Do you think as a gambler we should allocate specific amount to gamble? - page 4.

boyptc

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Quote from: uneng on June 28, 2024, 10:02:46 PM

I consider 1%-5% of monthly income to be an advisable sum to spend with gambling, because it's part of the money amount I would use for my pleasure, so gambling is included on that budget. To spend less than 1% seems unrealistic, because it must correspond to a very low sum of money, unless you have a pretty high monthly income. At same time, it's not a good idea to spend more than 5% with gambling, considering we have many other expenses which can't be postponed.

For every salary man, there's an allocation for your "me time budget" and that's a good allocation for your expenditures for gambling.

It can be in gambling or any other form of entertainment and whichever is your preferred way of spending it, that's okay. But on your case, it's on gambling and that's an acceptable amount.

You won't feel bad if that lose eventually in the long time and you need to wait again for another month to have it once again for that allocation.

Z_MBFM

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A good plan is to keep a fixed percentage based budget for gambling. Because if one does not keep a certain budget limit then he will continue to gamble and if he becomes addicted to gambling then he will not stop gambling until all his money is gone. It will cause him a huge financial loss which he cannot accept. Because if the financial loss is more, it is not easy for anyone to accept it. some become addicted to gambling and gamble up to their homes and become completely bankrupt. so I think everyone should keep a fixed budget. And I keep my gambling budget and always I deposit a certain amount gambling that is 2000 BDT in my country which is equal to $16.50. If they lose, I deposit the same amount again. After that, if I make a profit, I withdraw and stop playing for that day. And even if I lose, I don't continue gambling for that day.

retreat

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I think that spending 5-10% maximum of their salary per month is okay, for example if someone earns 300 USD every month, then they can spend 30 USD every month on gambling. However, perhaps each gambler's preferences are different, some spend 20% or 30% of their income just on gambling, maybe they don't have more expenses, so they can allocate more to gambling. But personally, it would be better for someone not to allocate too much of their income to gambling because they also need to think about other priorities which are more important than that.

Kelward

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Every responsible income earners needs to have budget for their expenses and anything that is not in the budget will not be spent on. A person that gambles regularly should allocate a percentage of his/ her income to it and be disciplined not to exceed the budget. Except for an occasional gambler, I don't think it's good for the regular gamblers to gamble with spare money or emergency funds because they're also part of the income budget. Except a regular gambler chooses to call their budgeted amount for gambling "spare money" otherwise it is still money that is allocated for their gambling.

danherbias07

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Money that we aren't using? Where will it come from? I think it's still from our salary. I have a piggy bank but all the money that is in there still came from my salary. That guy must've some business that we don't know where he can create money from air. Cheesy

There's no such thing as spare money. Everything comes from what we worked for or from the profits of our business which means that is still hard-earned money.
So, it's always better to allocate some money for our gambling activities in order to not affect the other money that is not for leisure. Get a number, follow it. There are instances where we want to chase our losses, but don't do it. Keep in mind that what we only allocated is the one that must be used. This requires good discipline in financial matters to keep in under control.

m2017

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Quote from: SmartGold01 on June 28, 2024, 12:56:18 PM

This post was a little misconception of a fellow user on this section saying that is not a good advise to allocate specific amount to gamble from our monthly income, that is good to gamble with spare money or money not in used.

Why not invest (for example, in bitcoin) free money or money that is not used, instead of wasting money on gambling?

Quote from: SmartGold01 on June 28, 2024, 12:56:18 PM

Okay I was mean to ask this question towards people over here to know and draw different overview from you all to know whether you always have spare fund or money not in use? As a matter of fact I don't have spare money or money not in use and every money is useful to me therefore I have to set some specific amount from my income to use and gamble to maintain a responsible gambling practice and when this money is exhausted I don't go further to alter any other money kept as reserved or cushion/emergency fund otherwise could leads to gambling addiction.

If all money is good for you, then why are you willing to risk it for fun? This brings to mind the popular phrase here: “only play with the money you are willing to lose”. I would understand if you had an excess of money (free money), and with such introductory info, you should think more carefully about whether you will have to limit yourself in something because of a loss.

