Credit: DCStudio via FreePik
Alt=“gamer holding head in his right hand after looking for online short term loans”
One loot box never hurt anyone, but who can stop at just one? For a lot of gamers, it’s an impossible ask. Whether you’re trying to collect a special item, or you simply enjoy the thrill of not knowing what you’ll get, you can’t ignore these in-game purchases.
Microtransactions can cost you a good chunk of cash if you aren’t careful. One child spent more than $16,000 of his mother’s money back in 2020 during some unsupervised gaming. But adults aren’t immune either. In some cases, you can unknowingly bust your entire budget for a month, leaving you with less money than you need.
Are you making any of these microtransaction mistakes? If you are, there’s still time to turn things around.
You’ve Maxed Out Your Credit Card Bills
Most in-game purchases cost less than $10, which doesn’t seem like a lot of money. But once you start buying several loot boxes each gaming session, these microtransactions add up.
Before you know it, your credit card statement is full of these purchases. Add in all the other IRL purchases you make with these accounts, and you can very easily max out your credit cards.
If you’re struggling to pay off your credit cards in full at the end of each month, you may want to reconsider how many loot boxes you purchase. Carrying over balances increases how much interest and finance charges you pay, plus this habit may damage your credit score in the long run.
You Aren’t Saving Any Money
Another red flag microtransactions are taking over your finances is if you can’t save any money. This might not seem as egregious as the previous point. After all, what do savings matter as long as you can pay off your credit card and other important bills.
Savings matter because, without them, you’re essentially living paycheck to paycheck, and that can become a problem in an emergency. Let’s say your car breaks down or your cat gets sick. If every dollar you make already has a job, you don’t have enough cash left over to cover this new repair or vet bill.
You can usually rely on a credit card to help you out in these tight situations. But with these accounts maxed out, you may need to apply for short term loans.
So, what are short term personal loans? Short term loans are usually online loans with monthly payments, making them different from payday cash advances. Rather than paying back what you owe in one lump sum, you’ll break up your payments over weeks or months.
You’ve Considered Borrowing Money to Make Microtransactions
Finally, the single biggest red flag of them all: borrowing money for in-game purchases. If you’re tempted to fill out an application for loans over the phone while playing a video game, this is your sign to work on your spending habits.
Online short term loans should only ever be used as a backup to savings in emergencies — like when the car you need to drive to work every day breaks down, or your family pet need life-saving medication. You should never use them on in-game purchases that you can’t afford.
Should You Never Buy a Loot Box Again?
Not at all. If you enjoy it, the occasional loot box won’t hurt anyone. They can be a nice treat once in a while without worrying about your finances. However, they have the power to topple any budget if you’re constantly indulging in these luxuries. So don’t give microtransactions the power. Start using a budget and spend carefully.