The statistics are clear: Australians gamble more than citizens of any other country. In fact, a 2016 study showed that, on average, Australian citizens lost 1,410 Australian dollars a year from gambling. In other words, gambling has become something of an epidemic in this country.
Now, this isn’t to say that you should stop gambling altogether. However, in order to keep yourself afloat, you would be wise to implement some precautionary strategies.
Need help doing so? Then keep on reading. We’re going to give you 10 tips to help you avoid spending all your money on gambling.
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How to Avoid Spending All Your Money Gambling
Gambling is a lot like a drug. When you’re in the midst of it, it can provide you with a rush unlike any other. However, if you’re not careful, it can get out of control and cost you dearly.
Fortunately, you can prevent his from happening by utilizing the following tips.
1. Portion Out a Gambling Fund
One of the most important things for regular gamblers to do is to set aside a weekly or monthly gambling fund. By doing this, you can ensure that you’re not spending your rent money, food money, or other vital income while gambling.
First, make sure that you have all of the money necessary to pay for your necessities. We suggest contributing some of your money to savings as well, but only if you’re inclined to do so. Then, you can use any remaining money for gambling purposes.
It’s usually a good idea to keep your “necessities” money separate from your gambling money. So, in order to do so, you should think about opening up an additional bank account. By doing this, you will prevent yourself from accidentally going overboard with your wagers.
2. Save Money Strategically
As was alluded to above, before prioritizing gambling money, it’s a good idea to prioritize savings. You never know when an emergency (ie. car damage, home damage, etc.) might occur. You don’t want to put yourself in a situation where your gambling prevents you from making emergency payments.
You should also think about your long-term savings (ie. retirement, college funds, etc.). In the grand scheme of things, long-term financial security is much more important than gambling.
As far as an emergency fund goes, you should try to keep a savings of 3 to 6 months of income. Once you’ve accumulated such savings, you can commence with the gambling.
When it comes to long-term savings, you should be contributing equal amounts on a monthly basis. Amounts will vary by person based on total income and long-term goals. If you’re having trouble saving your money, you should consider consulting a financial advisor.
3. Have a Budget in Place
Regardless of whether you’re a gambler or not, you should have a budget in place. A budget will help you to track your spending and income and will alert you as to whether you’re being responsible with your money.
Our advice is to get detailed with it, creating a spreadsheet or using a smartphone app in order to allocate specific amounts of money to specific costs on a monthly basis. As money is spent or received, you can make note of it in your spreadsheet or app.
While budgeting, it’s a good idea to decide what will become of your gambling winnings. Will they be added onto your gambling fund? Or maybe you’ll use them to pay for fun activities?
By designating a destination for your winnings, you can ensure that you’re spending them in a safe and controlled manner. In other words, you won’t impulsively throw them away on whims.
4. Establish Win/Loss Limits
A problem that many gamblers have is not knowing when to stop. Odds are, if you gamble for a long enough period of time, you will lose money. For this reason, you need to set limits for yourself.
Generally, the best way to do this is by establishing win/loss limits. This Includes preemptively designating a monetary maximum for earnings and a monetary minimum for money lost.
For instance, you could decide that you will lose no more than $250 and win no more than $500 during a single gambling session. Should you reach either of these figures while in the midst of the session, you should bow out immediately.
This is a foolproof method of ensuring that you don’t lose too much money at any one time. Of course, in order to stick to this self-imposed rule, you need to practice great restraint and discipline.
5. Hide Your Credit and Debit Cards
Those who gamble at physical locations such as casinos are much more prone to impulsive spending. For this reason, if you’re going the gamble at a physical location, you should leave your credit and debit cards at home.
Instead of bringing your cards, you should withdraw money from your bank account and take it to the casino in strictly paper form. In doing this, you make it impossible to spend more than you had originally intended to spend. In other words, you eliminate the possibility of impulsive spending.
6. Utilize Small Bills
Another way to ensure that you’re not spending too much money while gambling is to gamble with only small bills. For instance, instead of laying down 10-dollar bills, lay down 10 1-dollar bills.
While the dollar amounts are technically the same, a set of 10 1-dollar bills feels as if it’s more money. Because you’ll feel as if you’re gambling with more money, you’ll be less tempted to wager more than you can afford.
7. Stick to Games With Low Limits
As a regular gambler, you’re well aware of minimum limits. These limits designate the minimum monetary amount that needs to be wagered in order for a person to enter a given game. These limits run the gamut from small to extravagant and include everything in between.
While you have the option to enter any game that you can afford, you’re urged to enter only low-limit games. By entering only low-limit games, you run the risk of losing only small amounts of money, not large ones.
Though you won’t be able to win as much money as you would in higher-limit games, you won’t be able to lose as much either. Plus, you’ll still be provided with the rush that makes gambling enjoyable.
Before entering any game or any bet, assess your monetary situation and make sure that you have the funds necessary to comfortably participate.
8. Take Breaks Periodically
Just like there’s such a thing as drinking too much, there’s such a thing as gambling too much. Unfortunately, it’s when one gambles too much that he or she typically gets into trouble. The act of gambling becomes a habit as opposed to a fun activity and results in more money being spent than was originally meant to be spent.
Fortunately, there is a way to prevent this from happening: schedule regular breaks. For instance, if you’re an avid gambler, you could schedule a week every month in which you gamble no money whatsoever.
This will break the chain of constant spending, allowing you to collect your thoughts, and ensuring that you don’t fall into any habits.
9. Pick Up Another Hobby
Gambling is undoubtedly exciting. For some of us, it’s the ultimate rush. However, that doesn’t mean that we should be doing it all of the time.
There needs to be something else in our lives aside from wagering money. In other words, we need hobbies outside of gambling. It doesn’t matter what the hobby is, it just needs to serve as a distraction from the act of putting your money on the line.
Surfing, golfing, running, carpentry. It doesn’t matter. If it piques your interest and keeps extravagant amounts of money from spilling out of your bank account, it’s a worthwhile endeavor.
10. See a Therapist
If you have a serious gambling problem and have lost substantial amounts of money because of it, you’re advised to seek the help of a therapist. Why? Because you are likely addicted to the activity.
There are all types of psychological therapists out there, many of whom specialize in gambling addiction. These individuals can help you get to the root of your addiction, identifying any underlying psychological problems that you may possess.
Therapists can also help to keep gamblers in check, ensuring that they’re not spending too much money at any one time. In this way, they’re like gambling supervisors.
Note, however, that if you’re utilizing the services of a therapist, you have to want to beat your problem. If you’re not ready to eliminate your gambling habit, you’ll just be throwing away even more money.
In need of more gambling tips?
To avoid spending all your money on gambling, you must practice great discipline and restraint. By utilizing the above-reviewed tips on a consistent basis, you stand a very good chance of maintaining your financial security.
Looking for more gambling tips? If so you’re in the right place. True Blue Punter has gambling tips of all kinds, covering topics such as poker, sports betting, lotteries, and more.
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