Ep. 48 - Taking Charge of Your Money
Almost two years ago, Marcia decided that enough is enough. She was done with gambling and tired of never having enough money. Marcia stopped gambling. She also committed (along with her partner) to take a hard look at their spending habits and to break the cycle of spending more than they have coming in.
In episode 48 of our podcast, Fold em: Help for Gambling Problems, Marcia tells us that two years later “it feels amazing to not be worried about money. Having that security helps my gambling recovery.” Hear what Marcia did that helped her to feel more financially secure.
You also hear from Amanda Martin, with the Credit Counselling Society. She shares tips for taking control of your money.
Tune in to episode 48 and learn about:
Three reasons why taking charge of your money is an important part of addressing compulsive gambling
How to track where your money is going
How to have more control over your spending and saving
Tools, apps and free help with money management
Listen now to episode 48 of Fold em by clicking on the green play button at the top of the blog.
If you prefer to tune in directly from Apple Podcasts or Google Podcasts, click on the red “Listen and Subscribe” button below.
“It feels amazing to not be worried about money. Having that security helps my gambling recovery.” Marcia
Dealing With a Gambling Problem is Hard Enough - Why Should I Also Take Charge of My Money?
In this episode of Fold em, you hear from Marcia, who decided to not only stop gambling but also to create more financial stability. We also hear from Amanda Martin, with the Credit Counselling Society, who coaches people on money management.
Marcia and Amanda offer three good reasons for taking charge of your money:
You will feel so much better: it’s stressful to be short on money or to not know if there is enough to cover your basics. Having more predictability and control with money feels way better.
You can pay down debt more quickly: by looking at your spending habits, you are in a better position to change your spending habits. This can help free up money that can be put towards debt repayment.
You will be better able to control gambling: when you have more clarity about your financial situation and what you want to do with your money, along with less stress, you are less likely to get pulled into compulsive gambling.
How Do I Take Charge of My Money? How Do I Get Started With a Budget?
Amanda Martin notes that most people don’t like the idea of budgeting. It can feel overwhelming. Many of us don’t know what to do. And, hard to get started when life is full and there are more exciting things to do.
Amanda encourages people to find a way to get started. Budgeting, she says, is a tool for knowing where your money is going and spending it how you want to spend it.
Amanda and Marcia share these four tips for getting started with taking charge of your money:
Track your spending: find a way that works for you to keep track of where you spend your money in a month. Your credit card and bank statements can be downloaded into spreadsheets, or there are apps to help (see resources below)
Review your spending: once you have a record of your spending, notice where you are spending more than you thought. Ask yourself what are my needs vs wants? What are my priorities with spending? Where could I cut back?
Make a budget: for the month (or week), list money coming in (income) and going out. Start with bills and regular expenses such as for housing and transportation. Then see how much is left over and decide how to allocate it.
Review and revise: check-in on how you are doing with keeping to your limits. You will need to learn as you go and adjust things, e.g. I need to allocate more for entertainment, but I can cut back on take-out food.
That’s Fine to Get Started, But How Do I Keep a Budget Going?
Good question! We all are good at New Year’s resolutions but things often slide in February. Maybe we stop making time to review the budget or we impulsively spend on something and then say to ourselves, “why bother!”
Amanda and Marcia offer these suggestions for staying on track with budgeting:
Look at your attitudes towards money: maybe you have a mindset of “money is to be spent” OR “I can always earn more” OR “everyone has debt, what’s the problem?” Does your attitude towards money fit for you right now? How would you like to be thinking about money?
Notice your moods and spending: look at what times, environments, moods, places and occasions you are tempted to spend more (the acronym is TEMPO). Be prepared for these situations so you are better able to stay in control.
Have an emergency fund: emergencies typically cost money, so put aside something each pay cheque (even if it is a small amount). That way, your budget is more likely to be protected when there is an unexpected expense.
Have rewards: try to make space in your budget for treats for yourself. It’s hard to keep going if there is no spending or saving for positive things. Maybe you can also create incentives, e.g. if you pay down this bill by this date, next month you can have more money available to spend on this …
Be Kind to Yourself: if you get off track, resist the temptation to give up. Acknowledge that it’s not easy to change these habits and use it as an opportunity to learn and do things differently going foward.
Where Can I Find Help and Resources for Managing Money?
If you’re not sure how to start or would like to find out what apps and tools are out there to make the job easier, credit counselling societies typically offer free workshops and blogs on money management and budgeting as well online calculators. Check out some examples here.
To find a credit counselling society near you, check out the Canadian government website that has information and listings. In the United States, contact the National Foundation for Credit Counseling. If you live outside of North America, do an online search for credit counselling in your country.
If you would like to hear more from Marcia about how she has changed her money habits as well as tips from Amanda Martin of the Credit Counselling Society, listen to episode 48 of Fold em.
Listen now by clicking on the green play button at the top of this blog or the red “Listen and Subscribe to Fold em” button below.
You can also learn more about changing your relationship with money by listening to episode 3 of Fold em and reading the blog.
Check out other episodes of Fold em and be sure to subscribe so you don’t miss out when new ones are released.
Want to Connect With Support and Counselling in British Columbia?
If you live in British Columbia and would like to learn more about free, confidential support and counselling services from Gambling Support BC, click on the red “Connect with Support in BC” button below. Or, go to the Gambling Support BC website. You can also access our services through the Gambling Support Line. It is available 24/7 at 1-888-795-6111.
Gambling Support BC services are available to any British Columbia resident experiencing problems from gambling. You don’t need to stop or quit gambling or be self-excluded to access these free supports.
Our counselling and outreach services can help you figure out how to manage gambling concerns, including how to control or stop gambling. You decide what will work for you.
You can talk to an outreach support person about next steps for yourself if you aren’t wanting counselling. They can help you find self-help resources or local community resources and make a plan that meets you where you are at.
Want to Connect With Support and Counselling in the Rest of Canada and the United States?
For a list of gambling help services in Canada, visit www.gamblingguidelines.ca/getting-help
To find gambling help resources in the United States, visit the National Council on Problem Gambling
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. Fold em is funded by Gambling Support BC.
To learn more about gambling concerns and how to access resources and support, go to the home page of this website, click on the red “Learn More” button below, or connect with us through Facebook.