ELI5: Explain Like I'm 5

Commitment device

A commitment device is like a promise you make to yourself that you won't break. It's something you do so that you will stick to a plan or promise to do something. For example, if you want to save more money, you might create a savings commitment device by setting up an automatic transfer from your checking to savings account every month. Once it's set up, you've promised yourself that you'll keep saving every month.
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