10 tips to balance betting and your budget
Problem gambling can quickly escalate, impacting your finances, relationships, and emotional well-being. While gambling can be a fun activity for many, it’s important to approach it with caution to avoid negative consequences. Whether you want to prevent problem gambling or regain control, these practical steps can help you manage your habits and safeguard your financial stability.
1. Set Limits on Time and Money Spent
One of the most effective ways to reduce the risk of problem gambling is to set clear limits ahead of time on how much time and money you spend gambling. Aim to limit your gambling no more than four days per month and spend no more than 1% of your household’s monthly income. For someone experiencing anxiety, depression, problems with alcohol or substance use, or has a personal or family history with problem gambling, consider establishing more conservative limits.
Additionally, it’s easy to lose track of time while gambling. Research shows that the longer someone gambles, the more money they tend to lose. Set a clear time limit before you start and stick to it. When the time is up, move on to another activity to maintain balance in your life. Better yet, plan activities you enjoy for right after gambling sessions, to create a built-in time limit.
2. Be Careful About Alcohol and Substance Use
Intoxication can impair judgment, leading to riskier financial decisions and clouded thinking. Keeping a sober mind while gambling will help you make more responsible choices and stick to your limits. as well as avoiding alcohol while doing so. Gambling under the influence can impair judgment and lead to riskier decisions
3. Walk Away from Your Losses
It’s easy to get caught up in the chase to win back money after losing, but this often leads to even bigger losses. Once you’ve hit your pre-set limit, it’s important to stop and walk away. Keep track of your spending by using a budgeting tool or spending calculator to monitor your gambling habits, which can help you avoid unnecessary financial strain.
4. Treat Gambling as an Expense
Approach gambling like any other form of entertainment, such as buying a ticket to the cinema or a concert. Over time, gambling companies are designed to make money for themselves, meaning that the odds are rarely in your favor. By viewing any gambling losses as part of the “cost” of entertainment, you’ll be less likely to expect to win and more focused on maintaining control of your finances.
5. Only Take Cash and Leave Cards Behind
A helpful strategy for controlling your gambling is to bring only a set amount of cash and leave debit or credit cards at home. Without easy access to additional funds, it becomes much harder to overspend or chase losses. This method reinforces your commitment to sticking to your pre-determined financial limits.
6. Choose Low-Risk, Slow Play Games
Fast-paced games like online slots or poker can encourage repetitive betting and lead to larger losses in a short amount of time. Opt for slower, low-risk games that give you time to think between bets. This strategy allows you to make more deliberate decisions and avoid impulsive gambling.
7. Check in With Your Emotions
Ask yourself how you feel when you make the decision to gamble, or while you’re playing. Many people notice they use gambling to cope with stress, anxiety, or depression. If you notice that you’re gambling to escape negative emotions, it’s important to seek healthier coping strategies. Activities like exercise, meditation, or talking to a therapist can help reduce the emotional triggers that lead to excessive gambling.
8. Diversify Your Entertainment
If gambling is your primary source of entertainment, it can quickly become problematic. Make an effort to engage in other hobbies or activities like sports, creative pursuits, or spending time with friends and family. Diversifying your activities ensures gambling doesn’t become the sole focus of your free time.
9. Take Advantage of Technology
Today’s technology offers several tools to help manage gambling habits and mitigate risks. Many gambling websites and apps now have built-in features that allow you to set personal limits, take time-outs, or even self-exclude from the platform for a set period of time. Make use of these features to help you stay within your limits and reduce the temptation to keep gambling. Additionally, setting phone alerts or reminders to take breaks or stop gambling after a certain amount of time can help reinforce healthy boundaries.
10. Seek Support if Needed
If gambling has started to negatively impact your life, reach out for help. North Dakota Health and Human Services offers free resources and support to help get you back on track through GamblerND. Call 1-877-702-7848 or visit GamblerND.com.