How to Budget for Your Video Game Habit

If you're itching to try the new game everyone's talking about but you've got a hunch it'll end up being a door stop two weeks from now, consider renting it for a night instead of buying. Redbox kiosks offer rentals by the day, although the selection is limited. Blockbuster rents video games for five days at a time [source: Newman]. You can even rent certain games served by an Internet cloud from OnLive.

More avid gamers who want a wider selection and longer rental time can choose from several rent-by-mail services like GameFly, Gamerang or Gamemine.com. While there are some differences between these companies, all three offer thousands of titles for a monthly fee, and they don't penalize you for late returns [source: Top Ten Reviews]. When you finish playing with a game, you simply put it in the pre-paid envelope and drop it in the mail.

A monthly subscription typically runs $8 and higher, depending on how many games you want at a time. Take note of your gaming habits. If you play "buffet style," sampling one game for an hour and then another for a few minutes and so on, you'll want a subscription plan that allows you to check out multiple titles at a time. If you tend to focus on one game until you've mastered it, a cheaper subscription model will serve you best. The good news is that rent-by-mail companies don't usually ask for long-term commitments and they'll allow you to change your specific plan with a few clicks [source: Top Ten Reviews].

Before selecting a rental service, make sure it offers games for your console. Few companies offer games for every available gaming system. Be aware that some rent-by-mail game services also rent DVDs. If you're a frequent movie-watcher, this added offering could provide more value for your money [source: Top Ten Reviews].

You might miss out on that "fresh out of the box" smell, but otherwise, why not buy used? Games can be purchased at a fraction of their original cost and many stores back their used purchases in the same way they back their new games. You'll have to show some patience until just-released titles make their way to the used section of your local game store, but otherwise buying used can prove beneficial.

Notice that you've got some games on your shelf gathering dust? Don't miss out on this opportunity to upgrade your library. Just because you've grown tired of those games doesn't mean someone else wouldn't love to have them. One person's trash is another person's treasure, right? Take your used games into your local game shop -- they can tell you what they're willing to pay for those old titles. It's all a matter of supply and demand. If the game you've mastered and put on the shelf is extremely popular, you'll probably be surprised how much it's worth. Even an old game console which is of no value to you may be worth a great deal to another gaming enthusiast -- particularly if you sell it on eBay or Craigslist. Check around to get an idea of what your old property is worth before you hand it over.

If you're a buyer, don't forget that new doesn't always mean better. Smaller retailers like Gog.com specialize in older games at cheap prices. If you're new to gaming, an old classic can be every bit as exciting to play as a pricey just-released game.

This is where the qualities that make a great gamer -- focus, quick reaction and attention to detail -- can also save your budget. If you want the latest and the greatest, you need to keep your eyes open for sales and be ready to pounce. Holiday sales are common, whether they're through big-box sites like Target or Amazon or smaller retailers. If you plan for sales, you may be able to buy a year's worth of games in one cost-efficient swoop.

Another way to soften the blow of new game console and game prices is to be well-positioned come release day. Loyalty bucks and game site (or brick-and-mortar store) subscriptions can put you in a prime spot for a bargain. Investigate online sites or purchase a membership card to your local game shop. If you're an avid gamer, it'll pay off.

Finally, consider going old school to get something new. Remember the days when you could put something on layaway that you really wanted? Well, consider yourself a layaway service. If there's an upcoming game that you've just got to have the second it comes out, then set some money aside with each paycheck. Come release day, you'll be able to walk out of the store smiling and guilt-free.

Budgeting in the gaming world isn't much different than making smart financial decisions in your day-to-day life. You just need to understand the gaming community, your personal preferences and tendencies and decide when it's OK to pull the trigger.