Apart from the gambling budget it is also important to allocate a limited amount of time for your gambling activities. By setting a time limit, you can ensure that you don't spend excessive amounts of time gambling and prioritize other important aspects of your life.
Also Avoid chasing losses cause it is the beginning stage of getting addicted to gambling and Don't Use Gambling as an Escape from any of your problems especially when it related to your financial status.
You said it very well, apart from setting out a certain budget for gambling in order to moderate your gambling habit. You also need to set a limited time for gambling maybe twice in a week preferably weekends. This will make you not to spend more time gambling. The more you spend time gambling, the more addicted you become to it because it is natural. Whatever you do often become part of you.
Then finally chasing losses is another thing that leads to gambling addiction. If you take gambling as fun and not for a professional job when you lose it will not pain you much.
In psychology, this phenomenon is well known and it is called the "
sunk cost fallacy":
"a greater tendency to continue an endeavor once an investment in money, effort, or time has been made"
It is known as a behavioral error and goes against any rational choice theory, but it is very common among novice players, which is not necessarily bad because the consequent suffering entails a good lesson.
On the contrary, if big players fall on it, it often becomes a ruinous decision: even if they are lucky enough to recover from the loss, next time they will fall on it again, until they stop having good luck.
