How to set a budget – BettorMind

Setting a Budget

Betting is a form of entertainment that requires a number of essential behaviours to ensure that the enjoyment aspect is sustainable. By making some small changes to the way you approach betting you can make a huge difference to your experience.  One of the most important things you can do is to set a budget

Identifying a Budget

Before you take part in any social activity it is important to have an understanding of your budget. You need to work out your regular financial commitments and ensure those are covered.

What you are left with is your disposable incomer from which you can allocate funds towards social activities you have planned in the weeks or months ahead.

Betting Budget

A budget for your betting should come from funds allocated from your disposable income and should not impact your ability to keep your regular financial commitments.

This does not mean you should allocate all of your disposable income to betting. You should use those funds to pay for any social activities you have and betting should form part of a balanced social life.

Managing Risk

Taking risks is enjoyable when done properly. Betting involves taking risks and through the use of a budget you can enjoy the risk of betting whilst ensuring the risks do not have a negative impact on other aspects of your life.

Over time you should review and adjust your budgets depending on your circumstances. For example if you have a holiday planned it is a good idea to allocate more of your disposable income towards that.