Topic: Do you think as a gambler we should allocate specific amount to gamble? - page 6. (Read 1034 times)
June 28, 2024, 09:02:46 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.
June 28, 2024, 07:40:38 PM
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.
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!!
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!!
June 28, 2024, 07:40:08 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
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.
June 28, 2024, 06:57:55 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.
June 28, 2024, 06:49:29 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.
There are unbelievable promotions that come once a year, and they're a no-brainer knowing you'll mostly walk away with a decent profit in your pocket.
Going back to the main question, it's best to have a budget or at least put more effort into spending less because gambling can always give you the itch to spend more.
There are unbelievable promotions that come once a year, and they're a no-brainer knowing you'll mostly walk away with a decent profit in your pocket.
Going back to the main question, it's best to have a budget or at least put more effort into spending less because gambling can always give you the itch to spend more.
June 28, 2024, 06:13:24 PM
Of course a gambler should allocate a certain portion of his income to gambling. There are many gamblers who spend most of their monthly or weekly income on gambling and do not have the financial support to support their families, so they need to borrow money from other sources to manage their gambling money. Thus, at some point, the gambler becomes bankrupt while trying to borrow money. So if a gambler wants to sustain himself well in gambling then 1-5% of monthly salary must be allocated specifically for gambling.
June 28, 2024, 06:08:58 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. There is a person who can spend 10% or more without harming his budget (if we assume that he will not make any profits), while another person cannot exceed 1%. Likewise, someone who can spend any percentage of his salary in a particular month is not sure that he will be able to spend it in the following months.
In my words, I mean the average gambler who practices gambling as a hobby, not addicts, because addiction will impose reckless behavior that may not be appropriate to his circumstances.
In my words, I mean the average gambler who practices gambling as a hobby, not addicts, because addiction will impose reckless behavior that may not be appropriate to his circumstances.
June 28, 2024, 06:06:22 PM
It depends.
If you're tracking your expenses and you don't want to mismanage the whole budget then yes you should just allocate a percentage of your salary. Personally, a 5-10% of my monthly income, is what I use to things that I perceive as leisure or things for my own enjoyment and gambling happened to be one. However, I won't use all of it to gambling alone. One reason I do this is to avoid crossing the lines. If I would be engaging a bigger amount then there's a higher tendency that I would be upset whenever I am losing and that might trigger me to be frustrated to gamble more. It is also important to know oneself; how you respond to stress and loss. But if you're okay with using larger amounts then that's fine if it works for you. We just have different levels of risk appetite. What matters is that you should not be at risk of gambling addiction.
If you're tracking your expenses and you don't want to mismanage the whole budget then yes you should just allocate a percentage of your salary. Personally, a 5-10% of my monthly income, is what I use to things that I perceive as leisure or things for my own enjoyment and gambling happened to be one. However, I won't use all of it to gambling alone. One reason I do this is to avoid crossing the lines. If I would be engaging a bigger amount then there's a higher tendency that I would be upset whenever I am losing and that might trigger me to be frustrated to gamble more. It is also important to know oneself; how you respond to stress and loss. But if you're okay with using larger amounts then that's fine if it works for you. We just have different levels of risk appetite. What matters is that you should not be at risk of gambling addiction.
June 28, 2024, 06:05:13 PM
I mean. It's what worked for me when I was trying to pick back up from a long hiatus out of gambling, and along with the system that I made to ensure I don't lose out too much money while gambling, while also securing my wins, it effectively became its own funding system where it takes me months to even feel the need to fund it, and I'm a high baller so that should tell you just how much I'm playing around with.
Although it's a case of apples vs. oranges, cause if you're already broke even while you have a paying employment, and you're still thinking about allocating a certain amount to your gambling indulgences you might wanna hold off on that and instead look for ways to increase your income, which you will not find by the way in gambling.
If you're gambling however and you're pretty alright when it comes to money, I suggest you separate your gambling money with your money for expenses, makes it easier to budget shit, and at the same time, you won't go looking for where your money went once the checks don't balance out.
Although it's a case of apples vs. oranges, cause if you're already broke even while you have a paying employment, and you're still thinking about allocating a certain amount to your gambling indulgences you might wanna hold off on that and instead look for ways to increase your income, which you will not find by the way in gambling.
If you're gambling however and you're pretty alright when it comes to money, I suggest you separate your gambling money with your money for expenses, makes it easier to budget shit, and at the same time, you won't go looking for where your money went once the checks don't balance out.
