At a time when our lives are increasingly intertwined with technology, gamification has emerged as a powerful tool to engage and motivate people. In this article, we explore innovative ways in which you can use gamification to achieve your financial goals.
What is Gamification?
To begin with, let’s look at what we mean by gamification. Essentially, we are referring to the idea of introducing game-like elements into non-game contexts to make them more engaging and enjoyable. This can include earning points, achieving levels, and receiving rewards for completing certain actions. When applied to personal finance, gamification can transform the often daunting task of saving money into an interactive and rewarding experience.
The Psychology Behind Gamification
The success of gamification lies in its ability to tap into the human brain’s reward centres. By setting achievable targets and providing instant feedback, gamification creates a sense of accomplishment and progress. This can be particularly effective in financial management, where the benefits of saving are often only seen in the long term. Gamification bridges this gap by offering immediate rewards and recognition.
How Gamification Can Help You Save More
Gamification allows you to set specific savings goals and track your progress in real-time. Whether you’re saving for a vacation, a new gadget, or an emergency fund, breaking down your goal into smaller, manageable milestones can make the process less overwhelming and more achievable.
Just like in a game, reaching a savings milestone should trigger a reward. If you are saving with a partner, agree on what that reward would look like. Doing this will motivate you to save more and reach your goals faster. There’s also the option of creating a competition within your family or friend group to see who can save the most – again with agreed rewards for those who do best. Saving with a partner or within a group can also help generate instant feedback when certain milestones are reached. This can create a sense of satisfaction and encourage you to continue saving.
By turning saving money into more of a game and making it more social, the process becomes more enjoyable. This can be particularly beneficial for those who find saving tedious or difficult to stick with.
Whatever savings strategy you adopt, at MeDirect Bank, we’re committed to helping you take control of your finances in a way that’s both effective and enjoyable. If you would like to review all the options we have for savers, head over to https://www.medirect.com.mt/save/
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority and is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371). The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta.
MeDirect Bank (Malta) plc, The Centre, Tigné Point, Sliema, TPO 0001, Malta.
