Gambling can have detrimental effects on a person’s finances. Depending on the point at which the gambler seeks help, the state of the finances can vary. Ultimately, the goal is to address the impacts, and determine a path to get the finances back on track.
Whatever method you use, it is important to follow some key steps to securing financial stability again.
STEP 1: Get a reality check – the first step in this process is to come face to face with your actions. Understand that your debt is an outcome, a symptom to an act (or cause). The reality check gives you an understanding of how you have contributed to the symptoms you now face.
STEP 2: Stop gambling – Ignore the reasoning that tells you that you can gamble and have financial freedom. Think of it this way, every time you put money into the casino, they (the casino) win. Another way of looking at the situation as with every dollar you spend could be going into your own pocket.
STEP 3: Review finances – Take some time to review your finances. Start a spreadsheet or write down all the an inventory of all “active” debts. Active debts include debts that are currently impacting your ability to conserve money. Examples of active debts include payday loans, outstanding personal loans, and overdraft balances.
STEP 4: Create a budget – Use the information collected in Step 3 as an input to a personal budget. Outline your income and expenses in an organized format. The key to and effective budget is follow-through. Below are great resources provided by Dave Ramsey around budgeting:
STEP 5: Get support – Once you have a budget in place, try to identify some great supports for yourself. Supports give you a chance to share your concerns, your goals and progress. Try asking a friend or a family member to support you in your journey. A counselor would also be a good alternative to provide the needed support.
A course like The Ultimate Life Reboot, will help in setting some overall goals in life. This course can also use this course as a starting point to setting goals for finances.