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How to stop gambling and save money
How to stop gambling to save money?
Gambling is not a smart way to save money. The odds are never in your favor. Just like gambling lotto is another way not so save money. Here is how to stop gambling and save money broken down.
Think about it logically casinos are not built for entertainment. Yes, entertainment is part of the lure, but they are a business. Businesses are built to make money. They will lure you in with all the glitz and glamour, but they want your cash. The odds are against you in any time of commercial gambling. The object of the game is to make you enjoy handing your money over to the casino at the end of the night. They give you incentive cards with free rooms and drinks. That is designed for you to come back and give them your cash again. I lived in Vegas for a few years, the casinos are masters of making you spend your cold hard cash.
There is always an event, live music, or some sort of incentive to get you through those doors. Once inside the maze of machines and stores keeps you there. I was in a few casinos when I was lost after 4 steps into the door. I understand the lure of gambling. It can be highly contagious. Yes, we will mostly agree its fun and give you a burst of adrenaline but is this the way to save. Hell no.
Saving money for your future is a mindset and a strategy. The more information you have on how to save money and budget for it, the better off you are. I am not saying do not gamble, I am saying if you do gamble make sure its budgeted. Do not go running to the ATM when you spent all your money, pack up and go home. You spent your budget of money time to move on. The conscious decision you make everyday with your money will always benefit you in the long run.
How do you stop gambling away all your savings have a set dollar amount and stick to it. Just like when you decided to bring your lunch to work a few days a week, you stick to it and put the money you saved into savings.
If you have an addiction to gambling seek help. There is nothing wrong with having an addiction, the problem lies when you do not take responsibility for it. We have all heard the stories of people losing everything, you do not have to go down that road. Let us make saving money our new addiction. See if you can save more this week than last week. Make it a game, pay attention to your spending habits. In the end when you have a stash of cash in your savings account it will be well worth it.
Stopping gambling and saving money are important goals for many individuals looking to improve their financial situation and overall well-being. Here are eleven effective ways to achieve these goals:
- Self-awareness: Acknowledge that gambling is a problem for you. Admitting the issue is the first step toward recovery.
- Set clear goals: Define your financial goals, such as paying off debt, building an emergency fund, or saving for a specific purchase. Having clear goals can motivate you to avoid gambling.
- Create a budget: Develop a comprehensive budget that outlines your income, expenses, and savings goals. This will help you gain better control over your finances.
- Block access: Use software or apps to block access to gambling websites or apps on your devices. This can reduce the temptation to gamble.
- Seek professional help: If your gambling problem is severe, consider reaching out to a therapist, counselor, or support group specializing in addiction. They can provide guidance and strategies for overcoming the addiction.
- Find alternatives: Engage in activities that are not related to gambling, such as exercise, hobbies, spending time with loved ones, or pursuing personal interests.
- Limit exposure: Avoid environments where gambling is prevalent, such as casinos or betting shops. This will reduce the opportunities for you to engage in gambling.
- Practice mindfulness: Mindfulness techniques can help you manage urges and cravings. Meditation and deep breathing exercises can be particularly effective in reducing impulsivity.
- Build a support network: Surround yourself with people who understand your struggle and are supportive of your efforts to quit gambling.
- Financial accountability: Share your goals with a trusted friend or family member who can help you stay accountable for your financial decisions.
- Celebrate small wins: Reward yourself for achieving milestones along your journey to stop gambling and save money. Treat yourself to something enjoyable that doesn’t involve gambling.
Remember that overcoming gambling addiction is a process that requires commitment, effort, and patience. It’s important to recognize that setbacks may occur, but the key is to stay focused on your goals and continue seeking support when needed.
Gambling is generally not considered a reliable or responsible way of saving money. In fact, it’s often considered quite the opposite. Gambling involves risking money on uncertain outcomes with the hope of winning more money. While there might be instances where someone wins money through gambling, it’s important to understand that gambling is inherently risky and the odds are typically stacked against the player.
Here are a few reasons why gambling is not a recommended way of saving money:
- Risk of Loss: The primary reason why gambling is not a reliable way to save money is the high risk of losing the money you put at stake. Most forms of gambling have odds that favor the house or the operator, making it more likely that you’ll lose money over time.
- Addiction: Gambling can lead to addiction, which can have serious financial and personal consequences. People who become addicted to gambling often end up spending far more money than they can afford to lose, leading to financial difficulties and strains on relationships.
- Unpredictable Returns: Unlike traditional savings methods such as savings accounts, investments, or retirement funds, gambling doesn’t offer predictable or sustainable returns. It’s based on chance rather than sound financial principles.
