Money management is a term that applies to everyday life, and you probably know what it is. What you may not know is that it’s extremely important when you walk into a casino. Casinos are designed to take as much money as possible, and even the strictest of players can lose more than they planned if they don’t look out. Learning how to manage your money before you walk in the door is one of the most important tools to minimizing your losses.
Take Only What You Can Afford to Lose
This is the most important rule of money management while gambling. Gambling should be within the realm of culture and entertainment, and you should have an idea how much a night of entertainment is worth. Before you leave, decide how much you can spend without cutting into funds allocated for something else. Walking into a casino with no limit as to how much money you can spend is downright dangerous. Doing so will almost always mean you’ll spend more than you should.
Leave ATM and Credit Cards at Home
Once you’ve decided how much you want to spend, take out that amount of cash before you leave. Then take your identification and leave everything else at home. This is especially true if you know you will be tempted to take out more money. Not only will you not have access to more money, but you’ll likely be more conservative with what you do have. You’ll also be missing out on the high ATM and credit card fees the casino charges to get more money.
Set a Win Limit
When you’re winning, it can seem like you can never get enough. The problem with this thinking is that you will eventually start losing. When you do, you’ll want to get back the money you’ve won, which probably won’t happen again. You can avoid this by deciding beforehand how much is enough. When you’ve hit that limit, force yourself to walk away; you’ll be glad you did tomorrow.
Don’t Chase Your Losses
When you’re losing, it’s easy to think that your luck will turn around eventually, but this isn’t always the case. Remember, the casinos always win, and the longer you play, the more you’ll lose. Learn to see when you’re on a losing streak, and get up. Trying to get your money back will almost always cost your more money. You don’t necessarily have to leave the casino; sometimes just changing tables or even playing a different game can help.
Set Strict Time Limits
Before you leave the house, decide how much time you want to spend at the casino. Money is like time; the more you have the more you’ll lose. If you’re going on a gambling vacation, such as to Las Vegas, set time limits for how much time you’ll be gambling. Plan on doing other activities during your trip to limit your time at the casino and combat boredom that you might face if you’re not gambling. It can be difficult to make yourself leave, but do your best to try.
If you walk into a casino with no idea how much time or money you’ll spend, you will always spend more than you like. Learning how to manage your money is not always easy, but if you like to gamble, it’s crucial to avoiding devastating losses. Setting limits on both your wins and losses will help you walk away. If you walk into the casino knowing what you’ll spend, you will have fun. Treat gambling like entertainment, and you’ll have a much better time.