Turning Savings into a Game to Achieve Your Financial Goals
Saving money doesn’t have to be a dreary task. By turning financial discipline into a game, you can make the process engaging and directly tied to fulfilling specific personal milestones or desires. Here’s how I do it:
September Savings Challenge
I once decided that for the entire month of September, I would only spend money on absolute necessities like food and my bus pass. Everything else, including gas for my car—which I nicknamed Moose—was off-limits as I opted to bike, walk, or carpool instead. This not only saved money but also extended into October, doubling the impact of my initial game plan.
Conditional Purchases
The rules of the game are simple: postpone major purchases until achieving specific, personal milestones. Here are a few examples of how I apply this in my life:
1. Tech Gadgets: I’m a big fan of the 49ers and Redskins and also have my eye on the latest large screen LED HDTV. However, I’ve promised not to buy it until either football team makes the playoffs.
2. Musical Instruments: I love playing and singing with my acoustic guitar, despite my self-assessed lack of skill. I dream of owning a beautifully crafted Martin Brazilian Rosewood guitar, but I won’t allow myself to purchase it until I’ve performed a setlist of 10 songs to a live audience.
3. Automotive: I enjoy cars and am proud of how long I’ve managed to keep my current vehicle. I’ve decided not to buy a new car until both electric car seats fail to adjust—currently, only the passenger seat is stuck, but fortunately, it’s stuck in a comfortable position.
4. Sports Equipment: As an avid tennis player, flexibility is crucial. I’ve challenged myself not to buy any new sports gear until I can touch my toes without bending my knees.
5. Career-Linked Spending: Tie major expenditures to professional achievements. For instance, I won’t splurge on anything non-essential until I get a raise or promotion at work, aligning financial indulgence with career progression.
Why Make Saving a Game?
Turning saving into a game introduces a fun, competitive element to what might otherwise be a mundane or challenging endeavor. It reframes your financial goals into achievable, game-like objectives where you’re rewarded not just with the item or experience you’ve deferred purchasing but also with the satisfaction of having met a personal challenge.
Moreover, this approach can significantly enhance your financial stability. By delaying gratification and tying purchases to achievements or specific conditions, you effectively reduce impulsive spending, help manage your budget better, and potentially increase your savings and investment returns.
Tracking and Planning Your Financial Health
To effectively manage your finances and see your progress, consider using financial tracking tools. Apps like Personal Capital can help you monitor your net worth, check for excessive fees in your investment portfolios, and use robust retirement planning calculators to ensure you’re on track to meet your financial goals.
Embracing this game-like strategy not only simplifies financial planning but also makes it more enjoyable and deeply personal. Whether you’re aiming for short-term savings or long-term investments, integrating fun, practical games into your financial strategy can lead to substantial and sustainable financial health improvements.
