That’s the name of the game for some people looking for easy incentives to stash away a little extra cash without thinking twice about it.
The app has customizable rules. Pearson chose one that rounded up his transactions to the next dollar and put the difference in his savings account. When he made a purchase for $9.60, the app would deposit 40 cents into his savings account. He was able to create a joint goal, so his wife could also contribute to their savings plan.
Consistency is key. When people start saving for something like a life event, they typically fall off the savings wagon after reaching their goal. Four in 10 people identified themselves as “aggressive short-term savers,” meaning they can put away money for a given goal like a wedding or vacation, but after that go back to their old spending ways.
Long Game Savings, a free app, lets users set up an interest-bearing savings account. As people save, they get “coins” that they can use to play games like slot machines where they can win real cash. The more money they save, the more options they have to get free cash. Long Game makes money by charging banks it partners a referral fee.
The app also charges a premium for players to get access on multiple platforms such as Apple iPhones AAPL, +1.83% tablets and laptops.