Over 3 billion people play video games today, and that puts the popularity of the activity into perspective. Some players engage simply for the fun of it. However, there are also professional video gamers who play to make money and earn a living.
You have to remember, those who make a living from it usually get sent games for free in order to then publish content of them on the game and also be able to play it at a competitive level. Streamers are a perfect example of this, if they are playing video games, they will be given a free copy, or if they are playing on video game gambling sites, like Rust roulette, they might be given free coins and in-game items to wager with.
Regardless of which category you fall in, it’s important to keep track of your habits.
Gaming can be pretty addictive if not controlled. Like any habit, excessive gaming can quickly turn into an expensive hobby. Many players accumulate extensive collections of games, buying them in large numbers, which can add up to significant spending each year. This can have a severe negative financial impact on gamers. Let’s consider some steps to ensure you don’t overspend on gaming:
Asset your Current Spending
To start, evaluate your recent expenses on games, consoles, and accessories. Don’t leave out subscriptions and in-game purchases. Check your bank statements, credit card bills, and digital receipts for the last few months to ensure you capture everything. Then, calculate your monthly and yearly spending to see how much you’ve spent. This will give you a better understanding of your current financial commitment to gaming.
Set a Monthly or Yearly Budget
Once you have assessed your current spending, you set a budget for your gaming expenses. How? You’ll have to decide on a reasonable amount for gaming each month or year. Ensure that your overall financial situation prioritizes essential shopping expenses like food, wears, and utilities. Also, consider your total entertainment budget, which includes dining out, movies, or hobbies. Then, allocate a portion of your budget to gaming; this way, you are sure it fits within your finances.
Prioritize Your Budget
Here, make a list of games and accessories you want to buy. Rank them based on their importance or release date. This will help you stay focused on the items you need and assist you in staying within your budget.
Track Your Spending
Tools like spreadsheets, apps like Mint, YNAB (You Need a Budget), gaming-specific apps, or even notebooks can help manage your budget effectively. Record every purchase by noting the date, item, and cost. Always make it a habit to update these records consistently for accurate calculations.
Evaluate your spending regularly, monthly or yearly, to see if you stay within your budget. If you find you’re overspending, adjust your spending patterns as needed.
Limit Impulse Purchases
It’s essential to control any spontaneous buys that aren’t necessary. Make sure to hold off for some time before making non-essential purchases. This will give you time to decide if you need the items. Additionally, take advantage of sales and discounts, but ensure that the discounted items fit your budget and are something you truly need.
Consider Alternatives Options
Sometimes, you can explore free-to-play games and subscription services to expand your gaming library without overspending. Additionally, trading or selling your old games can help fund new purchases. This way, you can enjoy various games while staying within your budget.
Set Gaming Goals
You can establish a clear gaming goal by completing the games you own before buying new ones to get the most value from your current library.
Then, determine the amount you want to spend on games, accessories, and subscriptions each month or year. Additionally, set goals for the types of games to explore, such as games with a mix of genres or indie titles, which can be more affordable.
Re-evaluate Regularly
Evaluate your gaming budget and spending habits regularly to ensure they fit your financial goals. It’s wise to examine the amount you’ve spent and see if any adjustments are required. If you notice changes in your financial situation or spending patterns, update your budget accordingly. This makes managing your expenses and keeping them aligned with your finances much simpler.
Conclusion
Without any doubt, playing video games is always entertaining. And there’s nothing wrong with spending money to have a better experience as you have fun. However, it’s best to spend wisely by setting up strategies to keep you on track with your gaming budget. We hope these tips help you enjoy a variety of games without overspending.