It can be easy to get carried away with any type of spending and therefore many of us can end up spending more than we can afford on many things. This can happen when gambling as much as other things. The bigger problem with gambling is that people get trapped into thinking that they will have a big win eventually and so keep putting in more and more money but there is little chance of winning back what they put in. This is why it is so important to set a budget to stick to.
Deciding how much to spend can be hard though. It is worth starting by considering how often you want to play. If you want to play each day, then you will want to set a daily budget, but it may be more relevant to set a weekly or monthly budget if you play less often. That budget needs to be set at an affordable level. It is best to assume that you will lose any money that is put in to gambling and so make sure that you only spend money that you can afford to lose.
This might sound a bit harsh but it is worth thinking about it like this. Imagine the money that you are spending on gambling is a payment for the fun that you are having playing. So assume that it is a payment and therefore spent, in the same way that you would pay for a service. Then you will not rely on any winnings, but see them as a bonus that you will get if you are lucky. If you have this attitude, then you will be less likely to overspend. Continue reading