Gaming can cost a lot of money, and that’s not going to change anytime soon. Companies are now pricing many of their newest releases at $70 each, which is a rise from the long-time standard of $60. If you plan to upgrade to a new console, you’ll be spending at least $500 for Sony’s PlayStation 5 or Microsoft’s Xbox Series X.
The costs of AAA games and consoles are just the tip of the iceberg. You’ll want gaming subscriptions, SSD upgrades and accessories like controllers and headsets.
It’s really easy for your gaming budget to get out of control. So, if money is tight, it’s time to rethink this budget before it starts to have a negative effect on your finances.
Why should you rethink your spending on your gaming?
The simple answer is that you can put those savings to better use. You could use your savings to pay down debt, to cover essentials, or even better — to build safety nets for yourself so that you can handle emergency expenses without panicking.
Think about it. What would you do if your car broke down and needed repairs, or if your water pipes froze and you needed to call a plumber? You couldn’t ignore the problems, but you couldn’t afford to pay for them.
In this scenario, your options are limited. You could put the expense on your credit card, or you could apply for an online loan. Both of these options allow you to cover the cost quickly and then manage repayments later.
When you’re applying for a loan online, make sure that it’s available in your home state. So, if you live in Anchorage or Juneau, you should take a look at personal loans offered through CreditFresh in Alaska and see what’s available. You don’t want to put effort into applying for a loan that isn’t even accessible to Alaskans.
Ideally, you should have enough room in your budget, or enough savings stashed in an emergency fund to deal with this kind of problem. The easiest way to get those savings is to cut down your spending on non-essentials like gaming.
How can you shrink your gaming budget?
Go for discount sites
If you’re looking for something new to play, you should go to discount game sites to get budget-friendly deals on games. You’ll find amazing options at incredibly low prices.
Wait for big-name games
It’s wiser to avoid buying brand-new video games until the hype surrounding their release dies down, and their prices drop. It will take a few months — possibly even a year — for the price to drop, but it will happen. You just have to be patient.
Trade-in your old games
If your old games are just sitting there and taking up precious shelf space, you should put them to better use. You can sell your used games online for a profit, or you can trade them in for store credit. Use that store credit to pay for new games at a heavy discount.
Stick to one console
As a budget-savvy gamer, you shouldn’t try to collect all of the consoles. You don’t need to have a PlayStation, an Xbox, a Nintendo Switch and a PC set-up to indulge in your hobby. You’ll get plenty of entertainment out of one option.
Pay for longevity
Invest in games that you’ll play over and over — not ones that you’ll finish over the course of a weekend or two. You want to get your money’s worth.
Your hobby doesn’t have to hurt your financial stability. As you can see, it’s easy to rethink your gaming budget and save.