0
$ £
usbarbadosslim93
Forum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 7779
Thanks given: 535
Thanks received: 498
15 August 2012 - 3:36pm

My Gambling Fund

12 replies • Last post

We all love to gamble. That is why we are on this site, and a big reason that we decide to bet online versus going to a land based casino.

The ease of gambling online has an caveat for me though, and that is that I find it easier to go outside my budget once in a while depositing at an online casino.

To solve this issue I went to my local credit union and opened a free checking account. I keep this account strictly for my gambling fund and find that it helps keep everything segregated and safer on my end.

Do any of you do something like this?

1 member gave thanks for this useful post: CL-Ed

ushope777
Forum Angel
hope777's picture
Location: Minnesota USA
Joined: 1 Jan 2011
Posts: 12171
Thanks given: 955
Thanks received: 717
15 August 2012 - 3:54pm
#1

That is a great idea, Slim. And, yes, the money is easier to go through online. I try to never spend my "family money" but only "extra" I might receive here and there. I also have my rule.

I get paid weekly onto my card, so I take a small amount off there every other week for a deposit, and when that is gone it is gone. I have to wait then for the following two weeks unless I somehow get extra money.

When I figure out what I spend per month it is still FAR less than I spend on ONE trip to the land casino, lol.

Hope777

Hope is a good thing, maybe the best of the things, and no good thing ever dies.
Shawshank Redemption

usLuckyMe
Forum Angel
LuckyMe's picture
Location: Ohio, USA
Joined: 10 Dec 2011
Posts: 7400
Thanks given: 163
Thanks received: 222
16 August 2012 - 4:12am
#2

I think it's easier to spend online too. When I go to a land casino, I only take a very small amount of money. When that's gone we leave. Good idea for the separate account though.

my02106YWY
Low RollerLow Roller
02106YWY's picture
Joined: 9 Aug 2012
Posts: 35
Thanks given: 5
Thanks received: 15
16 August 2012 - 1:21pm
#3

my elder brother can be categorized as a moderate gambler... he used to spend around RM5000 (approximately USD1597.70) in a single day in the gambling premise... when i follow him to the "mini-casino", i've always remind him not to spend too much because he could sometimes lose his patience and gamble at higher amount... this situation actually taught me a lesson of always stick to your budget...

in my case, i've recently played in MANSION ONLINE (my first time playing online)... i've lost USD20 in a single day... i was about to deposit more, but i told myself to stop and accept the defeat... so, i setup a gambling plan of only spending USD20 per week with no main intention to gain profit, but just to have some fun... maybe if i win, i regard it as a bonus....

so, i come out with an idea of budgeting for gambling depends on how we actually aim on gambling... if it's 100 percent on making profit, STOP IT... instead, use your money for anything else because you can't stop until either you make small profit which is 10 percent of the probability or you lose all of your money which is 90 percent of the probability... but if you regard gambling as a way of having fun, you can definitely stick on your gambling budget... trust me...

1 member gave thanks for this useful post: CL-Ed

ushope777
Forum Angel
hope777's picture
Location: Minnesota USA
Joined: 1 Jan 2011
Posts: 12171
Thanks given: 955
Thanks received: 717
16 August 2012 - 2:38pm
#4

You make some good points about gambling for fun and not profit. Some people believe they win or they "chase" their losses. That is when one can get in big trouble.

I do look at the time as a form of entertainment. I rarely go out to eat or to movies. I don't go to clubs. In other words, I spend very little on entertainment, and I am a "homebody," so I can justify spending a little of my entertainment budget on doing something I enjoy from the comfort of my own home. The key is to have that limit and when it is gone it's gone. Smile

2 members gave thanks for this useful post: barbadosslim93, 02106YWY

Hope777

Hope is a good thing, maybe the best of the things, and no good thing ever dies.
Shawshank Redemption

usbarbadosslim93
Forum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 7779
Thanks given: 535
Thanks received: 498
16 August 2012 - 4:10pm
#5

Right on mark Hope. I feel the same way.

