Money management is a skill that we all can learn. Let’s go over some of the finer points of sound money management.
First, we would like to explain how we came to address the issue of sound money management again.
California “Leads the Way”
Here at Slots Play Casinos, we looked at the sweepstakes for California ban that went into effect on January 1. We imagine that most sweepstakes casino gamers in California and the other states that have also banned sweepstakes casinos are now looking for a good real money casino.
Gaming at a real money online casino involves sound money management.
Sweepstakes Players are Online Players
We also thought that those gamers who frequented sweepstakes casinos would not look for a land-based casino to play at. Even though online casinos are real money casinos, it is much easier to manage your money at an online casino. So, we expect that erstwhile sweepstakes casino players in California and elsewhere will look at online casinos as a good alternative to playing at a sweepstakes casino.
Sound Money Management is a Genuine Skill
This has led us to look at money management in general once again. We think that sweepstakes casino players have instinctively made the decision to play casino games for free. Still, most people play at an online casino for real money. So, real money management becomes a prerequisite not only for former sweepstakes casino players but for all casino players.
Online Casinos Offer Unlimited Free Play
This is the first lesson in good money management that everyone should understand. You never have to place a bet in order to play at a good online casino. Slots Play Casinos has recommended over 30 top online casinos. All of them offer unlimited free play.
Free play serves the goal of good money management. It also serves the goal of knowing how to play a game when you try out a game you have not played before. It also serves the purpose of keeping your gaming budget intact, even when you want to play more but have used up either your monetary budget or your time budget.
Playing in free play mode for a short time beyond your time budget will not shatter your time budget as long as you play for just a short time after the time budget has expired.
Does Good Money Management Require People to Make Lists?
Of course, it does.
This is the first lesson in sound money management, and it brings a glaze over many people’s eyes. Still, a list is indispensable for good money management.
We all make lists for specific moments or occasions.
We create a guest list for parties, weddings, and so on.
We create shopping lists for that party we just mentioned and for the weekly “big shopping”. No one wants to get home and realize they forgot to buy coffee because it wasn’t on the list.
People also make “to do” lists.
Businesspeople make many lists. A PowerPoint demonstration may be no more than a list in fancy attire.
Why Do People Avoid Making Money Management Lists?
One reason is that most people do not want to know their true financial situation. So, we tell you now that in order to make a sound monetary budget for online casino gaming, you have to know your true financial situation.
Most people have enough money that they can earmark some for online casino gaming. This assumes that you have established a budget for fun and entertainment. Seeing online casino gaming as one of many fun and entertaining activities is a big step towards overall sound money management and setting a reasonable budget for casino gaming.
What Items Should be on That List?
Here is a list of items for the list:
- Rent or mortgage.
- Food aside from party fare.
- Clothing, including dry cleaning.
- Restaurants.
- Car payments, if you have any.
- Gasoline for the car.
- Maintenance.
- All household expenses such as water, electricity, heating and cooling, telephone, cooking gas or electricity and so on.
- Investments.
- Costs of all forms of entertainment.
- Gifts.
- Taxes.
- Insurance. This is a big one. A lot of people are actually under-insured.
When you make a long list like this, you get a very good picture of your financial situation. Most people will arrive at the conclusion that they can afford a certain sum per month for online casino gaming – it falls under the “entertainment” line of expenses..
How Should a Gamer Divide His or Her Budget?
This will take a little time to determine. You have to play at an online casino a few times to decide if you want to play every day, once or twice a week, or on some other schedule.
The number of sessions and the length of time you devote to a session are a function of how much fun you have with online casino gaming.
What Does Pay Yourself First Mean?
This means that for almost all people, their money is limited. Take all of the line items on the list above and see how much you need for yourself each month. This is what financial advisors mean when they tell clients to pay themselves first.
And your casino budget is right there under entertainment.
What Should I Do if I Want to Raise My Standard of Living?
It is a natural goal of all people to want a higher standard of living. A raise in your standard of living should come about only when you can afford it. Knowing your financial situation will help you decide if you can afford to increase your standard of living. Making lists of costs and goals is a vital step in learning exactly what your financial situation is.
Thomas Sowell is a great economist who has written many books on economics and other topics. He says that economics is the study of how societies deal with scarcity.
For our purposes, you should treat your present standard of living as a distribution of scarcity. If you decide to move to a more expensive place, you might also decide to lower other costs, like investments.
Slots Play Casinos hopes that you give sound money management priority #1 status in all areas not just for online casino gaming.
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