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What Tips Can Everygame Casino Teach Us about Good Money Management?
By now it’s a well-worn cliché that sound money management is an essential part of happy online casino gaming. So, in this article, Everygame Casino, your top casino online, will try to get past the cliché and see money management in both a broader way and in a narrower way as well.
The Drip, Drip, Drip of Small Bets
Many gamers, whether they play slots, roulette, craps, or any of the games of skill, say that they don’t need to do anything more to manage their bankroll well other than always making small bets. This might have been an okay approach to money management except that it assumes several aspects of gaming that gamers need to recognize as essential parts of the money management formula.
Time Management
This is the other side of the money management coin. If you make only small bets for many hours at a time, you might find that your money management technique has not worked. We always suggest to our gamers to include a sound time management regimen into their gaming as well.
Time management means that you decide how long you’re going to play for and stick to that decision. There are several factors that go into a good time management protocol.
When Do You Play?
The first is what day of the week it is. There will usually be one or two evenings when you have the most time on your hands and want to unwind more than on others. For example, while Monday is known as a slow restaurant night, you have already rested up on the weekend so you shouldn’t need to rest up at home of a Monday evening. Maybe you can use that night to get together with friends or read 100 pages of a good book!
Similarly, you might want to go out on Friday or Saturday night. For many gamers, Wednesday night is the perfect time to play casino games from the comfort of your soft sofa.
How Long Should You Play?
This has to do with the size of your bankroll and all of the other things you really have to do in addition to spending some time gaming. If 30 minutes is the optimum length of time for a gaming session, then set that as your time limit and stick with it.
Put an Entertainment Budget Down on Paper
Many people never put a budget down on paper. Some say that any budget would normally change over time so putting a budget on paper may be a futile gesture. In fact, putting a budget on paper is a very important step to having a sound budget overall.
Without a paper record of your first thoughts regarding an entertainment budget, that budget will always be up in the air and the most likely outcome will be that you spend more money on entertainment than you should!
It is also very important to see gaming as just one line item in your long entertainment budget. Other line items might be concert or theater tickets, sporting event tickets, books, television streaming or cable costs, movies in the theater, dates, restaurants, parties, gifts, and anything else that can be categorized as entertainment.
We say that you should add gaming as a form of entertainment.
Your First Budget Will Probably Not Be Your Last
Very few of the things we do remain static over time. We might love sports but many people have dropped sports events from their entertainment budget because tickets have become too expensive.
Many people will also change their concert-going habits as tickets get to be too expensive. New books are extremely expensive and even used books are very expensive these days. Your first list will include some items you take off later and the list will probably not include some items that you will add later.
One of the best aspects of online gaming is that you can always play for the smallest wager. In many games, the smallest wager is one penny! If you choose to do so, you can also play in our free play mode for as long as you wish. Playing for very low wagers or for free altogether are great ways to stretch your entertainment budget in today’s expensive times.
Make a Parallel Budget for General Living Expenses
You will discover that this list is a lot longer than you thought at first. Under food, you can list the staples but what about chocolate? Should there be a separate line for extravagant food items?
Whereas you usually buy ground beef, you might want to splurge on more expensive cuts of meat once in a while. But how often is once in a while and who will you be sharing these golden moments with? If you thought good meat is expensive, you might not have been paying attention to the price of really good cheese. So, while pizza is fine on a weekly basis, you might choose to splurge on occasion.
Defining the term “on occasion” is a very big step toward sound money management.
Put a Financial Value on Fun
How much is fun worth? If you can’t have fun unless you stay at the most expensive hotel on the coast, then you are either a very high roller or have an overgrown imagination. Very few people can afford to always stay in the most expensive hotel on the coast.
The same is true for skiing. You might want to go to Aspen but the local ski resort might be more within your true skiing budget.
It helps to think enough about how much fun is actually worth to you to determine how much to devote to online gaming and how much to devote to all of your other fun activities.
A lot of people enjoy bird watching. Is it worth it to you to spend hundreds of dollars on a really good pair of binoculars or are you happy with serviceable but not extraordinary binoculars?
The same holds true for every bet you make at an online casino! How much is it worth to you to bet the maximum in the hopes of winning a progressive jackpot? How much is it worth to you to bet the maximum in multi-hand video poker in the hopes of winning the big extra jackpot for a Royal Flush?
Set a Monetary Value on Exercise and Good Health
Gaming is generally a sedentary activity. How long should you exercise for every half hour spent lounging on your super comfortable sofa gaming? There is a monetary value to good health for two reasons.
One is that poor health has a direct cost in doctors and medicines. Secondly, the healthier you are physically, the more likely that you will be mentally healthy as well and good mental health leads to good gaming decisions.
Money is Often about a Lot More Than Money
We hope that you have seen how many activities and conditions have a monetary value. This value is primarily subjective; the value depends on how you feel about it.
Setting up a good monetary management program makes gaming better and more fun and can actually lead to more wins than otherwise!
