Ep. 3 - Help with Gambling Debt: Changing your Money Habits
Listen now to this episode of Fold em to hear real stories and strategies for paying off gambling debt and reaching your financial goals. Click on the green play button and get inspired!
If you would like to check out other episodes of our podcast, Fold em: Help for Gamblng Problems, click on the red button below. Be sure to subscribe, so you won’t miss out on the latest show.
Financial freedom often requires more than paying off debt - it involves changing how you think about and handle money
In this episode of our podcast, Fold em: Help for Gambling Problems, I talk to Debbie. She tells how she made changes to the way she handles money in order to stay on track with paying off a gambling debt while also managing bills and saving for retirement. She says the change involved rethinking her relationship with money - becoming a saver rather than spender.
Shannon Simms also joins us in this episode. She is a counsellor who leads a workshop for people impacted by problem gambling and wanting to change how they handle money. Shannon and Debbie both offer tips for staying on track with debt repayment and managing money.
How to Stay on track with Debt Repayment and Financial Goals
- Plan out each pay cheque and have a clear plan about what bills will be paid when and how much to set aside for other costs, e.g. groceries, entertainment etc.
- If impulse spending with a debit or credit card is a problem for you, put those cards in a safe place and buy gift cards for things you need, e.g. groceries and gas, or lower the withdrawal limits on your cards
- If you have money left over after covering your costs, transfer it to a savings account at a different institution so there is a delay in being able to access this money
- Lock up savings for a period of time to reduce temptation, e.g. a short term Guaranteed Investment Certificate (GIC)
- Ask someone you trust to review your accounts with you on a regular basis. Knowing someone else is watching your spending may be a deterrent to impulse spending.
If you would like to learn more about changing your money habits and working towards financial freedom, tune in to episode three of Fold em. Listen now by clicking on the green “play” at the top of this blog. If you prefer to listen from Apple or Google podcasts, click on the red “Listen Now” button to go directly there.
Fold em is a podcast hosted by Adrienne Cossom and her colleagues at Gambling Support BC. Whether you are looking at stopping or scaling back your own gambling or supporting a family member with a problem, this podcast will help you take back control. Hear from gamblers who have been through it and get tips from counsellors.
If you live in British Columbia and would like to access free counselling from Shannon Simms or our support team, click on the “Connect with Supports in BC” button below.
To learn more about gambling concerns and how to access resources and support, go to the home page of this website OR click on the red “Learn More” button below.