June 28, 2024, 05:48:55 PM
For norms gambling needs to participate with precaution and also with observation, because looking at gambling it's obvious that gambling have to do with obligation but when you don't know a thing of that nature you will be surprised of gambling, now for you to be a successful gambler without be discouraged or addicted in gambling you have to learn the preamble of gambling and also try to know the consequences of gambling, because I know quite well that with gambling their's some certain things you have to know of it, so therefore if you are a beginner in gambling just have a statistics of how you will regulate or fix your gambling strategies without that you will not know the amount you have being using to partake in gambling.
June 28, 2024, 05:47:53 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.
As a gambler, Set a budget, allocate an amount to gambling so that when that money is exhausted you would know that you have exhausted the amount of money that you have allocated to gambling for that period of time and that can make you know that you have to take a pause.
June 28, 2024, 04:57:48 PM
The same way I don't allocate a certain amount of money from my earnings for bears and other recreation events I participate in, that's the same way I don't allocate any single percentage to gambling; it's all based on what one wants individually.
That's right, this is going to be based on what we really want. We can allot some specific amount as we wish to do so or we can do with spare money. This isn't really a problem at all to be thought of, as long as you've got that money "affordable to lose" for which what we've been telling for so many times long time ago and until now, that's what everyone should remember.As long as I can foot those bills without affecting my expenses, it's all good.
Way better, bills and needs first before gambling and you're good to go. This is a good practice and those that don't know what to do before they gamble, clear first your bills and every other needs before allotting a budget on it whether they'd be 5% or 10% or even more.For the record, no money is a waste, like some people put it, because they use money they are not using. Rather, I can easily say that the that the money I can afford to spend on gambling is my pocket money, those extra cash I go out with in case I need anything.
Exactly, it is what I am saying that it's all about the money that a gambler can afford to lose. It could be a couple of bucks, a hundred or a grand. As long as it suits your budget and you won't be problematic after losing it but much better if you gain some profits through it. 
June 28, 2024, 04:54:40 PM
Thank you for bringing this up. When I first saw the notification, I was like urrgh another topic that has already been discussed but I must confess that I got disappointed when I read the whole thing. I like your own perspective added to it.
In my own estimation, I would add to the discussion by mentioning that there is no hard or fast rule to it. Each person should do whatever they feel makes them comfortable. Besides I strongly feel that even if a person allocates a specific amount for gambling and person B just gambles with spare cash, it doesn't mean that person A will not because a gambling addict. It is all about self discipline.
I advocate for having a set out amount but I will say again do whatever one you are comfortable with.
Well, having a spare cash to gamble is just the same with setting an amount that you are comfortable of using and losing. So I don’t see any difference with that. What’s important in gambling is you never use money that you are intended for safe keeping for your emergency funds, otherwise if you can’t control your emotions while chasing your losses, you might end up spending all these money without hesitation. Setting a small amount is good, as long as you stick to it no matter what. In my own estimation, I would add to the discussion by mentioning that there is no hard or fast rule to it. Each person should do whatever they feel makes them comfortable. Besides I strongly feel that even if a person allocates a specific amount for gambling and person B just gambles with spare cash, it doesn't mean that person A will not because a gambling addict. It is all about self discipline.
I advocate for having a set out amount but I will say again do whatever one you are comfortable with.
June 28, 2024, 04:49:09 PM
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.
~The contradictions are in your own phrase, I highlighted it for you!
So you don't have spare money but you have a cushion fund which....is reserve money!
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!
No, it's a difference between money you have but you don't plan on spending right now and money you afford to lose!
Have you bought everything you want for your house, have you reserved your holiday, do you have emergency money aside, and you still have x sums left, you don't feel like buying anything no need for anything, and tomorrow is your payday, then x is your extra money!
Now, the small difference, are you sure two weeks from now you won't regret wasting this sum? If not, then you can easily gamble them, if you yes, then no! Or shorter version, how much do you afford to just take out of your pocket and burn it? That's the amount you can play with!
June 28, 2024, 04:09:33 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.
I have some percent of amount that I do allocate for gambling weekly, but sometimes I do decide to increase my allocation, and I also reduce it sometimes depending on the financial problems that am having at that particular period of time. But immediately I use up the amount that I allocate for gambling. I will never deposit more money to gamble, and even when I am bored, I will rather get something else to do than gamble because I already used up my allocation for that week. If I can deposit more money, then I am already breaking the rules that I set for myself, which doesn’t make sense, so if my limit is reached, I will stop gambling no matter the condition.
