Are payday-routine videos a commitment device?

See To Stop Living Paycheck to Paycheck, They Spill About It on TikTok: Many Americans at all income levels struggle to rein in spending. Talking about it more can sometimes help by Oyin Adedoyin of The WSJ. Excerpts:

"Some brave souls are trying a novel strategy to tackle the age-old struggle to stop living paycheck to paycheck: itemizing their spending for all to see on TikTok.

In short videos, people begin by revealing their take-home pay, and in under 60 seconds whittle it down to near zero by enumerating the bills for food, rent, credit cards, utilities, saving and streaming. Described as “payday routines,” they go into minute detail on spending on groceries, dining out, drinks, car payments and travel. The hashtag #paydayroutine has 52.9 million views to date.

The creators behind these videos say going public creates accountability to stay on track, and hopefully helps others, too. Behavioral finance researchers say they may be on to something."

"About 60% of all Americans lived paycheck to paycheck in March"

"Among millennials, 73% reported living paycheck to paycheck"

"she was living paycheck to paycheck until she adopted a new budgeting technique that she explains in her videos. Every time Ms. Allen (Saprina Allen, a 38-year-old corporate recruiter) gets paid, she pays all of the bills that are due between that day and the next paycheck.That was a game changer for Ms. Allen"

"The payday videos provide public accountability, which behavioral researchers say can help people commit to better habits."

"Having to share your results publicly makes you less likely to stray, said Katy Milkman, a professor at the Wharton School of the University of Pennsylvania who studies behavioral change. She compared it to the fitness benefits of having a gym buddy."

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How Odysseus Started The Industrial Revolution (2023). Excerpt from that post:

Factory work may have been a commitment device to get everyone to work hard. Odysseus tying himself to the mast was also a commitment device. Dean Karlan, Yale economics professor explains how commitment devices work:

"This idea of forcing one’s own future behavior dates back in our culture at least to Odysseus, who had his crew tie him to the ship’s mast so he wouldn’t be tempted by the sirens; and Cortes, who burned his ships to show his army that there would be no going back.

Economists call this method of pushing your future self into some behavior a “commitment device.”