The Continue Payment Game is a simple game that is usually used with large purchases such as a car. Let’s say that you have purchased a car and have financed it so that you have a monthly payment of $300.00 for 5 years. You dutifully pay the monthly fee on the first of each month for 5 years and now the car is completely paid for. In most cases, people would take the $300 and put it toward something else.
In the Continue Payment Game, when the first day of the next month comes around you’ll still make the $300.00 payment as you have been for the last five years, but this time you ‘ll make the payment to your savings account instead of the car finance company.
Since the $300.00 payment has already been factored into your budget and you are used to living without it, there will be no pain in saving this money. You can continue to make the payment for as long or as short a period as you want, but a good goal would be an extra 6 months to a year.
This game can also be adopted for smaller amounts of money. If you have purchased any item on a payment plan rather than outright, you can use this game to help build your savings fund. This could be an appliance, a subscription or even a credit card.
By not committing money to something else in advance when a payment is about to end, you’ll find that you can save quite a lot by placing it in savings or toward debt that needs to be paid off.