Allocating budget certainly will assist you on how to manage your expenses, and not go beyond your limits. That is, if you are strict to yourself and not follow your desires if you still want to play outside your budget. In most cases, gamblers exceed their limits because once their allotted bankroll has been depleted, they tend to deposit more, in order to recover their losses. It is no surprise if they will do such move. Now, it is up to you how you will stop yourself from doing the same act.
In my case, it is a big help because like it or not, you won't stop playing if you will not be hard on yourself. I usually set the max losses that I can afford. If I reached that amount, I stop no matter what is in front of me. I already learned my lessons in gambling.
June 28, 2024, 04:07:17 PM
Of course we have to determine the allocation of funds used for gambling, because if not, it will be quite difficult for us to be able to manage gambling activities well, because we will never know for sure about the amount of losses experienced and it could be because we do not apply a maximum budget limit for gambling, without us realizing that we have lost a lot of money in gambling and in fact it almost exceeds half of the income we get.
However, so that gambling activities can be controlled and managed well, we must determine the amount of funds allocated for gambling. And 5% of the income we have, that's a pretty big amount. However, apart from that, gambling is a desire, not an obligation. So before you allocate a budget of 5% of your income for gambling, before you budget it, fulfill your needs first, including the savings and investments you have. And after that, then you budget the 5%. However, if in reality the income you have is not enough to meet your needs as well as your savings and investments, then get rid of your desire to gamble. Because gambling is not a place to make a profit or multiply the money you have.
However, so that gambling activities can be controlled and managed well, we must determine the amount of funds allocated for gambling. And 5% of the income we have, that's a pretty big amount. However, apart from that, gambling is a desire, not an obligation. So before you allocate a budget of 5% of your income for gambling, before you budget it, fulfill your needs first, including the savings and investments you have. And after that, then you budget the 5%. However, if in reality the income you have is not enough to meet your needs as well as your savings and investments, then get rid of your desire to gamble. Because gambling is not a place to make a profit or multiply the money you have.
June 28, 2024, 04:03:55 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.
Keeping a specific amount to gamble in order not to spend more than your budget that can get you addicted to gambling is the best because, no matter what, having a budget will never let you down or make you have enough to gamble, so this can be a simple strategy for not only those that are addicted to gambling but also those that are not yet addicted.
Why I said that is because when you have enough money to gamble without having a budget or a specific amount kept for the gambling, that is what will trigger you to continue playing the game, and with that, you will start getting addicted to gambling without even knowing it, and that will be so hard for you to stop. because no matter what method you use, you go out of addiction because you keep a certain amount to gambling.
June 28, 2024, 03:45:12 PM
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.
You're contradicting yourself where!
You said you have no money to spare then you say you don't want to touch money kept in reserve, so which one is it?
He was right, you don't gamble with money you can't afford to lose, setting a budget of 10% of your income for gambling when you're at your limit and you would need that 10% for something else is a thing I don't recommend anyone doing, if at the end of the month for a whole year you're left with 20% of your income without cutting any expenses, then yeah, you can play with a part of that money as if they weren't there anyhow but else, no!
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.
June 28, 2024, 03:32:46 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.
It depends on the amount gamblers use in playing out from their salary that may look it to be bad. Some one that is earning salary and decide to take out about 1% or 2 to gamble out of the salary to me is not bad to me. What I think is that this can be bad for some people based on the amount they collect from their salary to gamble, this amount can be something that they can't be afford to lose. For those who can use a portion of their salary to play gamble and they won't be affected I don't think it is a bad thing.One thing about gambling is that you can choose to play the way you like but it shouldn't affect you financially, or emotionally, this just the most important thing gamblers needs to take note no matter how they want to take gambling.
June 28, 2024, 03:19:09 PM
The same way I don't allocate a certain amount of money from my earnings for bears and other recreation events I participate in, that's the same way I don't allocate any single percentage to gambling; it's all based on what one wants individually. As long as I can foot those bills without affecting my expenses, it's all good.
For the record, no money is a waste, like some people put it, because they use money they are not using. Rather, I can easily say that the that the money I can afford to spend on gambling is my pocket money, those extra cash I go out with in case I need anything.
For the record, no money is a waste, like some people put it, because they use money they are not using. Rather, I can easily say that the that the money I can afford to spend on gambling is my pocket money, those extra cash I go out with in case I need anything.
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