The Gamification of Finances 

Are you a gamer or a game developer or designer? What are your goals for buying a home in the Bay Area? Did you know that you can apply the idea of gamification to the way you manage and improve your finances? It’s all about reframing finances as something fun. Here are the best apps that gamify everything about your financial health.

Givling

We know that crippling student debt is a rising problem throughout the country and right here in the Bay Area. Some people are turning to a fun new trivia app called Givling to give, or get, back. It’s essentially a crowdfunding app with the added feature of a trivia competition.

However, there is a dark side to the app. Many people pay to play with the hopes of reaching the big payout themselves. But when you spend $42,000 to win $50,000, have you even won at all? Givling may be a better app for someone who has money to give rather than someone with an expectation of using the winnings to pay off outstanding debt.

Blast

Described as “for gamers, by gamers” this app is meant to make finances fun for those who already love digital competition. It was created by the founders of the app Acorns, which has had quite a bit of success in the changing landscape of finances.

Blast gives people a chance to monetize the games they already play. While winnings aren’t huge, you can get a few cents for time you would already be spending on Words with Friends. There is also an included savings account that offers 2% APY, but there are limits to deposits and withdraws, so it pretty much sticks to just the money you earn using the app.

Long Game

This app, Long Game,  starts by having you create a savings account with an FDIC-insured bank. From there, the app allows you to customize your savings plan, including linking other accounts. It also gives you the option to create savings “jars,” which you can label any way you like. Imagine it’s like having a physical jar on your dresser where you can save quarters toward vacation.

But as you set aside money, you earn gaming tokens which allow you to play games on the app as well. While it’s unlikely you’ll earn real money from winning these games, it does keep you saving as you can play more every time you save. The account also has a $0.1 APR and it even makes it pretty easy for you to withdraw your own money.

YNAB

Unlike the other apps, this one doesn’t have any bells and whistles to earn more money by playing the game. Instead, it makes your entire financial picture more fun in an organized way. YNAB, or You Need a Budget, is a zero-balance budgeting plan. This means that ever dollar you earn, in real life, is assigned a job.

In the app, you can put your very real money into different categories like rent, utilities, savings, entertainment, and more. At the end of every pay cycle, all of your money should be accounted for. And you can use your entertainment budget, of course, but if you run out of money in that category you have to make the tough decision to pull it from somewhere else. Is it really worth it? Only you can decide.

Mint

A similar app that several of our customers have recommended to us is Mint. It helps you plan your budget, pay your bills on time with reminders, and even offers an easy avenue to investing, which can grow your financial portfolio over time.

The app will also provide tips and status updates to encourage you to reach your savings goals. Mint also updates every category in real time so you don’t have to manually calculate out each section of your budget.

It’s important to keep in mind that gamification of any financial app isn’t intended to help you get rich quick. In fact, the misuse of some of these apps can cause exactly the opposite problem. We also don’t want to endorse the use of any of these gamified apps, especially those that require pay to play. But we wanted to share some of the new tech coming out of Silicon Valley and beyond to help you see how the gaming industry will affect multiple aspects of our lives and futures.

Contact the team at GoPrime Mortgage of California to learn more about The Gamification of Finances or buying your next home in the Bay Area. Contact Zachery Adam and the team at GoPrime.