It is a common tendency for new punters to get carried away with the attractions of online gambling without devising a budgeting plan. Ask any seasoned bettor and all the smart ones would testify to the fact that budgeting is the core concept behind successful betting over a longer run. Why? Because setting up a gambling budget enables you to be in control.
When you have earmarked a specific sum of money for betting, you can keep track of:
- Your financial situation for possible adjustments if required
- All the bills that are pending before playing online slotmachines and casinos.
- The gambling patterns to alter if you notice an exponential rise in your expenses
After that, use the tips here under to control your urge to splurge:
1. ONLY USE THE AVAILABLE LIMITS
A gambling budget can be created out of all the deposit limits that are available to punters. Also, apart from setting up a monthly betting budget you can also enable a maximum daily deposit limit.
Players with a knack of excessive gambling can just ditch the service they are using for that day and spend more money elsewhere. Therefore, it is more about limiting yourself than the actual budget.
2. CREATE A SPREADSHEET
Spreadsheets are simple to set up and manage, and if you use Google Sheets to make one it will also not cost you anything. You can use the spreadsheet to apportion the sum of money you can spare towards the budget in light of your other financial responsibilities. However, if you are an expert Microsoft Office user, then Excel is a comprehensive program that offers several formulas and shortcuts for different types of calculations. Although, it is an efficient way to manage your gambling budget not everyone is keen on making a spreadsheet because of its apparent dullness and product price.
3. USE A BUDGETING APP
The next best thing to making a spreadsheet is downloading an excellent budgeting app (for example, Mint, Andromoney and Spending Tracker) that specifically addresses your gambling budgeting needs. The apps are user-friendly, accessible from anywhere and make budgeting a fun experience. Nonetheless, like Microsoft Excel, if you want a fantastic app then you need to pay for it.
4. LIMIT YOUR GAMBLING TIME
The less time you would spend wagering, the more you would damage your bank balance. Therefore, set up a specific time limit for yourself and stick to it every day. This way you will soon be saving up. In case you forget that you are on a time limit, set up an alarm or a stopwatch on your phone to know when it is time to stop trying your luck.
The time management discipline still requires a significant commitment on the punter’s part as it is all too easy to silence the alarm or reset the watch. Therefore, if you are primarily in control of your finances and want to optimise your betting budget, then this tactic has a high chance of working out for you.
5. NEVER SPEND OUTSIDE YOUR MEANS
This is perhaps the oldest advice in the world to avoid going broke financially. In the context of betting it means not to send your credit card bill in a freefall if you are feeling lucky. This is because there is a high probability that a decision may hamper the other necessary payments of your life. You can argue that in exceptional circumstances overdrafts are admissible with slight overspending, but not much fun when you are unable to pay back to the bank what you owe them.
Lastly, if a punter’s gambling habits are beyond budgeting and cosmetic controls then there is no shame in admitting to addiction and getting appropriate help. A gambling addiction causes serious damage to the person himself as well as his loved ones. The sooner you start budgeting, the better it is for your overall
finances and mental peace