There is a little known statistic that over sixty per cent of people who win the lottery are stone-broke again in under a decade. Impossible, you say? How could anyone burn through so much money before the end of their life? Easily, as it turns out, since money management is not just a good idea, it is absolutely essential.
If you enjoy playing casino games this advice goes double. Money management is in fact a very large part of playing casino games effectively, and is the best way to make sure that you walk out with more money in your pockets and not less. Or, at the very least, an acceptable amount less.
Playing the games well is only half the challenge, assuming that your ultimate goal is financial benefit, with managing funds being as important as the game playing aspect. Playing games for money by its very nature is an activity that encourages poor money management, and the environment of a real world casino is in fact literally designed, by professionals, to entice players to spend with reckless abandon.
Why do you think the sound of coins clattering into a metal bin was the most common sound in a casino? Because it gives the impression that winning is dead easy, and everyone better get in quick while the machines are dishing out cash by the handful! So how, then, should you deal with your winnings when playing casino games, for best results?
Win Pile, Spend Pile
It may seem obvious, but keeping ones winnings separate is an excellent strategy. As game playing progresses, a player can very quickly lose track of how much they have come in with, and how much they have actually won or lost.
A few wins in a row may give a player the impression they are well ahead in the financial department, when in fact the winnings have barely even covered losses. The “win pile, spend pile” strategy simply involves keeping your winnings in one pocket, and the money you came in with in the other.
When the spend pile is finished, its time to stop, as easy as that. This theory, of course, assumes you are in a real world casino with physical chips. Online casino games make use of virtual currency, so it’s up to you to create a virtual winning and playing pocket. If you save everything you win, you’ll soon see how far ahead you are.
You can use the win pile, spend pile at online casinos, and if you leave your winnings pile alone you could walk away with a substantial amount of cash, which is the point of playing for real money, right?
Weekly and Monthly Budgets
It may also seem obvious, but keeping a weekly and monthly record of how much you have won and lost is a good idea. You may perhaps be thinking that you’re the kind of players who would never bankrupt themselves playing online, but that’s rather missing the point.
If you want online gaming to be a lucrative hobby, get serious about it. Give yourself a weekly budget, and deposit not a cent more into your account. Use that money, and if you run out of funds take it as a sign its time to switch to free games- and get some practice whilst you’re at it.
Start again on the next week, with the new budget, a smarter, more experienced player. When one week’s budget rolls into the following weeks, don’t spend that profit, withdraw it and put it safely into the bank. And, of course, when this starts happening, you can reap the rewards!