How to Set a Gambling Budget

As with everything we are spending, it is a good idea to set a budget for when we are gambling. This will ensure that we do not spend more than we can afford and that we keep the game fun without having to worry about the cost of it. The amount that we spend will depend on our own personal situation so a specific figure cannot be given that will suit everyone. However, you should be able to work out what the amount i’ll be for you, by following these methods.

  • Get together you bank statements for the last six months
  • Calculate how much you received in income in that time
  • Calculate your average monthly spend
  • Work out how much you have left

Doing these things will allow you to calculate the amount of money you have left, after your normal spending and that could be the amount that you use in the casino. However, you might like to put some of that money away in a savings account and so it is a good idea to have a think about that and make sure that you do set some money aside if you want to, before you decide on your gambling budget. If there is no money left then you will have a number of options available to you

  • Cut back on other luxury spending to have money to gamble
  • Cut back on necessities
  • Make extra money

Cutting back on other luxury spending is probably the easiest thing to do. You will need to think about whether there is any spending that you are doing that is not really necessary and you will be able to use that money for gambling instead. Consider how much fun you get out of the thing you are giving up and compare that to the amount of fun you get from gambling and you can decide whether it is worth sacrificing one for the other. 

Cutting back on necessities can be tricky. If you have a family to care for, then you want to make sure that they have everything that they need and are not deprived because you want to pay some money for gambling. Even if it is just cutting back for yourself, think hard about whether you do want to heat the house less, eat cheaper food etc and what the consequences of this might have on your health and happiness. Think hard about whether this really is something that you should be doing. 

Making extra money can be a better way as it means that you will not need to cut back on your spending. You might be able to do more work, but it could also be worth thinking about whether you have any things you can sell to make more money, whether there is any freelance work you can take on and things like that. The more extra money you can make, the more you have available to gamble with, but it will eat up your leisure time as you will be using it to earn money rather than having fun, unless, of course, you can find a way to earn and have fun!