When you were a kid, didn't you always dream about making money while playing games? I remember wishing that I could make money playing video games (and this was in the days before eSports was ever a thing).
What's great about it is being rewarded financially for doing something fun.
The fact is, money and personal finance isn't fun for most people. I'm an exception, and most money bloggers are. The simple fact is most people hate dealing with their money. They don't like thinking about savings... it's just another chore on their to-do list.
But what if you could make saving money fun? Like, what if you got rewarded for saving money... let me show you how.
If you want to skip the psychological stuff, then start the process of downloading this cool app from our partner Long Game that allows you to earn money and bonuses just for saving.
Getting Paid To Save
Most people don't realize this, but you're already getting paid to save. When you deposit money in a savings account, the bank pays you interest. This is your "reward".
But let's face it - shopping around for banks to get "extra" interest isn't fun. It's boring and tedious. And it doesn't encourage you to save more.
But what if there was a game that made savings fun. What if you could win bonus money and prizes just for saving.
Prized-Linked Savings Accounts
Prize-linked savings accounts are the solution. Just like it sounds, you can earn bonuses and prizes that are paid into your savings account.
These types of accounts are incredibly popular in other countries, but until 2014, it was illegal to offer these types of accounts in the United States. That changed, and a few companies have embarked on making savings fun.
Given that almost 40% of Americans have no savings at all, if we can make savings fun and "rewarding", maybe more people would do it.
One Of The Best Apps - Long Game
When it comes to prized-linked savings accounts, there are a few apps out there. But Long Game stands out from the rest. Not only is it one of the oldest and one of the ones with the most users, it also have a huge assortment of games to play from that reward you for savings.
Here's how it works.
The Basics of Long Game
It sounds like getting started can be confusing, but it's actually really easy once you get started.
First, you can download the app here: Long Game app.
You then connect your bank account and deposit money into your Long Game account. The money in your account is just like a normal savings account.
- It's FDIC insured
- It earns interest - 0.10% (that's low, but that's just the base level)
When you setup and link your account, you can get a bonus of 300 coins for the games you're going to want to play!
They also have deposit bonuses for your first week to encourage you to get started:
- Up to 3 free coins for every $1 you deposit
- Up to 40 free coins for every $1 you AutoSave
You also earn "coin interest" on money you have in your account each week. So, just by keeping money in your account, you can earn more coins.
There are also weekly bonuses and other ways to earn extra coins!
Coins And Games
Okay, so you've heard me talk about coins a bunch now, so what are they? Coins are basically virtual currency you can use to play lottery-style games in the Long Game app.
In these games you can win real cash prizes. This is what is so cool about prized-based savings apps like Long Game. While you earn a baseline interest, you can earn a lot more money in your account by playing games!
There are a few different types of games that you can play with your coins:
- Omega Millions Lottery (this has a grand prize of $1,000,000)
- Scratcher Style Games (where you scratch to win prizes)
- Slot Machine Style Games
- Flip It Matching Games
Some of these games give you cash prizes, and others give you more coins. Even more coins is a bonus because you can play more games!
I setup an account and won $1 in prizes in about 5 minutes without even depositing any money!
Making The Most Of Gaming And Saving
If you enjoy playing games, and want to improve your finances, then prized-linked savings is a great combo. Apps like Long Game make savings fun and easy - and you can start seeing small results in minutes.
If you need some encouragement and motivation to save, Long Game and similar apps can make a big difference in helping you develop positive savings habits. Unless you hit the Omega Million Lottery, you likely wont become a millionaire playing this game.
But, it can really make a difference in helping you boost your savings in a fun way! If you really want to get into it, you can start calculating the odds and see what it takes to make the most of your money. There are sites and sub-Reddits devoted to this type of thing!
If you're looking for a fun way to save money, prized-linked savings accounts like Long Game can really help you save more money.
Next time you're bored on your phone and thinking about playing a game, instead of buying a game - download a game that can pay you and help you save!
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.