Managing Your Money

Learning the art of bankroll management is one way that helps players can stay out of trouble while gambling. Each player believes that he/she will definitely win the jackpot, but the simple truth is that very few players win. This is because casino companies only have profits in mind and accept more money from players than they give away in the form of prizes. Players, therefore, must take care of their money and the best way to do this is to learn the basics of bankroll management.

First, players should put down on paper exactly how much they spend on gambling because keeping track of gambling expenses is the first step to controlling one’s gambling expenses. Second, they should determine exactly how much they can afford to lose in one gambling session and exactly how much they would like to win. Third, players should stop gambling as soon as they have lost the pre-determined amount or won the pre-determined amount.

Needless to say, money management does not include just the above three steps; it involves a number of other things too, as follows. Before deciding to go gambling, players must ask themselves if they can really afford to gamble. For instance, if they have already earmarked money for essential expenses such as groceries, monthly bills, food, education, medical bills, and so on and don’t have anything left, they really cannot afford to gamble. On the other hand, if they do have a few dollars left, they can spend part of the leftovers on gambling.

The best way to manage money and avoid spending excessively on entertainment such as gambling is to maintain a savings account and a checking account. The funds in the savings account must be used only for emergencies and never on entertainment purposes such as gambling, movies, vacations, and so on. Players who are guilty of overspending at casinos must not only minimize the number of credit cards they use, but also leave these credit cards at home. This will save them from spending too much money at the casino.

Gambling is definitely not for people who are unable to handle their debts. On the other hand, the focus of such people must be on getting their debts under control. If they feel helpless, they must visit a financial counselor, who will help them deal with their debt. Debtors who just cannot trust themselves anymore can take the help of a trusted friend or family member by giving them the power to handle their bank accounts and credit cards. People who feel tempted to blow up their money the moment they receive it can request their employers to credit their salaries directly into their savings accounts and set daily withdrawal limits for themselves.

People in debt usually feel tempted to try their luck at the casinos in the hope of winning a massive jackpot that will make them debt free in a minute. This rarely happens, and the debtor usually totters out of the casino poorer than ever.

© 2012