Need an incentive to hit the gym? Gym Pact will push you to workout by paying you when you hit the gym and slapping you with a fee when you don’t.

I recently downloaded the free mobile app to my iPhone as I’d once again stopped setting foot in the gym.

Awhile back, I wrote about canceling my gym membership because I didn’t have time to workout with my hectic schedule. In the end, I decided not to call it quits and stuck to my routine. Then, I hit a rut and needed a solution.

I like to workout alone so getting a gym buddy was not a solution for me. In comes Gym Pact — it’s monetary incentive is worthwhile for me.

All you have to do is sign up and set the stakes. You must commit to working out at least one day a week for 30 minutes, with a minimum penalty of $5 for every missed visit. I’m hitting the gym three times per week. If I skip a sweat session, I’ll be fined $5. Ouch. If I don’t, I’ll make money!

When you sign up, you’ll be asked to include your credit card info. This is how you’ll be fined. Once the week is over, the money from those that were no-shows will be added up and deposited into a Paypal account. When you have earnings of $10 or more, you’ll be able to withdraw your money. Note that the company takes $1 fee.

Your earnings are based on the amount of people who didn’t hit the gym that week. You’ll collect your earnings based on how many days you committed to hitting the gym. For example, when I get paid for working out three times a week, I’ll get three portions of the winnings. The more days you hit the gym, the more money you’ll earn!

The catch? You can’t workout at home. You have to head to a gym. Gym Pact has more than 40,000 gyms in its database. But if you can’t find yours, you can easily add it. You’ll also have to activate your GPS system so you can check in when you’re at the gym.

The app is only available for iPhones, but it will soon be available for Androids and HTML5 devices.

I’ve found that making extra cash or losing it is a great motivator for me to get to the gym. What motivates you to accomplish goals?

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