanted that $700 guitar, so I told myself I cut out eating out more than once a week for a few months. It’s pretty amazing how much you can save when you cut out the little incidental expenses.

By: Linnea H

Linnea H — Tue, 02 Oct 2007 11:41:06 +0000

@ PF: thank you! You laid out the plan for me, I really need to create flossing habit and it so happens that I have a spa gift card from my ex colleagues at prevoius job. This way, I will not have to spend any money to receive my reward + I’ll make sure I use the gift card.

Since I am in debt (although low interest), I prefer rewards that are free or at very low cost. It can be “me time”, e.g. reading for hours in a bath with a glass of wine.

By: Mrs. Micah

Mrs. Micah — Tue, 02 Oct 2007 02:54:14 +0000

I think so. Preferably ones which are highly enjoyable and don’t hurt what I’m working towards. So scheduling a date night in particular celebration of some event, for example. We’d probably have a date night in those 2 weeks anyway, but the timing makes it special.

By: PF

PF — Tue, 02 Oct 2007 02:17:27 +0000

I had to dangle a carrot in front of myself in order to solidify a daily flossing habit. I used a spa gift card that someone gave me, but I wouldn’t allow myself to use it until I earned it by 30 days of flossing. My spa treatment was that much better knowing that I earned it.

I then dangled a bigger carrot if I went one year without missing a day, I could buy a new watch. I did it. Ironically, the watch I liked the best was “only” $200 (I gave myself permission to spend A LOT more), but I feel like I earned it. It has been two years and I have only missed one day when my hand was injured and I couldn’t actually do it. I’ve already saved more than I spent in less frequent dental/periodontal visits.

I think rewards are great if they work for you.

By: Swintah

Swintah — Tue, 02 Oct 2007 01:45:40 +0000

My family has a deal where you eat on a special red plate for dinner when you have something to be proud of. The plate cost 3 bucks, and it’s something special to do that doesn’t make you fatter or cost any money. And it’s special since using it is rare.

By: MS

MS — Mon, 01 Oct 2007 21:08:42 +0000

Trent,

I don’t see any problem with your approach. As long as you plan your rewards ahead of time and keep it proportional (so you don’t reward yourself further into debt) it’s ok.

Keep up the good work!

By: HebsFarm

HebsFarm — Mon, 01 Oct 2007 20:58:49 +0000

I used to award myself little treats – food treats like ice cream or candy, usually. The key was to keep it a small, quality item, and to really take the moment to savor both the little victory and the treat. That’s what makes it a reward. Please don’t watch the bottom line so had that you miss taking the time to appreciate good deeds done by yourself AND others.

By: Kim

Kim — Mon, 01 Oct 2007 20:42:51 +0000

Trent,

Congrats!

(I would almost argue that the Kitchenaid mixer is an appreciating asset. (Well, at least not a depreciating one :-} We have had ours for about 15 years – it’s still going strong and gives us our daily bread.

When our net worth increases by X amt., we pop the (affordable) champagne cork. It’s a way to stop, kick back, talk, and bask in our feeling of accomplishment for meeting our goals.

But the thing I most like to buy is …. more shares of our mutual funds. Sometimes this is in the form of reinvested dividends – also a reason to celebrate. Life is good!

By: mapgirl

mapgirl — Mon, 01 Oct 2007 20:33:44 +0000

I think you have to consider what is an appropriate reward. Material stuff doesn’t matter to some folks so they’ll have to delve into the psychology to figure out what motivates them. Vacation experiences are not material, but that travel and its memories may be the reward.

Sorry to take you so literally. Dogs may go for biscuits, but I don’t. Treats are different things for different people, but I do agree that a reward is good for reaching a goal and inspiring motivation. I have no ‘prize’ I am awarding myself for reaching any of my goals, which is why maybe they’re not getting done?

By: Margaret

Margaret — Mon, 01 Oct 2007 20:08:46 +0000

Nothing wrong with a well thought out reward, especially if that is what it takes to motivate you.

What is wrong is when you see something you want, then think of a reason to reward yourself so you can buy it. My cousins do this this all the time — buy it, you deserve it for __whatever___. I have done it many times myself. Not good, especially when you are essentially just making an excuse for an impulse purchase, which is 99% of the time.

By: FinanceAndFat

FinanceAndFat — Mon, 01 Oct 2007 20:01:55 +0000

Interesting. I’m struggling a bit with this issue myself right now. As part of my efforts to get out of debt, I have taken on a rather large side project that will be wrapping toward the end of the month. I’ll earn quite a bit of money and plan to pay it all toward debt. However, I’ve also planned to reward myself a little- Guitar Hero 3 happens to be releasing soon :) but now I wonder if I would yet again be delaying my goals for material goods. Even if the percentage spent is small, it’s not something I NEED. Tricky stuff!

By: jtimberman

jtimberman — Mon, 01 Oct 2007 19:56:15 +0000

To answer the question in the title:

Absolutely.

Set your goals with rewards for accomplishing those goals. For example, our reward when we finish paying off the last debt we have, is that we each will have a $1000 to blow on whatever we want. The total, $2000, is what we’re currently paying extra each month to make that go away, so for one month, we get to have some well deserved fun.

We’ve done this all along through our debt snowball, though not on this scale. Usually the minimum payment was allocated to a reward. For example, when the car was paid off, we set aside $300 for the reward, even though the snowball total was almost $2000.

Goal setting with rewards helps keep you on track and motivated. The important thing is to keep the focus and get back on track after the reward is done.

By: Susy

Susy — Mon, 01 Oct 2007 19:35:11 +0000

Great article. I think this also depends on your personality. I don’t really need rewards to keep me motivated, I tend to be a perfectionist so doing well is reward enough for me. My husband on the other hand does really well with the reward system. I also think the kind of reward is important. The rewards you mentioned things that you and your family will use and enjoy for a long time.

Sometimes rewards are needed in the beginning and then after developing a good habit, they aren’t needed any more. For example: When my husband and I first got married my husband really wanted a new pair of hiking boots. We made a deal that every time we went on a walk he could deposit $1 into his hiking boot fund. After 115 walks he was able to purchase his hiking boots and as a bonus we were in great shape for our fall hiking trip. We continued walking after he got his boots and have been for the last 8 years. He no longer needs rewards to encourage walking, feeling better and being in shape for our hiking trips is all the reward he needs.

Love the site, keep up the good work. Maybe I should subscribe to help you meet your readership goals!

By: Philip

Philip — Mon, 01 Oct 2007 18:50:10 +0000

Never posted a comment before – but after you mentioned Magic, I flipped. I too once spent tons on Magic cards and still have them all. I stopped years ago and couldn’t follow the rules now if I wanted to. Every year at Christmas I bust out the cards and play a round with my brother. My goblin/land destruction deck vs his blue deck. Sometimes we switch. Like you, now its a round of Madden on my Wii. Thanks for the great posts!

By: Modern Worker

Modern Worker — Mon, 01 Oct 2007 18:37:06 +0000

For me, I tend to reward myself with setting a higher goal to work towards, after reaching my previous one :) Continual self-improvement makes me happier than material possessions do.

Granted, I would love to buy a Wii sometime soon ;-)