Quote from: SmartGold01 on June 28, 2024, 12:56:18 PM

To summarized here; whenever you are gambling with spare money if you don't apply cautiousness you would end up altering your savings in the name of gambling with spare cash or money not in use for other important things. Although if the person is gambling for fun it does matter because any amount wasted is always counted even though you sees it as peanut at least it's a minus (-) to the loser and to their bank account.

The precaution here would be to not gamble with that kind of money at all.

hyudien

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Quote from: lienfaye on June 28, 2024, 11:55:26 PM

Exactly. Therefore, even your budget for gambling is a spare money, it will become futile when you don't have discipline. Because not being to control yourself when playing can only lead to committing a decision that is not planned from the beginning. Thus regardless if you allocated a funds meant for gambling or not, as long as you have discipline then certainly you won't spend a money that is mean for important things.

Anyway, I learned to allocate a small part of my salary for leisure. So that I can monitor my budget and won't let myself exceeds to my set limit.

What you say is correct, however, the best thing is our own behavior in the gambling we do. Not having good self-control can make us lose self-control which can lead to decisions that we shouldn't make. Also, there are many gamblers around me who don't have good self-control, so it's not surprising that many of them get angry or upset when they lose at gambling. Apart from that, basically gambling is better done using a budget that is free, not to be used for other more important things. For example, with a budget for basic needs that has been determined, don't disturb that budget, especially since it will be used for gambling, that's not the right decision.
As much as possible, we must be able to allocate a budget of funds that we can afford, do not gamble or place bets beyond the limits of our own capabilities which will cause us to experience our own difficulties because the decisions are made based on ourselves. not only for me, but I hope everyone can allocate a certain amount of funds and not exceed that amount within a certain time.

Helena Yu

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I wonder who're allocate 0.01%-0.1% for gambling? if someone earn $1,000 per month, it means they only gamble $0.1-$1 per month, it's really crazy as they only able to bet in one match per month lol. It's really low except you're rich, 1% make more sense if we talk about majority of gamblers.

Allocating specific amount to gamble help you to learn self control, but if you already have a good self control, you're free to choose to allocate specific amount or not.

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Quote from: SmartGold01 on June 28, 2024, 04:45:12 PM

Okay lemme break it down, if you keep saying that we should only use spare money to gamble this implies that money that you aren't planning for anything or tag to something important right? Good!
But if you allocate money to gamble from your monthly income it shows that is the amount you can risk to spend or lose, and if the amount is being exhausted meaning you don't have to gamble anymore till that particular allocation is being refilled again to continue gamble, in all, that is the amount someone can actually risk to lose, therefore anything more that is not welcomed and is subjected to irresponsible gambling. So tell me where do I contradicts the whole thing sir?
we are all learning everyday and if there is any place I wasn't getting correctly then we could break it down.

I think there is a slightly different understanding here. There is free money that people want to spend on vacation, entertainment, etc. And there is money that you do not keep in the bank, for example, but keep in cash for special needs. In your case, you can decide that having children means that you, as a wise mother, should provide for unforeseen cases that need to be taken into account when having children. Of course, this free money cannot participate in games since we don’t know how the game will turn out, but having lost it, sometimes the need for that lost money will immediately arise.
If you are talking about planning games and allocating money for them, it should take into account such unforeseen expenses. It always depends on the person; some will decide to have fun playing in a casino, while others will simply buy more toys for children. People are different, and you understand that.

Nrcewker

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Its good to manage your funds according to me. Moreover definitely you should invest some of your earnings in gambling. You can only make money from money. Saving all of your money isn’t a ideal deal according to me. So yes a small percentage of your winnings can definitely work in order to gamble and try your luck. You might not be able to make profits all the time, but if you manage the risk involved and bet wisely, then definitely you can make good money through gambling. Just gamble and trust yourself.

fruktik

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Quote from: lienfaye on June 28, 2024, 11:55:26 PM

Exactly. Therefore, even your budget for gambling is a spare money, it will become futile when you don't have discipline. Because not being to control yourself when playing can only lead to committing a decision that is not planned from the beginning. Thus regardless if you allocated a funds meant for gambling or not, as long as you have discipline then certainly you won't spend a money that is mean for important things.

