It is common practice to intend to do something to serve a distal objective but end up doing something else with an immediate reward. The time-inconsistent preferences lead people to deviate from what was thought optimal at an earlier point. This is particularly applicable when the underlined task is tedious such as studying, following a diet, exercising, etc. People with present-biased preferences and a lack of self-control frequently suffer from such occurrences. Recently, theoretical economists have suggested that goal setting can attenuate the lack of self-control problem. They argue that when an individual sets a goal for herself, her goal acts as a reference point. The failure to comply with the reference point is perceived as a loss. Since pains manifest higher than gains, enhanced motivation is provoked, leading the goal setter to be more persistent. That is, the interaction between time discounting and loss aversion can make goal setting an effective tool for self-regulation. In this study, we aim to experimentally investigate whether the impact of goal setting is heterogeneous depending on the agents' time preferences, loss aversion and self-control.