Gambling can be an extremely fun activity, but it can also have a harmful effect on your finances and mental health. While it isn’t uncommon to enjoy a little bit of gambling occasionally, some people have a problem with it and need help to get their lives back on track.
Trying to Gamble Too Much
If you have been losing money on your gambling and are thinking about getting back into it, this could be an indication of a problem. Instead of putting your money in a savings account or borrowing to cover your losses, you may be looking to try and win it back in one big bet. This can cause you to be in debt and lose control of your spending.
Trying to Gamble Too Hard
If your gambling habits are starting to take over your life, it’s time to stop and think about your options. A few simple changes can go a long way in helping you to break the habit and start tackling your financial problems.
Having a Support Network
It’s important to have a strong support network around you so that you can tackle your problem and stay on track. This might be friends and family, a professional counsellor, or a 12-step recovery group like Alcoholics Anonymous.
Being honest about your gambling is an important step in coping with it. Talking about your habits with someone you trust and who won’t judge you can make it easier to change them.
Adding a ‘Notice of Correction’ to your credit file is another useful tip for keeping your gambling under control. This will alert lenders that you are trying to cut down on your gambling and that you want them to consider this in their decision-making process.
Refrain from gambling if you are depressed, anxious or suicidal. It can be very easy to gamble when you are feeling these feelings and can lead to further issues, including self-harm and thoughts of suicide.
Set a limit
It is important to set out a time and a money limit when you begin gambling. This can be something like a set amount of time to spend each day, or an amount of money that you will allow yourself to lose each week.
Realize when it is not fun anymore
If you find yourself still gambling after you’ve realized that you no longer have any fun with it, this is a sign of addiction. If you haven’t been winning or losing a lot of money, this is also a sign that you might have a problem.
Having a Spending Budget
Having a budget is an important part of keeping your money under control. You should never gamble with money that you need to pay for things such as rent or bills. Rather, only gamble with money that you have in your entertainment budget.
When you have a budget, it becomes easier to stay on track and not overspend. It is also more likely that you will be able to avoid taking out loans or lines of credit to fund your gambling activities, as these can add to your debt levels.