Gambling Budgeting

[TopTort777]

I gamble for fun, I dont track how much I spend on gambling. I dont do that because I feel when I am starting to be low on money and I can easily stop gambling for a moment when I again will have lots of spare money. For me it is enough to look at total of my bank account to quickly build expenses plan and calculate if I can freely spend money or must put on a pause every my "I want" Btw, I have never deposited a lot, 5-10-20-50 bucks once in a while does not bother me at all.

[qwertyup23]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

Before, I used to be that “happy go luck” person that does not keep track of anything. I used to just wing everything and gamble without any limitation. It was fun at first but when you come to a point where you realized that your funds are slowly draining, that will be the turning point of being reckless to responsible.

Like all mistakes, almost all experiences teach you with knowledge and wisdom. From my painful past of exhausting my resources due to gambling, that taught me to manage my finances well in order to prevent it from happening again.

Not separating your funds can be very problematic. So even when folks are gambling for fun, it is still important that they keep a separate fund for gambling... This is coz having a separate fund Helo folks create a boundary and also enable them to be able to track their gambling spending and know whether they are over gambling or not... And it is important that folks stops gambling and leave it for next time one they exhaust their budget. They should very well avoid trying to top up from money meant for their daily needs and expenses..

Exactly! This is what happened to me in the past where I lost control of my finances which eventually affected my spending habits.

By the time you have responsibilities and obligations to meet, having to control your finances responsibly is key. If you lose track and get lost in the translation, then expect everything to slowly crumble.

[EarnOnVictor]

-Snip-
I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

I would have been so concerned if I were an irresponsible gambler, but fortunately, the reverse is the case. So, I  don't have a separate purse for gambling. You have a point though, every active gambler might want to be accountable, so that they do not mix serious money up with some money meant for some extra activities, which could be risky.

[o48o]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

People who don't "feel the need", haven't either lost control, or don't want to to admit to themselves, that they tend to lose it once in the while.
Losing control is not easy to admit, so people rather argue that they can keep their budget next time, because they have learned.

Thing is, it's not really about just learning, because your brain works differently when it's under the influence of excitement and dopamine reward loop. So you likely aren't making same decision that "sober" you was".
So, just to be clear, by "losing control" i mean people who are trying to make new choices when they run out of money to justify higher bets then they planned beforehand.

I Keep separate funds to ENSURE it's going to be fun.

[junder]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

Honestly, separating funds for something is important. For example, if we have a habit of gambling then we should separate the funds for gambling and it should be a set amount, not too much.
I've experienced gambling by not separating funds, it really affected my finances badly, but in the end I realized this and set a limit and separated it.

I have an income and I divide it amongst myself, such as meeting needs, setting an amount to save and so on.
And if there's anything left over I use it for what I want, sometimes buying things or using it to gamble. I didn't do it like that before.

[Dr.Bitcoin_Strange]

Budgeting in gambling or in anything is really a good habit that someone needs to have because it prevent the person from spending recklessly in the way they want. I know that during to early times when I just started gambling newly, I didn't take budgeting seriously but not now again, this time around, if I earn some money and I'm allocating that money into some budget, gambling will also be included but just a small percentage which I will also decide not to add more money to my gambling budget until the next time I earn again. For example, if after allocating 10% of my income for 1 month gambling and I spend it all before that time, I will have to wait until next pay cheque.

[fortunecrypto]

... do you keep a separate gambling budget? Or do you manage everything together?

If you manage everything together, you will end up mismanaging your budget because there is no limit on what you can spend on gambling, much like a personal budget, where you can allocate funds for food and other expenses.
It's a serious concern if you don't know how to allocate your budget, if you're just an office worker, even a businessman knows how to budget his expenses.

[dimonstration]

I gamble for fun, I dont track how much I spend on gambling. I dont do that because I feel when I am starting to be low on money and I can easily stop gambling for a moment when I again will have lots of spare money. For me it is enough to look at total of my bank account to quickly build expenses plan and calculate if I can freely spend money or must put on a pause every my "I want" Btw, I have never deposited a lot, 5-10-20-50 bucks once in a while does not bother me at all.

I track my expenses but only when I’m in profit for that specific month since I want to compute how much I should cashout in fiat so that I can spend it and leave my original bankroll for gambling purposes.

However, I don’t track my expenses when I’m on losing month since it will just distract me on my decision making when gambling that possibly makes me trigger the chasing loss attitude.

It’s indeed not a must to track expenses unless you require to do it either for tax purposes or personal expenses.

[HelliumZ]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

Those who gamble for fun do not have any financial problems, so it is not a problem for them to not have a budget. For those who have financial problems but still gamble, it is definitely important to have a budget.
If given a budget, he adapts himself to that budget, but if not given a budget, he becomes uncontrollable, and being uncontrollable, he becomes even more reckless and incurs losses.
I have also created a budget that balances income and expenses and does not put me in too much financial trouble, and keeps my gambling addiction under control.

[GIF-JOBS]

Since I mostly gambling on crypto casinos, of course I have separated gambling budget because all the other money is stored in bank account while the gambling fund is stored on my crytpo wallet which is also separated from my budget for trading and holding. This way, it helps me to manage my money better especially for gambling although I have to be honest that sometime I use the fund for holding to gambling but I do not take it too much.

To maintain control over yourself, it is certainly reasonable to keep your funds separate, as per your mental state and financial situation. When people keep all their money in one place, they are somewhat weak in keeping away from mixing the funds, and because of this weakness, they make the biggest mistake here, they suddenly lose control and start making decisions based on emotions and as a result they start losing their other important money as well, thus they face a lot of losses. But when things are consciously limited and the funds are kept separate, then the chances of them being under control are better.

