GamingCould Be the Future of Personal Finance?

Saving and budgeting can be and often is a real challenge.

For some, keeping track of what money is coming in and going out poses the greatest hurdle.

For others, the issue is not tracking the , but rather putting them away.

And anything that helps an individual reach his or her personal finance goals is worth consideration, as it seems easier than ever to build up debt.

Whether a recent college graduate with a mountain of student loans over your head, or just cannot seem to make headway when it comes to finances, there are now mobile apps, websites, and games designed around personalfinance that can be helpful.

With mobile technology advancements, tracking funds, setting up personal finance goals, and holding to these goals has become easier than ever. It seems that with each passing day, there’s a new money management application designed to help save for a new car, special vacation, or down payment on that condo or starter home.

That is not all these tools are good for.

The apps can be used to help save up for vacation can also help to put money away for the long-term. And as the Millenial generation is generally less able to prepare for the future than the Baby Boomers or even Generation X were, this is good.

With both short and long-term investment and savings tools available, the latest mobile apps are very good tools.

One of the most popular mobile apps for money management is Mint. This platform is truly intended to act as a 21st Century banking solution, and enables individuals to manage funds, budgets, , and entirely from their smartphone, tablet, or desktop.

It enables users to set up finance goals and track those goals with simple, easy-to-understand graphics and charts. It also allows users to pay bills and set up investment and savings accounts. You could say that it’s the perfect mobile app for handling finances.

Notably, for some people, having the tool is not enough. Mint is a tool, it does not really offer anything that was not available before, other than its interface.

For some people, they need more than a tool they need motivation, enter .

The Big Q: what is Gamification?

The Big A: Gamification is the application of game mechanics to non-gaming tasks. These mechanics may include leader boards, points, badges, rankings, specific goals, and rewards (real or imagined).

The overarching concept behind Gamification is that it provides someone incentive to do something they otherwise might not do.

Gamification turns work into a game, something boring into something fun.

Increasingly utilized by corporations to help build brand loyalty, drive sales, and improve customer experience, Gamification can also help individuals set and achieve specific goals.

A number of mobile apps and websites are now available that bring Gamification to personal finance. These include Payoff, CreditCardio, SaveUp, andYou Need a .

All of these applications help bring an immediacy and sense of instant gratification to a task that, when you really get to the fundamentals, is about deferring your gratification, that task is saving money.

There is no way to truly appreciate how a savings plan that is started now will pay off in 30 yrs. But with Gamification, the incentive does not have to be out 30 years, it can be now.

Gamification is not a new concept, mobile technology advancements have brought it to the forefront.

For a generation that is going increasingly digital, these apps and websites make good sense.

Combine their ease of use and low barrier to entry with their on-the-go accessibility and fun factor, and in some cases, actual rewards, and it’s no surprise that individuals are taking a liking to them.

Stay tuned…