Finance is a sensitive topic, but it becomes even more severe when a gambling problem is involved. You need to look after your finances, and we’ll show you all the need to know about debt and finance management. When gambling becomes a problem for you, your best bet is to hand over your finances to trusted partners and family members. There are other options to explore, but remember that this is not a one-time-fix solution.
The financial costs of compulsive gambling
There are different variations of gambling, including but not limited to online gambling, casinos, lotteries, card games, some types of trading, and sports betting. Asides trading, all other forms of gambling are systematically designed to make the house the profiteer. How else do you think they make their money? A casino will be glad to ‘fine-tune’ a slot machine to issue periodic $150 payouts if it means that they will receive $350 in earnings during the course of playing.
Manage your finances
- If you are a gambler, you need to trust your finances to someone else. On the other hand, if you know anyone who has this problem, it’s better to make sure they don’t have full access to their funds.
- The tips you will read soon are aimed at you, your partner, family, and friends. Just like we pointed out in our previous article, you should see a financial counselor if you need professional advice on how to handle your funds.
- If your significant other is struggling with gambling addiction, you may need to cut back on the spending, reshuffle your priorities, and try doing some more critical such as selling property or pick up something fun to do.
- Get legal advice, so you know your rights when it is needed.
- If you are the partner of someone who struggles with problem gambling, this might be the right time to take on the role of the ‘guardian’ and be the one to take care of the family’s finances. With the help of a counselor, you could consider the following:
- Creating a unique family budget, one that would cater to your family needs. A family budget that will also help pay back the debts systematically. This will make it hard for anyone to feel the need to gamble.
- Next, you want to carefully track all your family spending
- Take on the role of the family’s finance manager until the gambling is under control.
- Discuss the amount your partners can have access to or spend, perhaps a monthly allowance – that way, and it would be hard for anyone to be tempted to gambling.
- Create a separate bank account or simply have accounts created that require two for bank withdrawals. That will make it impossible for the gambler to withdraw money without your consent.
- Your valuables should also be placed in a safety deposit.
- Speak with the bank to make sure your bank can’t be remortgaged.
- Remove your name from the shared credit cards.
- Ensure that the overdrafts are canceled on all bank accounts.
When helping someone struggling with gambling addiction
Do you have a friend or family member with gambling addiction? there are certain things you should consider before and after rendering help.
- Before you make that help, think carefully about your own finances. Where will you be when you make that help. This is not the time to be emotional with your decision. Be cautious with the act of kindness.
- While helping others with cash, it will be unwise to share your PIN numbers.
- Keep your valuables and cash out of sight.
- Rather than lending them money for bills, you should pay the bills yourself.
- Change your WILL to make sure the inheritance is not lost to any form of gambling.
- Tell colleagues, another family, and friends not to lend money to the person in question.
While striving to recover, a gambling addict may grant family and friends the power of attorney to control their finances in the short term. However, this must be someone they can trust with their life with.
Protect your family from the damaging costs of gambling
- As the gambler, you have to hold yourself responsible; even that can be too much to ask sometimes. But, if you want to protect your family’s finances from the consequences of gambling, then you should start by:
- Opening a new bank account and a new credit card, which will be yours and yours only. It is ok to manage your finances differently as married couples.
- Lock your long-term accounts. When gambling becomes an addiction, your moral compass will be slightly or entirely broken. That’s why when you are out of funds, getting money from anywhere will be the only thing on your mind.
- Lock your credit. When you open a new account, get a credit card, lock your long-term accounts, you shouldn’t forget to lock your confidence too.
- Repairing the losses caused by your gambling addiction.
- Be strategic about your debts. Payback according to how urgent each one is.
- Organize your debts and consolidate the.
- Rebuild your credit score with a no-interest credit card.
- Look for supports via personal loans, getting a new job, or seek assistance from the government.
- No matter how poor you think your credit score is, or how unideal your finances are, there are lenders or credit card companies willing to have you as a client.
Living with someone struggling with gambling addiction is tough; personally, struggling with such a habit is even harder. As a loved one, it’s necessary for you to take steps that are aimed at keeping your finances together. At this point, you want to take your time and research your options and develop a detailed financial plan. It will help you begin a healthy path towards recovery. It is ok if you feel you can’t do it on your own, that’s why we are here. Reach out, and we’ll find you.