Anyway, I learned to allocate a small part of my salary for leisure. So that I can monitor my budget and won't let myself exceeds to my set limit.

This is how I deal with the budget at the moment. Eh, it’s a pity that this matter came to me too late. I managed to lose before realizing the situation that I had already lost a lot of money that I could have used for a necessary and useful cause. The excitement was so strong that I couldn’t just stop and say “no” to myself. So what? Life put everything in its place and I had to radically reconsider my attitude towards casinos. I no longer go beyond what is permitted, as this is fraught with very serious consequences.

Ultegra134

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Quote from: uneng on June 28, 2024, 10:02:46 PM

I consider 1%-5% of monthly income to be an advisable sum to spend with gambling, because it's part of the money amount I would use for my pleasure, so gambling is included on that budget. To spend less than 1% seems unrealistic, because it must correspond to a very low sum of money, unless you have a pretty high monthly income. At same time, it's not a good idea to spend more than 5% with gambling, considering we have many other expenses which can't be postponed.

Same; anything below 1% sounds extremely minor (it's $10 if you're making $1,000 per month), especially if we're talking about a monthly budget. I don't allocate a specific amount each month, nor do I have any specific rules about my gambling budget. I usually spend anywhere from $30 to $50 per month, more or less, depending on the occasion. For instance, now that it's the European Football Championship, I might surpass my usual budget, while it also depends if I've won previous bets and have an available bankroll. Generally, I avoid limiting myself to tight budgets and prefer to go with the flow of things.

lovesmayfamilis

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Quote from: Rabata on June 28, 2024, 03:52:53 PM

I don't have any spare funds but what I do is save some money from my monthly income. The amount of money I can live without is not much. I can think of this as additional funding. Because most have to collect money from a fixed income. They save private funds from their savings. You make a good point indeed people with extra funds are more likely to be addicted to gambling. Although I set aside a certain amount of money on a monthly basis, it is a part of my income that I save. If I lose that money I depend on next month's income. Those who have extra money or financial freedom to gamble tend to have higher rates of addiction as well.

I cannot agree with what you are saying when talking about people who have financial means having a stronger gambling addiction. Some successful people know how to manage their money well, which is probably why they have all the best, since they manage their finances correctly.
On the contrary, saving money for further gambling looks like a rash step, since a person is depriving himself of what he needs. In addition, if you look at the history of victories, then those who part with game money with a light heart often win, and not those who understand that they could buy themselves better food or everything they need instead of playing.
Hope for instant enrichment is a sign of poverty. You need to realize that money always sticks to money. And until you reach a level of life where gaming is accepted as entertainment and not as income, winning a large sum will always go to others.

lienfaye

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Quote from: SmartGold01 on June 28, 2024, 12:56:18 PM

To summarized here; whenever you are gambling with spare money if you don't apply cautiousness you would end up altering your savings in the name of gambling with spare cash or money not in use for other important things.

Exactly. Therefore, even your budget for gambling is a spare money, it will become futile when you don't have discipline. Because not being to control yourself when playing can only lead to committing a decision that is not planned from the beginning. Thus regardless if you allocated a funds meant for gambling or not, as long as you have discipline then certainly you won't spend a money that is mean for important things.

Anyway, I learned to allocate a small part of my salary for leisure. So that I can monitor my budget and won't let myself exceeds to my set limit.

Fivestar4everMVP

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Quote from: SmartGold01 on June 28, 2024, 12:56:18 PM

This post was a little misconception of a fellow user on this section saying that is not a good advise to allocate specific amount to gamble from our monthly income, that is good to gamble with spare money or money not in used.

As much as i will want to understand that there is definitely a thing as a spare money, or money not in use, for the rich, I personally have not also gotten to that realm where I can boldly say that I have spare money, or money not in use, because for my current financial status, every penny I have is either to be used for something important now, or in the very near future; like tomorrow or next, or better still, the money is locked away in an investment(s), there is no thing as spare money, or money not in use in my dictionary at the moment.

