Here's a 10x better way to do the same basic idea: get a bag of candy for yourself. and every 5 minutes they are well behaved, give them a piece.
I try to reward good behavior more so than I punish bad behavior. Things we're definitely simpler when they were younger but now they lie and make up stuff. I never lie or make stuff up. So, where does this behavior come from? And I never punish them for telling the truth.