Balancing the budget

Wondering where you money goes? Find out how much you can really afford to spend on gambling.

Making a budget

Think about what your goals are and take the necessary steps to achieve them.

Developing a budget is a great way to take control of your finances. Not only does it demonstrate a commitment to change but it can also be a real eye-opener if you are not sure exactly where your money is going.

Sometimes people are reluctant to re-organise their money so that they don't have direct access because it feels as though they are losing control.  This way of thinking however, can just be a way of tricking yourself into still having money to gamble.

Others may be facing a situation in which they need to repay a substantial gambling debt. While this may be a very daunting prospect, it is a crucial part of changing behaviour.

The benefits of budgeting

Budgeting can help to:

  • Observe and understand patterns of spending,
  • Determine what you want and how to achieve it,
  • Support your decision to cut down by setting an amount that is affordable and equivalent to normal entertainment expenses,
  • Ensure bills are paid before gambling,
  • Work out how much money can go to a savings account, gift or holiday.

How to do a budget

A more comprehensive template for working out your finances is available here

Want to estimate your yearly spending on gambling? Try our gambling calculator

Get a quick snapshot of your finances by drawing a line down the page;  on one side list income, on the other list expenses.

  • If total expenses exceed total income, try adjusting amounts of money within certain expense categories.
  • You may be able to cut back on entertainment and fashion until your budget can accommodate the amount you would like to spend.
  • If income exceeds expenses, it is important to manage this money and not spend more on gambling than budgeted. If you are spending more than you would like, check out our tools for cutting down.

Be realistic about debt management

If you are worried about not being able to repay debts or bills, speak to a financial counsellor. They can help you consolidate your debts and develop a manageable budget.

  • Don't set yourself a budget that is too difficult to stick to.
  • Review your budget regularly to assess if any changes are required.

The anxiety that large debt can produce may have an impact on your motivation to work on long-term change. If you think you may be facing this situation, we highly recommend meeting with a financial counsellor to discuss specific strategies to cope with debt. Dealing with debt and arranging manageable repayments can eliminate a major stress from your life.

Next steps

If you want to improve your money management to help stay in control, you can:

Main Navigation