- Emotional Decision-Making: Gambling is often driven by emotions such as excitement, greed, or desperation. Making financial decisions based on emotions can lead to poor outcomes and impulsive behavior.
- Lack of Control: Saving money through gambling relies on luck rather than your own actions or decisions. Responsible saving involves making intentional choices about how you spend, invest, and save your money.
- Short-Term Focus: Gambling typically focuses on short-term gains rather than long-term financial security. Saving money is about creating a stable financial foundation for your future needs and goals.
If you’re looking to save money and improve your financial well-being, it’s advisable to explore traditional savings methods, investments, and financial planning strategies that are based on sound principles and offer more predictable and sustainable outcomes. Gambling, on the other hand, should be approached with caution and seen as a form of entertainment rather than a reliable way to save money.
We all learn from our mistakes and most of us have walked out of a place where you can gamble with a loss. Gambling is not a way of saving money; it’s giving your money away. Its time to give money back to yourself. You earned that money now make that money work for you.
If your gainfully employed and still have insufficient funds what should you do?
If your gainfully employed and still have insufficient funds what should you do?
Let’s go over the phrases first. Gainfully employed means you have a steady job where you are making money from either the hours you booked or being an salaried employee. This is another way of saying you have a job. Psychology adds gainfully as a motivational booster to just being employed. Its something you should be proud of, there was an employer out there who liked your skill set and will give you money for you to use that skill.
Insufficient funds. This is another way of the bank saying there is not enough money in your account to cover the purchased or cover the amount of money you want to take from your bank account. Be very careful with this one phrase coming up in your life since the bank will usually charge you a fee for presenting this message to you. These are called overdrafts and if you do not have overdraft protection on your bank account the fees will start rolling in.
If you ever have insufficient funds in your account you need to take a step back and see what led up to this occurrence. Was there a sudden emergency that required your attention or was it lack of planning on your part. Taking responsibility for this has to land on your shoulders so you can learn from this experience making sure it never happens again. Being employed means you have an amount of money paid to you either weekly or bi-weekly. After taxes this is called net income. If you deposit your income into your bank account this money is accessible through either an atm, teller, or debit card. Having your money work for you relies on the budget you created.
That means there is a direct tie from your budget to your bank account. Improperly budgeted money will leave you more days than money. This is where you fall into the insufficient funds messages. So to avoid all of these extra fees you need to set up a budget.
Where do you start. First take into account how much money you will be paid net over a month. After you have your net income written down deduct (subtract) your living expenses. Those living expenses are as follows.
- Rent or mortgage
- Utilities
- Food
- Car payments
- Insurance
Those are the 5 things the average American pays for. About 90% of the population all have the same monthly expenses just not the same amount. After you deduct your expense from you income you have money left over. This money is a surplus. Surpluses are GOOD! If you don’t have a surplus you have to either figure out how to make more money or cut down your expenses. Wondering how to save money on a tight budget take a look at: https://mindyourcents.medium.com/secrets-to-saving-money-on-a-tight-budget-78dfb4060045.
That surplus of money should be saved into 3 different buckets. If you want to learn more: https://mindyourcents.com/where-to-save-your-money/
- Short-term savings.
- Medium-term saving.
- Long-term savings.
Of course you want to keep a little in your bank account fo you want to treat yourself to some take out or a gift. The goal of this whole strategy is to avoid getting the insufficnet funds message if you are gainfully employed so it is crucial to follow your budget to the decimal and make conciuos money decisions.
Having a steady income is important but not as important as mapping out where that income goes daily. If you can budget out your month and still have a surplus it gives you the chance to have money start working for you. There is a strategy out there called compounding interest. This interest can start doubling your money if you can invest it. Over time these investment account can grow to huge numbers with you just saving a few dollars a week. Youi have to take control of your money, have your money work for you not the other way around. This all starts with taking responsibility for your money. Budgeting does just that.
If you pay attention to your spending and save $5 a week that ads up really quickly. Want an example without any interest added $5 a week saved for a year is $260. Doesn’t seem like a lot at the money but what if you did this over 10 years. The same $5 a week turns into $2600. That’s without any compounding interest. That’s just the savings you made on a weekly basis. Here is where it gets interesting. What if you up that to $10 a week. All the numbers double. $10 does not seem like a lot but It makes a huge difference to you bank account. If you have an extra $200 in you bank account at any time do you think you will ever over draft or have insufficient funds. Monitoring your account and you budget with your employment this can be totally avoided.
So if your gainfully employed and have insufficient funds what should you do? You should start a budget, make conscious money decisions and stick to your plan. This is your money take control of it.
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