Casino Money Management
Your long-term success and enjoyment in all forms of gambling are totally dependent on your casino money management regarding your bankroll. Good money management in the casino whilst playing any game is the best strategy for ensuring you can stretch your money further. And therefore increase your jackpot winning chances.
It’s unfortunate that no western modern education system teaches young people how to manage their money when they are adults. That’s why, here at Jackpotfinder.com, we think it would be a good idea to look into the various casino money management systems that can help get more bang for your buck out of your casino bankroll. And all through simple money management tips.
What Is Casino Money Management?
Simply put, casino money management is a term that encompasses any strategy for saving, investing, budgeting and also spending your own money. It describes many different types of strategies that people can use to either extend or improve their financial security for both the long and short term. You may well have heard wealth managers and stockbrokers using the term “financial industry complex.” This is a way of describing the methods they can use to both help and shore up either an individual client’s wealth or the wealth of organisations. And it’s these same principles that can be used when dealing with budgeting for casino jackpot games.
At The Roulette Table
Let’s look at the casino table game of roulette for example. How you go about managing your money and your approach to betting is going to be of paramount importance to your success. You must keep in mind that roulette is simply a game of chance or luck. There’s absolutely no skill involved. To that end, there’s nothing you can do to affect the outcome as to where the small ivory ball will fall into the wheel as it comes to a stop. But one thing you do have absolute control over. And that’s your bankroll. Casino money management is really about ensuring that you spend your gambling allowance wisely. So when you’re playing a game of total luck, such as roulette, you will still be able to get as much out of the game as possible, without making any basic casino bankroll mistakes.
Casino Money Management Methods
The reasons why you want to make your money go further will be immaterial if you don’t have a good strategy in place to do so. A quick search of the internet will reveal many effective and tried-and-tested management methods. Many come from prudent financial minds and are help stretch your budgetary needs. Any financial method that helps you manage your budget is going to help you at the casino gaming table. As a point of fact, a great deal of these money management strategies involves making psychological adjustments. Essentially you’re trying to change the way you look at money. This is so you can learn to be more careful with it.
Below we’ve listed some of the most popular and practical money management methods that you should work your way through. Once you understand how to look after your bankroll, then head over to 22Bet Casino. They have a huge selection of all your favourite casino games. But even better, they offer all new players a great welcome bonus of 122% up to €300! This will increase your playing time. And therefore your possibilities of winning.
The Envelope Method
When it comes to gambling, sometimes the most effective casino money management methods come from being able to put strict limits on your bankroll. To that end, the envelope method is a great exercise in restraint. The first thing to do is to go through all the categories of spending that take place in a typical month. These would include such items as rent, utilities, food and travel. With each one of these, you’ll need to estimate how much you spent each month. Then simply find a number of envelopes and label each one with the name of one category. Inside each of them place a predetermined amount of money for that particular month.
You’ll end up with the absolute total amount of cash that you’re allowed to spend on your living expenses for the month, all packed tightly away in their respective envelopes. Anything left over is yours to blow at the casino. If you head over to the Apple Store or the Play Store you can find plenty of apps that will help you do the same job without actually taking out cash. So you can use either apps or your e-wallet to separate out your living budget from your recreational one. This will certainly stretch your bankroll and help you win the jackpot online.
Zero-Sum Budgeting Method
With this casino money management system, you ensure that every penny you earn is either saved or put to use. In other words, there is no money just lying around doing nothing or being wasted. The first thing to do is take stock of your monthly earnings and find an exact figure as to how much money you have coming in. Then each penny is allocated to a different activity. For example, X amount can go to food spending. Another X amount can go to investing. And another X amount can go towards playing roulette at the online casino. By allocating each penny to something productive, you can be certain that your money will be working for you.
The 50/30/20 Budget
This is a classic money management system and was actually popularized by US senator Elizabeth Warren. There are a number of different variations of this popular financial mantra. First, you take all of your after-tax income and split it into 3 separate parts. Now 50% should be for your “needs” such as food utilities and rent. 30% of this should go to your “wants” which will include such things as hobbies, recreation and entertainment. That trip you always promised yourself to Las Vegas. Finally, the remaining 20% should go towards savings policies and investments.
The basic idea behind this plan is to be able to live a regular lifestyle, whilst at the same time securing a financial future for yourself and your family. As Elizabeth Warren says, doing this during your lifetime will leave you with more than sufficient funds for a comfortable retirement. It’s a casino money management system that should be part of your jackpot winning strategies.
Casino Money Management: The 60% Solution
This was a plan that came from the MSM Monies editor-in-chief Richard Jenkins. In some ways, it is similar to the 50/30/20 system though slightly more ambitious. With the 60% solution, the goal is to put aside 60% of your total income and earnings towards expenditures. This includes every type of expenditure whether hobby, monthly bus pass, or playing roulette. All of the 40% remaining that should not be touched at all and should be saved. As you can imagine, this would see your savings skyrocket. But we feel that such a drastic saving plan would need a very frugal lifestyle in order to achieve it. nevertheless, going to an online casino like 22Bet Casino will allow you to play with very small wager amounts, whilst still enjoying the possibility of having some huge wins.
The No-Budget Budget
With so much pressure on people to buy stuff then “budgeting” is something of a dirty word. To that end, many people adopt a “no budget” approach. This casino money management system simply means calculating your total expenditure from your total income. Using your bank accounts, you set up a direct debit to ensure that all the day to day expenditures payout automatically as soon as your paycheck arrives. Once again, using direct debit, at least 10% of your income should go towards some sort of savings plan that you are unable to access.
Everything leftover is yours to spend. But keep in mind that if you’re not budgeting with the remaining money carefully, then once it’s gone, it’s gone. You will not be able to take out any more money from your existing bank account. The idea behind this plan is to ensure that you can never fall into debt.