How to Stay Within Your Budget

Losing is a very natural part of gambling, particularly when wagering with real money. It is therefore very important that you don't spend more money than you can afford, because there is always a good chance that you will lose it, especially as a beginner. There are many ways to ensure that you do not exceed your budget, and staying in control of your finances will guarantee that you always manage to have fun.

By Claire K | Financial

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Budget, Responsible Gambling, Financial

Topics Addressed

Deciding on a budget
Maximizing your budget
Setting up daily deposit limits
Setting up a secure account
Chasing out techniques

Previously Required Knowledge

In order to devise a budget for gambling purposes, you have to be up to date with your financial situation. This means knowing exactly how much money you are left with each month after paying all other expenses, so that you can assign a certain amount to gambling and/or recreational activities. Also, it might be worth knowing how to set up an online banking account, in the event that you might need it for online gambling.

Instructions

Step One

Devise a budget
Do so by calculating the total of all your incomes, and subtracting all your monthly expenses, which should include things such as rent/mortgage, bills, tuition, food, transportation, etc. Place an amount of your leftover cash in the bank for savings, and allocate the rest of it to gambling/recreational purposes. If your income or expenses rise or decline, modify your budget accordingly. If they do not, leave it as it is at all times!

Step Two

Find the best deals
you can maximize your budget by playing at online casinos that offer calculated bets, and bonuses or promotional deals that can boost up your budget just a little more each month.

Step Three

Set up a "secure" account
A secure account is a checking account that doesn't have internet banking facilities, and doesn't allow you a credit card or debit card. When you receive your wages or any other income, allocate a portion of it for gambling/recreation purposes, and deposit the rest into this account. Use the funds in the account for paying your expenses and leave whatever is left over as savings. This way, you cannot use up these finances for gambling activities.

Step Four

Set up a maximum daily deposit limit
It is advised that you use a credit card or debit card for real money gambling over the internet, because it allows you to maintain an extra element of control over your finances. Transfer your budgeted gambling funds to your credit/debit card, and contact the online casino support line. Ask them to assign a daily deposit limit to your card, so that each day you gamble you cannot exceed your budget.

Step Five

Don't stop cashing out
Cashing out frequently as you play will ensure that you never leave the casino empty handed, and will even provide you with extra cash for next time. If you are on a losing streak, however, it is recommended that you cash out what you have left, and walk away before losing it all.

Tips & Warnings

To make sure you don't guzzle up your monthly budget within one or several days, designate a specific time limit to each gambling session you start.
Set yourself targets; for example, if you wager $100, set a target of $200 and once you reach it, cash out. This leaves you with $150 to continue playing and $50 for the next time you get online.

If your incomes and expenses do not change, yet you find yourself increasing your budget, this is a sign that you are growing addicted to gambling. It is the most obvious sign of problem gambling, and following the steps outlined above will ensure that you remain a responsible gambler at all times. If at any stage you fear you might be getting addicted or losing control, contact a gambler's help service immediately.