How to Spend the Money You Have Won

One of the most exciting things about playing bingo online, aside from the fun built into the game, is winning a jackpot. Getting an extra big bonus for calling bingo is a great feeling. When you get one, it’s easy to fantasize about all the things you could do with the money. You could spend it on such things as:

  • Taking your family out to dinner to celebrate.
  • That dream vacation you have been dreaming of.
  • The down payment for a new car.
  • Pay off a credit card, your mortgage or other debt.
  • Deposit it in your savings or retirement account to make your winnings go even further.

Professional Gamblers

Most professional gamblers say that when you win, it is wise to be smart and walk away the moment that you do. A large portion of those who win money through the lottery or other forms of gambling end up losing their money once again. Here are some examples to serve as cautionary tales.

  • In Canada, a man who had emigrated from the Dominican Republic was the winner of a $338 million Powerball lottery jackpot and went through his winnings.
  • In the United Kingdom, a stove fitter who had just lost his job ended up winning 256000 on a mere £3 bet! He was generous with family and friends and went on a spending spree. Against the advice of loved ones, he did not reinvest the money in wiser ventures such as a home, continued betting with this winnings. After losing more than a quarter of a million pounds, his family intervened.
  • A woman in New Jersey won 4 million dollars. She took her winnings and blew it all in the casinos in an attempt to try to win even more money.

Those who win money often make the mistake that winning more money will eliminate their money worries. That’s far from the case.

  • Always remember and stay within your spending budgets –especially when you continue to game online or off. 
  • Pay your bills first. Never gamble money intended for other things such as food, rent or utilities. Violate this rule and you may find yourself losing much more than the amount of money you bet.
  • Bingo and other forms of gambling are intended as a form of entertainment. If self-control means having to put into place daily limits in order to ensure you don’t get into trouble, most sites allow for players to set those limits.

Most players don’t have a problem with betting too much and are able to push themselves away from the table or log off of the website. If you find any of the following are true it is possible that you may need to take such precautions.

  • If you find yourself lying to family, friends or even yourself about how much you are spending when gambling.
  • If you are playing online games or engaging in betting as a way to reduce stress or to forget about your current problems.
  • If your only interest becomes gaming or gambling.
  • If you place larger and larger bets in an attempt to win back the money you’ve already lost.
  • Borrowing money from family, friends, your savings or retirement account so that you can keep playing.

Playing bingo for money online means playing responsibly above all. If you find any of the above is true, ask for a trusted friend or family member to intervene. Realize that you are not alone and help is available for you. Your state may have its own gambler’s helpline. Organizations that can help for those who are addicted to gambling include Gamblers Anonymous, and Gambling Therapy. These organizations can help you to avoid a problem long before it gets out of control.

Please gamble responsibly and spend your winnings wisely!

Jesse Fin
 

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

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