Never, never use your bills money to gamble with
Playing casino games should only be done if you have the money to do so. I always advocate a very strict policy to never, never use your bills money to gamble with.
Bankroll management is one of the biggest skills a gambler can have. Good management that is. Not only will this lead to further debt, but it could lead to more serious problems like being homeless, not being able to eat, buy clothes or support your family.
So, how do we know how much money is enough to gamble with?
This is a question that can only be answered by you. Your money situation will determine how much money you can use for hobbies, including gambling. If you are wealthy, then you can gamble all you want. For the most of us though, we need to be able set aside money to use for casino games.
Again, you should never be gambling with money you don’t have or need to comply with your responsibilities.
To avoid having to go into debt to gamble, you should use some type of “Monthly Finances Calculator” in order to figure out how much money you should be saving for each of your responsibilities and of course to gamble with. Then, the first
thing to do is start with an amount you like play with: If you would like to have $1,000 to play with, then you need to figure out how long it will take to save this amount.
Figure out how much you make, the bills you need to pay, including food, gas and everything else that you need to survive. Take what’s left and consider that leisure money. Money that you can do whatever you like with.
I recommend using only some of that money to gamble with as its best to have other things to do then just gamble all the time.
If you want to gamble soon, then save as much as you can out of that leisure money and pretty soon you will have enough to play with.
The amount to save and how long it will take varies greatly with each person, so there is no magic formula or answer to this question. Simply take the above advice and calculate how much you are willing to save out of each paycheck and this will be the best way to figure out how much to save for gambling.
Once you have enough money to play, you should still be using a strict bankroll management system so that you can play longer and build up more money to play bigger limits.
Category: Personal Finance