Page 6 - April 2009 • Southern California Gaming Guide

Bill Burton: About Gambling
FOinancing Your Casino Visits: Your 401(g)
ver the last year many of us have been more budget conscious than ever. Most of us just don’t have as much discretionary income as we enjoyed in the past. This has caused us to cut back on the frequency of our casino visits. Since our visits are
fewer, we need to plan ahead. In my January column I suggested that you set aside some money each week to use for gambling.
Most serious players I know maintain a separate bank account for their gambling money. is money is not used for any other purpose other than their gambling activities. My friends and I refer to our gambling accounts as our 401(g)s. e primary advantage to having a separate
when you play. (Four hours times $25 = $100 per day.) Now multiply the six days times $100 and you have a yearly gambling budget of $600. If you divide this by 52 weeks a year you will see that you only need to put aside $11.53 a week or $1.65 a day to save for a year of
account for gambling is that then, we will always have money to visit the casinoevenifit’sona moment’s notice. ere is nothing worse than trying to scramble for somemoneyifyouwant to join friends for a trip to the casino. If you have a separate account for gambling, you can just make a quick withdrawal and you are on your way.
You don’t have to be a serious player to have a 401(g). In fact, even if you arearecreationalplayer who enjoys visiting the casino a couple times a
“The first thing you need to determine is how often you plan on visiting the casinothisyear.Maybeyouplantwo or three trips to the casino for several days, or you might make a day trip onceamonth.Itdoesn’thavetobe exact, but you should have some figures you can use to start with to cover the number of days you will be gambling. Once you have all of this roughly figured out you can determine how much you need to put away to
financeyourgamblingaccount.”
gambling.
Start Your Account
Many of us have 401(k) retirement accounts and have money taken directly out of our paychecks and deposited into our 401(k) accounts. is is a painless way to save. since we never actually have the money in our hands. With the money taken out of our checks, we do not really miss it as we never see it. We also remove the temptation do other things with the money.
enough money to bring with you? It is better to plan ahead and have a few dollars set aside each week, rather than to try to come up with the full amount on short notice. is is the reason people use money that is intended for other expenses when they go to the casino: because they did not plan ahead.
AnAlternative
If you are unable to open an account and use direct deposit to fund it, there is an alternative. Go to the store and buy an inexpensive plastic bank that is completely sealed. Decide how much you want to save per day. Each morning when you get up, put that money into the bank. If you normally buy a few cups of co ee or bottles of soda each day, cut back by one and put that money in the bank instead. By saving just $2.00 a day, it will add up to $730.00 per year. So, for the price of a co ee a day, you could enjoy a nice time at the casino.
Saving is easy when you have a goal. It is even easier when your goal is to have a fun time. Start today and you will see how easy it can be.
Until next time, remember: “Luck comes and goes.. Knowledge Stays Forever.”
Bill Burton is the Casino Gambling Guide and columnist for the Internet portal About.com, located at http://casinogambling.about.com. He is the author of 1000 Best Casino Gambling Secrets and Get the Edge at Low
year, it is a good idea to start a 401(g). at way, you will have the gambling portion of your trip nanced well ahead of time.
How Much Do You Need?
e rst thing you need to determine is how often you plan on visiting the casino this year. Maybe you plan two or three trips to the casino for several days, or you might make a day trip once a month. It doesn’t have to be exact, but you should have some gures you can use to start with to cover the number of days you will be gambling. Once you have all of this roughly gured out you can determine how much you need to put away to nance your gambling account.
For example: You visit the casino three times a year for two days (six days). You like to play quarter slots for four hours a day. You usually spend about $25 an hour
Many people get paid by having their company direct deposit the pay checks into their bank accounts. If your company does this you can easily open up a new bank account and make automatic deposits into your special account. You may want to open an account across town where you do not usually bank. is way it is not convenient to make a withdrawal on the spur of the moment. Once you open the account, all you have to do is to have a set amount
directly deposited into this account each week.
You Can Afford It
When I suggest opening a separate account to players and having money directly deposited into the account, I usually get the same response,“I can’t a ord to do it. I already have enough money taken out of my paycheck.”
But, you are going to be going to the casino anyway. Why wait until the day you are going to try to nd
Page 6
SOUTHERN CALIFORNIA GAMING GUIDE
April 2009
About Gambling with Bill Burton