Financial Intelligence: How to Manage Your Money Like a Pro Gamer

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Love or hate them, professional gamers are some of the most financially prudent people. These individuals know that every choice can have significant financial consequences. Reckless spending can take you back to square one, while planning wisely can unlock rewards.

So, grab a calculator because we’re about to learn how to plan your money like a pro gamer. The road to true financial freedom can require lots of planning and strategy, just like in a game’s economy. Prepare to level up your financial game with these tips:

Have a Realistic Budget

A budget is the backbone of any sound financial plan. Most professional gamers practice money management to minimize losses and maximize potential winnings. This involves clearly planning what they are willing to spend and where to spend it. The gaming budget is usually money they can comfortably use without dipping into their financial reserves.

Like a professional gamer, giving every dollar a clear purpose is a critical step towards financial freedom. Map out how much you can comfortably spend during the week, month, or any budgeting period. Know what you can spend on groceries, gas, utility bills, and other expenses. The goal is to create a financial order or plan necessary to save money efficiently.

Track Your Spending to the Last Coin

Professional gamers don’t do guesswork when it comes to finances. They know the amount of what’s coming in, going out, and what’s left to cash out or save. These players regularly check their purchase history for specific games, tournaments, and sponsorships. They also have precise numbers of how much they have won and lost, helping them readjust their strategies accordingly.

Apply the same approach in your real-life financial planning. You can start by tracking your monthly income, spending, and savings. Remember that it’s not about restricting yourself. Instead, the objective is to create financial awareness by knowing where your money is. Many people find an “invisible money leak” that they could have avoided.

While at it, you can use money management apps to make your financial tracking faster and easier. These apps can seamlessly track your spending, savings, and debt. Some platforms let users sync credit cards, bank accounts, loans, and investment accounts. This allows you to track every penny that comes in or goes out.

Look for Discounts and Offers

Whether you’re into e-sports gaming or online gambling, there are many exciting offers to maximize. Successful gamers know that targeting these offers means spending less of their own money. Most gaming platforms offer rewards when players make deposits or purchase credits. Some can even provide no-deposit rewards on weekends, holidays, and anniversaries.

The same goes for your routine financial planning. Look for frequent offers such as Black Friday and holiday discounts. By targeting these deals, you can spend less than you had intended in your budget. You can find these offers in almost every online or retail store these days. Freebies could be your ticket to increased savings.

Avoid Loot Box Traps

This is somewhat a continuation of our point above. As mentioned, gaming platforms are awash with offers and discounts. However, intelligent gamers know that promoters can be sneaky, too. A huge offer in the gaming sector could have complex terms that make it impossible to benefit from the reward. That’s why you must normalize reading the small print before claiming anything.

Like a gamer, think twice when the offer looks too good to be true. Some stores can give you an excellent discount on one product and overcharge you on another. For this reason, plan before diving in and compare prices across different stores. You can also follow the most popular brands on social media to monitor exciting offers.

Make Online Purchases Whenever Possible

Gaming is going digital these days. Most players are abandoning the long trips to brick-and-mortar venues in favor of online convenience. Playing online means these gamers don’t have to incur extra expenses like gas and parking fees. And the best part is that most online platforms have exciting offers due to lower running costs than physical venues.

Like an online gamer, making online purchases from the comfort of your home can save you some cash and time. As you might have guessed, running a physical store involves numerous expenses. This can include recurrent costs like human labor, rent, and utility bills. The worst part is that most retailers pass down these costs to consumers in the final shelf price.

A study by Anthem Marketing Solutions revealed that 69% of consumer products have the same price online and offline. However, the research also found that prices at online channels are cheaper 65% of the time. This study covers commonly purchased products across several categories, including entertainment, electronics, and personal care.

Have a Proper Strategy

Casual gamers only play for fun. Professionals, on the other hand, do it for fun and money. Because these players invest a lot of money, they often have clear strategies to boost their winning odds. Besides bankroll management, pro players spend sleepless nights creating strategies to outwit opponents. You cannot win without proper skills at a card table with pro players.

That’s what happens in the real financial world. You must have a proper strategy to tackle your capital investments, backlogs, and everyday operations. Apart from setting a financial budget, your strategy may involve the following:

• Cutting out unnecessary expenses to be more financially independent.
• Focusing on short-term goals like paying off small debts.
• Developing action plans in case of any emergencies.
• Early planning for retirement.

Increase Your Cash Flow

Professional gamers rarely rely on earnings from their gaming sessions. In fact, most video games don’t pay out real cash. So, to become financially stable, most players diversify their earnings through a multi-faceted approach. These professionals earn from sources like brand partnerships, affiliate marketing, and live streaming on platforms like YouTube and Twitch.

The only way to become financially independent is to increase your earnings. Please don’t ask for an undeserved pay raise in our current job because that could backfire. Instead, you can boost your paycheck by exploring other sources of income, just like a professional gamer. Some popular side hustles in the modern world include:

• Starting a blog to share knowledge about your profession and passion.
• Providing virtual assistant services to clients in remote locations.
• Teaching students online in subjects that you’re knowledgeable in.
• Taking quick surveys on multiple online platforms.
• Start a YouTube channel to create content and monetize it.
• Provide pet sitting and dog walking services in your free time.

Don’t Borrow What You Don’t Need

There are many reasons to borrow money, especially when you need extra financing. However, professional gamers know that borrowing money to play is akin to digging yourself into a financial ditch. You can win just as much as you can lose, especially when it comes to gambling. Taking a loan to fund your gaming entertainment is a bad idea generally.

With that in mind, the best financial advice you can get is to avoid bad debts. An example of unplanned borrowing is using your credit card to pay for an expensive vacation or furniture. Some people also borrow to cover regular expenses and monthly bills. This can end up costing you more if you cannot repay the loan on time.

However, borrowing is generally good if you do it wisely. Taking a mortgage to buy a home, which increases its value over time, is a brilliant idea. You can also borrow to start a small business to grow your wealth and self-worth. Therefore, like a true gamer, only take a loan that can add value to your life. Credit isn’t the enemy here – unmanaged load is!

Build Emergency Funds

Pro gamers often have emergency funds, something that can guide your financial lessons. They know that gaming income isn’t always consistent. Earnings can reduce depending on factors like performance and tournament droughts. High-end setups can also be expensive to replace in case of gear breaks. That’s why the best players have an emergency kitty for a stress-free life.

Likewise, life can be full of unforeseen financial circumstances. This can include unexpected medical bills, job losses, and recurring expenses. For these reasons and more, setting up an emergency fund is financially wise. Make sure you can easily access this money when the need arises.

Below are a few ways to keep an emergency fund:  

• High-yield savings account: This account will see your balance grow due to the interest offered by the bank.
• Money market account: These bank accounts restrict the number of monthly withdrawals to help you manage your finances.
• Prepaid cards: You can save emergency funds in one of your prepaid cards to avoid disrupting your savings accounts.
• Safe box: Lastly, you can purchase a safe box to save the extra cash at home. However, avoid the temptation of using the money for other reasons.

The Bottom Line

See, you can borrow many financial lessons from a professional gamer’s life. It all boils down to proper budgeting and tracking expenditures. Once you get these basics right, you can improve your financial health through diversification and discounted offers. The relationship between professional gamer and money mastery couldn’t be clearer.