So, going by the above, It is always very important for us to alway allocate a specific amount of money for gambling, it's always very dangerous to walk into a casino with all the money you have, why? Because the chances you might come out from that casino with that same amount of money and maybe with profit, is very slim.
So, allocating a specific amount of money specially for gambling is always the safest way to saveguide ourself from losing money we are or were not prepared to lose.

michellee

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Allocating certain amount to gamble is necessary and is a must so we don't use the money for other things or our daily needs. The allocates money you use to gamble must not too big as you only use gambling for fun and not too often to playing gambling. Actually, the amount to be used for gamble will be different from every people.

We must adjust the allocating money to gamble with our income. We don't have to use more than 1%-3% to be the capital for playing gambling but if you thinks that percentage is enough for you to playing gambling, you can set it up on that amount. You must discipline not to breaks that because that can makes you use more money, especially if you lose in the gambling games.

I don't use too big money to playing gambling, maybe it is about 3% of monthly budget and that is enough for me. Besides that, I don't playing gambling too often and just really fills my spare time. Maybe in a week, I can playing gambling for one or two time but in other week, I may not playing gambling for a week or two week or even for a month.

uneng

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I consider 1%-5% of monthly income to be an advisable sum to spend with gambling, because it's part of the money amount I would use for my pleasure, so gambling is included on that budget. To spend less than 1% seems unrealistic, because it must correspond to a very low sum of money, unless you have a pretty high monthly income. At same time, it's not a good idea to spend more than 5% with gambling, considering we have many other expenses which can't be postponed.

Woodie

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I think this percentage based gambling isn't for everyone to be honest, for those that threat gambling as a business or livelihood.. I expect their risk appetite to be much higher while anybody else doing it for fun can easily stay within budget and apply that percentage based approach, and 1-10% should be okay depending on salary.

Quote from: Kavelj22 on June 28, 2024, 07:08:58 PM

I do not think it is possible to specify a fixed percentage of the monthly salary allocated to gambling that can be appropriate for every person and under all circumstances.

Was thinking in the same lines as this isn't really realistic, percentage based gambling sounds like it can be done on paper but in reality it's easy to get carried away and go over the budget especially if your aren't a regular gambler.
Though for someone having a bigger salary, I believe percentage based gambling can easily work here depending on ones risk appetite and dyou really need to be disciplined to follow it otherwise once in a while you are likely to go overboard!!

Lida93

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Quote from: SmartGold01 on June 28, 2024, 12:56:18 PM

I will like to see your different opinion on this misconception maybe let us know how to control gambling addiction if by using spare cash can reduce and limits gambling addiction or not. You can continue the discussion over here if you have made your vote and give your opinion

Op just as you, I personally don't have any money tagged spare money within my possession, any penny in my custody has a specific use. If we are to dwell on the premise of spare-money how do we even categorize money that should be spare money and that which is not?

I think the phrase spare-money settles in conveniently with gamble addicts as a metric they can easily use to cover their over spending on gambling and later placate themself to accept that it was a spare-money they wasted or lost so for that no need worrying. Allocating specific amount to your gambling expenditure could be fashioned to be like the break pedal in a car, the exhaustion of your allocated amount you just know it's time to hold break from the day's gambling.

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Quote from: ralle14 on June 28, 2024, 07:49:29 PM

I voted for the third option (1%-5% range) as I think this is the sweet spot for the majority, but I probably fall under none because I sometimes break the limit when I see something profitable offered by the casinos.

I would have asked how you did see something juicy or profitable in a game of luck like gambling but, there have been a couple of occasions when i was spot on in my prediction. One game I felt could easily be converted to a win was the Panama 2:1 USA from the previous day. Panama was given a whooping 9 odds for a bet and USA had just about 3 points. I almostI did pick that but, thought about the risk in the last minute before kick of and removed it from my bet slip. As the game continued, Panama got the early advantage and was leading USA before they came for an equalizer and got their goal. Panama still managed to advance by 2 goals and USA couldn’t come up with anymore come backs.
I lost on my bet though but, that was a good bet right there.

On the whole, I’ll still like those who have great trouble in handling money or money management have allocations for activities such as this which could be addictive. They don’t need that in their lives.

Topic: Do you think as a gambler we should allocate specific amount to gamble? - page 4. (Read 744 times)