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Tips for Sound Money Management
Online gaming here at Everygame Casino Red and at every other casino be it an online casino or a land-based casino, involves combining the entertainment value of the games in and of themselves with the added aspect of betting in the outcomes of the games.
The entire gaming industry is based on the fact that placing bets is fun. It is, however, always possible to overdo the betting or to bet incorrectly. This inexorably leads to financial losses that the gamer had not planned for. So, in this article, we would like to look at sound money management and how we can incorporate these concepts not only in gaming but in everything we do that costs money—which, in practical terms, means everything!
Why We Budget for Expenses
Everyone has to budget for all expenses. This is an obvious fact. There is, however, a big difference between budgeting money for rent or mortgage payments, food, clothes, utilities, and all of the other things we budget for over a given period of time be it a day, week, month, year, or longer and budgeting for gaming.
The difference is that all of these expenses refer to “spending money”. Money management is usually quite automatic when we are spending money. We don’t order the $100 bottle of wine at a restaurant! Further examples from everyday life are endless.
As automatic as money management in our spending money activities is, we need to budget for gaming even more importantly than for other basic expenses because casino gaming involves the desire not to spend money as much as the desire to “win money”!
Mitigating Desires
We have to mitigate our desire to spend money on things we really like or love like restaurants, clothes, vacations and so on and we also have to mitigate our desire to win money at the casino. In this sense, as surprising as it may seem, playing casino games is more like investing in an asset than it is about purely spending money.
Investing in an asset can be for the short term or the long term but the purpose is always to win money! We use the term “earn money” when we are talking about investments but this use of money and gaming for real money are essentially the same!
Just as we have to budget for gaming, we have to budget for investing. Without a clear picture of how much we can afford to invest, a person runs the risk of losing more than he or she can afford to lose.
Play Casino Games Online
The money a person spends getting to and staying at a land-based casino can be directed toward a real vacation. But, having spent all that money getting to the casino, it is very hard to budget money strictly for gaming. What does a player do if he or she has run out of money on Day One or Two and still has another full day or two to be at the casino?
This situation happens all the time at land-based casinos and most people simply take more money to play with. This is the epitome of not sound money management!
Playing online gives players the chance to budget their time infinitely better than they can budget their time at a land-based casino. An online garner here at Everygame Casino can play for 30-60 minutes as often as he or she wants.
The key is that gaming then becomes part of a wide range of activities the gamer enjoys while at a land-based casino the only activities players usually enjoy aside from gambling are drinking free alcohol and eating free food.
How to Set a Budget
There are two kinds of budgets for casino gaming and here we are talking only about the much more accessible fixed budget for online casino gaming. We can budget per session and we can budget per bet. In fact, the soundest protocol for money mange met in all instances is to budget for both a single session and also for a single bet.
We see similar decisions facing us in many other areas. Here are two examples.
Let’s say that we are planning a vacation and would like to reserve accommodations. In the past, there were a lot of Ma and Pa motels dotting the landscape and we would be able to reserve one or more nights at a relatively inexpensive motel with no frills.
Today, most motels are semi-hotels with per night rates starting at $100 and rising high. We have to budget for motel accommodations both per the entire vacation and we also per night since we might not find a motel in our average price range for a given night, we might have to change some plans to stay at a less expensive place, or we might choose to splurge on a motel with decidedly hotel-like amenities.
The second example involves airline tickets. We may never feel that we can afford First Class or Business Class tickets but in the economy section, there is a wide range of options and prices. Let’s say that we are flying on an airline that has the reputation of giving less than average leg room. So, for a flight on that airline we might choose to spend more on a bulkhead seat where we can stretch out as much as we want!
When we budget per bet in gaming, we might choose to play slots at a penny per spin. This reduces risk and concomitantly increases the fun aspect of gaming since we are less interested in winning money at such low bets. We might choose to budget for occasional multi-hand video poker and the rest of the time we play video poker play in single-hand form.
The 50-30-20 Plan for Sound Money Management
Elizabeth Warren, the present senior Senator from Massachusetts in the United States wrote a book, in cooperation with Amelia Warren Tiyagi, on the idea of sound money management called All Your Worth: The Ultimate Lifetime Money Plan. She proposes the 50-30-20 plan which budgets 50% of one’s disposable income on real needs, 30% on “wants”, and 20% on investment in one’s future financial stability.
Casino gaming belongs in the 30% category along with a very large number of other “wants”. So, when we budget for gaming, we have to keep in mind that every dollar we budget toward gaming is a dollar we have to take away from other wants since the amount of disposable income isn’t going to change much day to day.
It is also obvious from Ms. Warren’s plan that we may have “needs” that we cannot afford at this time so we have to budget for them as “wants” at least for the time being. We also see that no “want” can override our “need” to save and invest money!
Here at Everygame Casino Red we encourage all gamers to follow sound money management protocols. And if you are not yet a member of our casino, we encourage you to JOIN EVERYGAME CASINO NOW!