[Zigabel]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

It doesn't matter if you are gambling for fun or not, always make sure to keep a budget for gambling if you are a gambler because if you are not doing such, you are very likely to spend even more than you can think of, and you are gradually going to fall into addiction unknowingly to you. I always have a budget and that has helped me in ways that are really good, i have been able to keep track of my gambling both wins and losses and that has helped me even with controlling my emotions too because once i exhaust the amount i planned on spending, knowing its an amount i can easily forsake, i don't get bothered so much any more and don't see the need to gamble in a way to recover or revenge my lost funds on the casino.

[michellee]

I have my gambling budget so I can controlling my funds not exceeding. It is because I experienced losing much in the past and that was my mistakes so I don't want to get the same.

Play gambling can makes you forget controlling your funds and if you lose, you may add more funds to continue gambling which can makes your losses bigger.

Separating budget to play gambling and others will be important so you will not use funds for other things.

It is good if you can separate funds. That will avoids you from exceeding your budget for playing gambling.

[danadc]

Ideally, when gambling, any leftover money should be used for many things, like having fun, eating out, and why not, playing at the casino. While it's almost a given that money spent at the casino is essentially lost unless you win, your budget shouldn't be too large Losing money at the casino is normal what's not normal is losing everything in your wallet You should be responsible in that regard.

[ASloveapg]

Ideally, when gambling, any leftover money should be used for many things, like having fun, eating out, and why not, playing at the casino. While it's almost a given that money spent at the casino is essentially lost unless you win, your budget shouldn't be too large Losing money at the casino is normal what's not normal is losing everything in your wallet You should be responsible in that regard.

Casinos or any type of gambling should never be seen as a source of income, it is a way of entertainment so it is better to take it as entertainment only. Losing in gambling is very natural and very possible, and because this fact of losing is so natural, it is so necessary for us to maintain limitations here. If we cannot accept the fact of losing as normal and cannot accept it, then later on our activities will be more likely to go out of control. So it is very important to be careful here, otherwise getting addicted and losing everything is certain.

[eisen33]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

Distributing your budget is always important, when I receive my salary I allocate it I set aside a portion right away, and distribute the rest to cover all necessary expenses, and there’s always a small part left, let’s say to treat myself. From that portion, you can take a little for entertainment, such as gambling. For gambling there should always be a fixed budget, we call it a bankroll. You can use parts of this bankroll to make deposits and play. When your bankroll is fixed and you manage it wisely, you will never spend more than you planned.

[KiaKia]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

If the amount of money is too less there is no need to keep track of it, tell me, do you keep track of the amount you spent on coffee? Do you keep track of the amount you spent on drinks like alcohol? You do these out of fun, doing what you like to do.

How much are we talking about here? Like time I checked many online casinos accept $1 as their minimum amount that every gamblers can deposit, if you are earning $40 in a week and you are burning $1 on gambling every week how will this affect you?

The problem is people risking too much on gambling all in the name of having fun, the solution is maintaining the fun with very small amount of money, that even if you lose the money it won't affect a single hair on your head.

[rachael9385]

I have personally noticed one thing. Those who gamble just for fun also get into trouble at sometime just because they don't keep track of their money. Those of us who invest or trade or even try to keep separate funds for daily living expenses. But there are many who don't feel the need to keep separate funds for gambling. I didn't keep funds at first. Later I noticed that my gambling limits were being exceeded because of not keeping funds separate. Even though I gamble for fun, I try to keep separate funds.

I want to know from your real experience, do you keep a separate gambling budget? Or do you manage everything together?

Distributing your budget is always important, when I receive my salary I allocate it I set aside a portion right away, and distribute the rest to cover all necessary expenses, and there’s always a small part left, let’s say to treat myself. From that portion, you can take a little for entertainment, such as gambling. For gambling there should always be a fixed budget, we call it a bankroll. You can use parts of this bankroll to make deposits and play. When your bankroll is fixed and you manage it wisely, you will never spend more than you planned.

This is a safe way to gamble, allocating your funds after you get paid prepares you to spend just a certain amount of money and not anything that's above it, gambling responsibly is all about discipline and financial control. Although it is possible to be in control and gamble without having a budget but it's more easier to focus on having a fixed bankroll, this is one way to gamble safely.

[Frankolala]

This is a safe way to gamble, allocating your funds after you get paid prepares you to spend just a certain amount of money and not anything that's above it, gambling responsibly is all about discipline and financial control. Although it is possible to be in control and gamble without having a budget but it's more easier to focus on having a fixed bankroll, this is one way to gamble safely.

There are many good gambling practices put together that can make you a responsible gambler in which gambling budget isn't exceptional. When you have a gambling budget, you already know you gambling limit and it helps you gamble within your limits. Gamblers that can gamble responsible without a gambling budget are mostly occasional gamblers.

[Doan9269]

As a gambler, one of the aspect we cant afford to fail in it is in managing our bankroll, because we have to budget ourself and gamble more responsibly at the same time, we need to budget ourself, lets not deceive each other, this is required and also important, because it helps us know what to do and how we could be in the best position of enjoying what we expect in due time, because this is all about having fun and we cant fully achieve that when the budget is not well in place.

[Smartprofit]

These days, most people manage their family budgets. 🙋 Some even use Excel spreadsheets (the old-fashioned way). I find this quite convenient, especially if you use Excel spreadsheets at work.

Banking apps also automatically generate detailed monthly income and expense reports. Naturally, these reports don't include cryptocurrency-related expenses and income...

Since I gamble with cryptocurrency rather than fiat, I create a dedicated report for cryptocurrency-related income and expenses. In this report, I also track my gambling wins and losses separately. 🎰

Honestly, I don't have a specific amount I plan to spend on gambling, but I intuitively understand how painful a big loss would be. And I don't like pain. 🙆