Gambling and Frugality

Gambling is not a frugal activity. Earlier this year my gambling was going pretty well but since then the tables have turned and I have been steadily losing money. I have noted that I am not disclosing my gambling wins and losses on this blog. I have not kept exact track of my gambling but I would guess that I have lost about $300-$400 gambling this year. That is not a big amount but with my small income it is too much. Also it seems a little silly to be trying to save a few dollars with coupons and then blow a $100 in the casino. I am frugal in all areas of my life except gambling. There is a disconnect between my beliefs and actions when it comes to gambling. Gambling was the major contributor to my filing bankruptcy 14 years ago. I am in control of my gambling now but I can still feel that urge to bet more and more. From now on I will be disclosing my gambling wins and losses. Also I will only bet when I think I have favorable odds and until I have a significant increase in income my gambling will be limited.

6 thoughts on “Gambling and Frugality”

  1. As much as you might not like to hear it, if gambling caused a problem for you in the past maybe you should just cut it out totally.

    It’s like a smoker trying to only have 1 cigarette a day. Too hard!

  2. Give it up! It just doesn’t jive with the frugal life. And you really can’t justify it by saying you will only gamble if the odds look favorable!

  3. I hate losing money by gambling, too, but for some reason I keep getting the itch. This year I’ve really cut back on gambling, but when I went to Vegas for the mystery shopping conference I couldn’t resist. I lost more than I wanted to – I can thank that to having too many glasses of red wine one night. It’s really strange how your inhibitions change after a few drinks. Before that, I was up about $100 and was mostly gambling to pass time, get a few free drinks, and take advantage of a buffet comp that was relatively easy to earn at this particular casino. Throw in a few drinks and, like a zombie, I was heading straight to the ATM.

    I think moderation is the best bet (no pun intended). Personally, I know I can control myself. If I leave the ATM card at home and bring a certain amount with me, I have no problem controlling the urge – I have no more access to cash when I run out.

    I really like the social aspect of gambling, anyway. There’s no better environment to sit down with complete strangers and strike up a good conversation than at a table in a casino.

  4. I think that before you post your gambling data in the future, you should probably post what your budget will be. That way your readers can help to hold you accountable (if you want) – it may be an extra help!

  5. Hey Everyone, I can certainly understand the advice to just quit gambling. I don’t plan on doing that though. If I stay disciplined gambling is reasonably affordable entertainment. Especially since I am able to receive comps that are well above my level of playing. If you factor in the value of comped meals and show tickets I would be ahead on gambling this year. The comps can’t really be given full value since most of them I would not have purchased if I had to pay.

    I need to do as Khaleef says and have a set budget for gambling. And also as MFM says and not bring an ATM card or more money than I plan on spending to the casino. Those are both things I usually did in the past but got out of the habit of doing as I believed I had developed more control of my gambling.

    In the interest of full disclosure since I posted this I have made $84 cash, received one free meal and earned points towards more free food.

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