I was recently asked to contribute to an article for GoBanking Rates on “Frugal Living Tips Millennials Should Focus On in 2024.” It was fun to think about this topic and I was honored to be quoted in the final version. You can read the full article here: “Frugal Living Tips Millennials Should Focus On in 2024.”  

I had some additional thoughts which didn’t make it into the final article, so I wanted to share them with you here. 

My top tip for anyone struggling with money goals (not just Millennials) as we start the New Year is this: gamify money management.  

Games are fun because they challenge us for a short period of time. Can you imagine playing a game forever? No matter how much you loved the game, doing it indefinitely would be no fun. But if you put a short, definite timeframe on it (9 innings, for example, or 5 rounds) – that’s when you can have fun, find focus, and achieve more than you thought you could. 

The same is true for money management. If you think of it as unending, it’s easy to feel exhausted and overwhelmed. If you challenge yourself in short sprints instead, you may find your energy and momentum improve.  

What do I mean by “gamify”? I’ll share three creative examples I have seen that helped people achieve their goals.  

One couple made it a game to “only eat out if it’s free” – in other words, using points or gift cards or special offers – but only for the month of January. They said they would let themselves off the hook in February. The shorter term made it feel like a fun challenge rather than an impossible burden. As a result, they not only saved money; they also decided to keep up the game even after the time period ended, because they liked the winning feeling they experienced. 

Another example of gamifying: a brother and sister made it a game to see who could put more into their retirement accounts each month. The competition spurred them further than either one would have done alone (and they both ended up maxing their Roth IRAs before the year ended).  

Lastly, a mother challenged her teenage daughter to save money into her savings account by matching whatever the daughter saved. When she explained how this would double her money, this spurred on the young woman to see just how far she could go! It also allowed the mother to help her daughter financially while giving her real-life experience that taught her the value of delayed gratification and reward, lessons which will serve her well as she launches into adulthood.  

And this is the other superpower you can discover when you gamify: working on money goals together with a partner (or a team) can help everyone, not just you! Including others helps to motivate them and can have the added benefit of improving the relationship, as well. It increases the “fun” level and helps to take away the “UGH, I can’t even” feeling when dealing with finance. It keeps you in the game longer because you don’t wear yourself out.  

Have you tried other ways to “gamify” your money management? I’d love to hear about it!