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By now, you should know how important savings are for your financial health. The only problem is that saving your money also happens to be one of the hardest things you can do. It’s a constant tug-of-war between delaying fun purchases today for financial security tomorrow. Finding the motivation to stick with saving can be as hard as finding the energy to do the dishes and put away your laundry.
If saving money always winds up feeling like a chore, turning it into a game might help you achieve your financial goals.
Gamifying Your Finances: A Definition
Gamifying your finances involves adding game-like elements and mechanics to your goals to make them more fun and rewarding.
Gamifying your finances taps into the gamer’s natural love of friendly competition and instant gratification to make saving much more enjoyable. By incorporating challenges, rewards, milestones, and progress tracking, you can transform the otherwise mundane process of saving money into something you want to do.
How to Gamify Your Finances
Check out these tips to help you turn saving into a game you want to play.
1. Identify Your Savings Quest
Every great game begins with a quest. It could be saving for a dream vacation, a new console, or an emergency fund. You might even want to free up savings in your budget to pay off a line of credit or online loan.
If you aren’t sure where you should start, check in with these 7 financial planning tips to help you stay on the right path for your financial goals.
2. Set Achievable Milestones
Saving for a dream vacation and paying off an online loan are two enormous goals that can overwhelm you at the start. Breaking up your savings quest into smaller milestones or levels can take some of the pressure off. Instead of agonizing over saving up thousands of dollars, you can focus on what you need to do to save your first $100.
As you reach each milestone, reward yourself with a small treat—like a new game or takeout. Even though you’re spending money on these rewards, celebrating your achievements will help you stay motivated.
3. Stock up on Savings Apps and Tools
Every hero has an inventory stocked with the right tools for the next mission. The same goes for every saver; you need to equip yourself with the gear that supports your quest for savings.
Look for savings apps that are built on the foundations of gamification. They should offer features like visual progress tracking and notifications. Some apps even simulate an actual game where you can earn virtual rewards or compete with fellow savers.
4. Create Challenges or Competitions
If you need a challenge to spur you on, consider adding these games to your savings journey.
- 52-Week Challenge: This game starts you off by saving just $1 in the first week. But every week thereafter, you double your weekly savings. By week 52, you should have $1,378 squirreled away.
- No-Spend Challenge: How long can you go without indulging in a sweet treat or splurging on a new gadget? Maybe your streak only lasts a week, or you can go for longer. Reward yourself with something small when you break a new record for spending nothing except for bills.
5. Involve Your Friends
Get your friends in on the challenge, adding wagers to make it more interesting. Having a buddy can help you stay accountable and motivated.
Bottom Line:
Saving your money might feel like a stuffy financial goal, but it can be a lot more fun when you gamify it. Remember this if you’re struggling to squirrel away some funds. The novelty of challenges and rewards could help you reach your goals.
