If you love high-stakes betting and gaming, you may log on to an online casino at least a few times per week for your fun fix. As a regular casino gamer, have you ever thought about how much your betting budget should be per month?
Your betting budget can be easily calculated using the 50-20-30 rule, which is a basic personal finance calculation on how to delegate your monthly income to bills and wants. When you have decided on your betting budget for this month, try out some new games on Casino777.
Embarking on new gameplay experiences keeps it interesting as you level the stakes to attempt to win. Remember that not every wager will turn into a turnaround in winnings.
Understanding the 50-20-30 Rule
Take a look at your monthly income per month. The 50-20-30 rule is the percentages that you should allocate to living expenses, debt repayment, and wants respectively.
At least 50% of that income should be dedicated to living expenses such as rent (or mortgage), utilities, car insurance, groceries, and entertainment expenses such as the Internet, cable, and streaming services. The next 20% of your income should go to debt repayments on credit cards, loans, or money you have borrowed from family and friends.
Finally, the last 30% of your income can be allocated to your wants. Casino gaming would fall under the wants category. This percentage allocation is called your discretionary income. Hence, you can spend this money how you want other possessions or experiences beyond your monthly bills and debt repayment.
Can the Whole 30% Be My Betting Budget?
If you do not have any other hobbies that you do, you can allocate the entire 30% of your income to betting per month if you would like. However, if you have other hobbies, or maybe you have birthday or holiday shopping to do, your betting budget may be less than 30% of your income.
For example, let’s say that your income is $5,000 per month. Half of that, which is $2,500, would go to living expenses. Another $1,000 of it would go to debt repayments. The final $1,500 will act as your discretionary income and all or part of your betting budget for that month.
Of course, if you are debt free, you could devote some of the debt repayment money to your discretionary income for your betting budget. Take a look at what you want to buy this month whether it’s new clothes, an upgraded appliance for your kitchen, or if you have to shop for gifts.
It is up to you how much you want to allocate to your betting budget. It could be all or some of that 30% of income for your wants.
If you have a gambling problem, do not hesitate to call 1-800-GAMBLER. We hope that you have learned something about how to decide your betting budget so that you can have fun with casino games responsibly and not dip into the red in your bank account while playing them.