Guilty pleasures - gambling

Everyone has guilty pleasures, often so named because of the disproportionate effect they can have on your finances. There's nothing wrong with any of these guilty pleasures in moderation, but with small changes to your habits you can make huge changes to your bank balance.

For today's guilty pleasure we'll be looking at gambling.


The house always wins
Regardless of your attitude towards it, there's no denying that gambling is an expensive habit. The odds are inevitably stacked against you and the old Vegas maxim almost always rings true: the house always wins.

The national lottery is no different to this. Remember: "It could be you!", but 13,999,999 times out of 14,000,000 it won't be.
 

Never, ever, attempt to use gambling in an attempt to escape from financial difficulties. In all likelihood, you'll only make the situation worse. Instead, speak to a free, qualified and independent debt adviser such as those offered by the CAB. No debt is insurmountable.

Gambling is addiction forming. Not everyone who gambles is an addict, in the same way that not everyone who has a glass of wine on the evening is an alcoholic. It is, however, important that you're able to recognize a problem if one exists.

The most effective way of saving money would be to stop gambling entirely, but some people enjoy the thrill that comes along with it. Pennysitter is about saving money without taking the enjoyment out of life. For the most part, this article will look at keeping things in moderation, gambling only as much as you can afford to lose, and establishing discipline.

If you feel that gambling is becoming a problem for you, or you are concerned about the gambling activities of a family member or friend, you can visit Gambleaware.co.uk which features useful expert advice on how to better manage a gambling habit.  

Remember, you don't have to stop to save money. In fact, even the smallest change to your habit can have a massive impact on your long-term savings. Every pound saved is a pound earned.


Setting limits
"I'll stop after the next win."
"The next go could be the lucky one."
"I almost had it! Just a little more..."
"It's ready to pay out!"

If these thoughts, or thoughts like them, are familiar to you, it's likely that your self discipline could use a little work. It's all too easy to be drawn into gambling - it's designed and contrived to do just that - but it is important to know when to stop and only spend what you can afford to lose.

This has become much more difficult since the arrival of online gambling. Once upon a time it would have been a case of keeping yourself from entering the casino, but at just a keystroke away the temptations can be more overwhelming than ever before.

Before you sit down to gamble, work out how much you can afford to spend and do not exceed it no matter what happens. If you're gambling online, it can be more difficult to keep track of your money, but be vigilant. Remember: losing does not increase your chance of winning - there is no prize 'waiting' for you. If you are winning, learn to quit while you are ahead.
Always keep a diary of how much you are spending on gambling games, and how much you are winning. At the end of each month, add up each and compare. The figures may be eye-opening. Even if you don't wish to stop or cut down, it is still useful to at least be aware of how your money is moving.


Bargaining
You can still save money by seeing gambling as a form of currency in negotiations with yourself. By making yourself choose between two things you want / want to do, you are still going to save money in one way or another.

No matter what you're doing to cut your daily spend, bear in mind that every pound saved means £365 a year that you can keep as financial security or for treating yourself at the end of the year.


Conclusion
Gambling can be a fun thrill, or it can destroy your life. Find out where you need to draw the line and draw it thick. Remember, you don't have to stop to save money. In fact, even the smallest change to your habit can have a massive impact on your long-term savings. Every pound saved is a pound earned.