I have things that I like to do, and budget accordingly. Beer, cigars, videogames, and gambling are some of my more favorite things to do right now. I stow away for them, and when I don't have it, I don't partake in it.

my02106YWY
Low RollerLow Roller
02106YWY's picture
Joined: 9 Aug 2012
Posts: 35
Thanks given: 5
Thanks received: 15
16 August 2012 - 7:05pm
#6

as a business school graduate, i feel i'm qualified to suggest a gambling budget plan...

in financial planning, i've learned about the 40-60 rule about maintaining our debt over income where we should always set our debt to not more than 40 percent... is this thing related to gambling budget??? of course... because u'll never know if u need to buy a new car or a new house using loans in the near future... let's say if your salary is USD2000 a month (quite high if u live in malaysia, huh???), USD800 should be used to cover all of your debt, and the debt payment per month should never go beyond that level... if your debts don't reach this level, u can use it to cover the monthly costs later on...

the remaining USD1200, take around 10 to 20 percent of them and put it into monthly savings... which means u can save USD120 to USD240 per month and only use it for emergency... let's say u save 20 percent, there are USD960 left to spend...

and for the entertainment budget, only take 20 percent of the remaining USD960 which is USD192... then u'll have USD768 plus the remaining from debt budget for your day-to-day expenditures, paying bills and so on...

this is kind of strict budgeting... maybe some of u will find this as very hard to follow... but trust me, your financial will become balance with some portion for debt recovery, some for saving, some for expenditures and some for entertainment...

1 member gave thanks for this useful post: hope777

auCL-Ed
StaffStaff
CL-Ed's picture
Location: Sydney
Joined: 7 Sep 2007
Posts: 6126
Thanks given: 2477
Thanks received: 1773
17 August 2012 - 6:44am
#7

There is some great advice in this thread and I am glad to hear it. You should always know your limits and stick to them, no matter what has happened. Often the worst thing you can do is get angry and deposit extra money in an attempt to win back losses. You should expect to lose often when you play casino games - that is the nature of the game and part of what makes them exciting too.

I like your discipline slim and 02106YWY - I can't say I am that financially responsible though!

Always play it safe! Consult our list of rogue casinos and warnings before depositing.
Every comment you make in our forum earns you CLchips which can be used to buy real prizes in our CLchips shop!

my02106YWY
Low RollerLow Roller
02106YWY's picture
Joined: 9 Aug 2012
Posts: 35
Thanks given: 5
Thanks received: 15
17 August 2012 - 8:52am
#8

that's why i love this website... we're not just talking about online casinos... we can also share and learn information... i've seen people shared info, news, word games, tips and hints here... sharing these things is what real fun really means...

2 members gave thanks for this useful post: hope777, barbadosslim93

ushope777
Forum Angel
hope777's picture
Location: Minnesota USA
Joined: 1 Jan 2011
Posts: 12171
Thanks given: 955
Thanks received: 717
18 August 2012 - 9:46pm
#9
02106YWY wrote:

that's why i love this website... we're not just talking about online casinos... we can also share and learn information... i've seen people shared info, news, word games, tips and hints here... sharing these things is what real fun really means...

I love all the forums here, and in General Chat we have many topics going on, plus support of one another. I have to agree with everything you say here! Smile

Hope777

Hope is a good thing, maybe the best of the things, and no good thing ever dies.
Shawshank Redemption

ushope777
Forum Angel
hope777's picture
Location: Minnesota USA
Joined: 1 Jan 2011
Posts: 12171
Thanks given: 955
Thanks received: 717
18 August 2012 - 9:50pm
#10
CL-Ed wrote:

There is some great advice in this thread and I am glad to hear it. You should always know your limits and stick to them, no matter what has happened. Often the worst thing you can do is get angry and deposit extra money in an attempt to win back losses. You should expect to lose often when you play casino games - that is the nature of the game and part of what makes them exciting too.

I like your discipline slim and 02106YWY - I can't say I am that financially responsible though!

Who am I, chopped liver? Or don't you think I have discipline. lol I just had to tease you a bit, CL-Ed. I am just kidding. Wink

As much as I love to play, I do stick to my tiny budget. I actually believe it has SAVED me, because I spend less than I used to going to the land casinos.

If I want to play in between my deposits, I just check out the free tournaments or whatever. Smile

1 member gave thanks for this useful post: CL-Ed

Hope777

Hope is a good thing, maybe the best of the things, and no good thing ever dies.
Shawshank Redemption

usUbetcha
True PlayerTrue Player
Ubetcha's picture
Joined: 28 Dec 2011
Posts: 880
Thanks given: 222
Thanks received: 84
21 August 2012 - 4:10am
#11

For now, I'll stick to my maxed out credit card Money so if ever they charge it without my consent, it will just bounce back..!! Tongue SMAO

Y'all take care.. =^. .^=

ushope777
Forum Angel
hope777's picture
Location: Minnesota USA
Joined: 1 Jan 2011
Posts: 12171
Thanks given: 955
Thanks received: 717
21 August 2012 - 1:38pm
#12
Ubetcha wrote:

For now, I'll stick to my maxed out credit card Money so if ever they charge it without my consent, it will just bounce back..!! Tongue SMAO

You are way too funny, Ubetcha! Wink lol!

Hope777

Hope is a good thing, maybe the best of the things, and no good thing ever dies.
Shawshank Redemption

Share this