Consumer Watch: Getting paid to lose weight
Now, weight loss can be a source for a side income. It seems unreal, getting paid money to accomplish something you want to do anyway, but you can use apps to get paid to lose weight. Personal finance specialists say it's a great option, but not for everyone.
Fox 25 Consumer Watch reached out to Money Crashers to talk about their favorite apps that pay you to get healthier.
First up is a good one for people just starting out. Achievement --- you agree on a goal, like a certain number of steps, and then if you achieve your goal, you get points that turn into cash.
Then there are apps like Healthy Wage and Diet Bet. Both have you bet on how much you'll lose, and if you do it-- you win.
“If you meet those goals-- you meet those accomplishments; you will get the payout. In some cases, you might split them with other winners, “says Andrew Schrage, personal finance specialist with Money Crashers.
There are some draw backs if you fail to accomplish your goals.
“You can actually lose money if you make a bet stating that you are going to lose a certain amount of pounds by the end of the month or by the end of the year, and you don't meet that bet you will lose that money,” says Schrage.
If you are serious about losing weight, it is an easy way to make extra cash on your journey, but if you are new to health challenges, watch out.
“You don't want to hurt your motivation. You don't want to lose momentum from a financial angle when it is already difficult enough becoming more health conscious, and trying to exercise and lose weight,” says Schrage.
It's better to start working out on your own, and see if you'll stick to it before you start making bets.
Andrew recommends sticking to smaller bets, and avoiding digging into a savings fund because you never know when life could get in the way and you could be out big bucks. It is important to remember that betting on what you can accomplish with your health, can trigger negative feelings, if you struggle with gambling addictions or eating disorders.