“Play to save” is the name of the game for several people looking for easy ways to stash away a portion of their income without thinking twice. However, psychologists note that it’s unclear whether these games are suitable for developing long-term positive saving habits.
New York City-based lawyer Mike Pearson tried a saving game while on vacation with his wife to the Bahamas, and he believes it’s quite effective. Pearson and his partner were trying to save enough money to help pay for the trip, and they saw it would be a good idea to force them to save. As such, he believes it’s an excellent way to hit short term saving goals like minor home improvements or a short vacation.
Pearson downloaded an app known as Qapital, an application that linked to the user’s bank account to allow them to set saving goals. That may include stuff like spa weekend, a rainy day fund or student-loan repayment. The application also has customizable rules and can do several things, including rounding up transactions to the nearest dollar while adding the difference to the user’s savings account.
According to Pearson, he and his wife put aside approximately $3 to $4 daily for a year, totalling to around $100 monthly. This amount doesn’t seem like much to save, but they had kept aside around $1200 at the end of the year. That catered for their plane tickets to the Bahamas and partly paid for their hotel bills.
Neuropsychologist Dr Michele Robins says the saving games appeal to a user’s sense of competition to save. As such, users can choose to save a portion of the proceeds they get from playing Betway Ghana online casino games instead of wasting all the money gambling on other sites. It also helps in attaining consistency, a key metric when it comes to savings.
Money remains the biggest stressor for people all over the world, beating work and personal relationships. It’s also among the top reasons why people start betting at Betway and other online casinos, besides the entertainment. As such, the savings game app offers the solution to both by allowing the users to remain entertained while putting aside a portion of their income.
These apps charge a premium for the players to have the ability to access multiple platforms, but they are effective money saving tools. That’s mainly because most people have difficulties changing their spending habits and saving continuously. Study also reveals that about 40% of people in employment are aggressive short-term savers, but they stop saving after accomplishing their goal and go back to old spending habits.
According to former financial adviser Eric Tyson, most people don’t see the point of saving a little cash since it won’t make a difference in the foreseeable future. However, the savings apps entice people to save by using a reward system which gives the player a chance to win a significant amount of money monthly or annually. That gives the players a sense of accomplishment, which can help sway them to save.