How to manage your Bankroll
Bankroll management is huge. When you inevitably win at an online casino, you must know how to handle those winnings.
We know that online gambling is all about having fun. Logging onto the casino at your convenience. Playing your favourite games, and enjoying the non-stop thrills that follow your bankroll. It’s not about winning, it’s about playing the game. Because when you focus too much on winning, that’s when you run the risk of your budget taking the hit.
But what happens if you do win? What about your bankroll?
And not just a small amount, but a significant amount at that. Do you withdraw it all immediately? Do you keep it in your casino account, do you spend it, save it, or even invest it? So many questions, so many choices. And that’s exactly what we’re here to explore. While the outcomes of online casino games depend entirely on luck. It’s always good to have a plan in place for any potential winnings first. That way you’ll know exactly what to do when good fortune strikes. And you won’t be left scrambling with your bankroll.
Celebrate! (But don’t blow your entire bankroll).
Woohoo, you’ve just hit the big time! So naturally you’d want to celebrate. And you absolutely should – you deserve it. What’s worth bearing in mind though is how to celebrate. Maybe a fancy dinner, some bubbly and bites with friends. Or even a short weekend getaway somewhere you’ve always wanted to go. As much as you might be tempted though. Don’t blow half your winnings in one evening buying dinner for 50 of your nearest and dearest. Instead, budget an amount for your celebration. Whatever you choose to do, and then stick to that number. Manage your bankroll responsibly. That way you’ll be able to celebrate your win the way you deserve, and you’ll still have winnings left afterwards too. It’s the best of both worlds!
Look at your finances and your bankroll
It’s easy to think about all the things you want to buy, see and do with your winnings. But before you make any major decisions, look at your finances first. Do you have any debts owing, do you have a mortgage to pay off. Do you have a healthy savings account and do you have enough money to pay all your bills? These are all important bankroll factors that need to be considered before you start spending your winnings. Once you’ve taken stock of your current financial standing, that’s when you can start making plans for your money, and managing it responsibly.
Put a buffer in place.
One of the best gifts you can ever give yourself is the one of financial security, and that’s exactly what a buffer is for. If you’re able to put at least three to six months’ salary away in an emergency fund. That’s just the kind of cushion you need against any financial issues that may occur further down the line. Having this safety net in place will give you the stability you need. And the peace of mind that comes with it, so that no matter what life throws at you, you’re always fully prepared with your bankroll.
Diversify your investments.
Your next question probably is, what investments? We get you, in this economy just being able to pay your bills is a plus, never mind having actual investments. But if you don’t have any investments currently. And now you have a sizeable amount of money at your disposal, it’s worthwhile exploring what your options are in order to help you reach your long-term financial goals. Here’s where a financial advisor can come in very handy. Consult with one in order to help you create a diversified portfolio to potentially grow your wealth over time. This proactive approach to investing will ensure that your money and bankroll work for you, you can get the most out of life as a result.
Set financial goals.
We get it – spending your new-found money on the things you’ve always wanted seems irresistible. But if you want to be able to meet both your short-term and your long-term needs. You need to set financial goals to help you reach them. Whether you want to save for your dream vacation. Put a down payment on a house, or work towards early retirement. The more you’re able to allocate your winnings wisely, the closer you’ll be to achieving your goals. It’s all about making clear-headed, informed decisions, just as you would at the casino. Take this skill through to your real life. And you could soon be making all your dreams come true, thanks to responsible bankroll management.
Pay off your debt.
It’s what any financial advisor would tell you – before you purchase ANYTHING with your winnings, make sure you pay off all, or at least a significant portion of your debt. Not only will you be able to reduce the impact of high-interest debt and loans, you’ll be able to free up your future income too for saving and investing. You’ll also feel the weight of your debt off your shoulders as well. Giving you much-needed peace of mind. So as much as that all-expenses-paid trip to Tahiti beckons, make your bankroll work for you first before you start using it for play.
Spend mindfully.
At last! You’ve got your financial plan, you’ve set aside money for investments and savings too, and you’ve paid off your outstanding debt. Now it’s time to spend! Well, not so fast. Impulse buying can be dangerous to your account balance, particularly when you’re spending wilfully and not keeping track of your purchases. In order to make sure you don’t blow through your winnings in a matter of weeks. Make a note of the items you want to purchase first, then prioritize them based on their significance and long-term value. Because financial success isn’t just about what you can spend, but how wisely you can spend it. And your bankroll will thank you.
Feeling ready to start managing your winnings once you hit the big one? Many of the points we’ve listed can be applied to your general finances right now, meaning that even if you don’t hit the jackpot right away, there’s still time to practice sound financial management beforehand. Staying in control of your budget and your spending is always a useful skill – master that and you’ll be a winner, both in the casino and in real life too.