How Much Should You Budget Each Month for Gambling?
Setting a budget for your gambling is universally suggested. But how much should we budget each week or month?
If you are anything like me, you absolutely hate making budgets. Am I right?
It ranks right up there with filing taxes, car repairs, and watching as someone painfully reads every word written on a slideshow.
And yet, it’s extremely important.
Enter the Simple Responsible Gambling Calculator
In designing this calculator, I wanted it to be as easy to use as entering a single number, yet insightful with suggestions from experts on how we can best allocate our money.
Give it a try and mess around with the various inputs to gain a better insight on how to best spend your money.
What are the suggested percentages based on?
Entertainment Budget: Most budgeting advice suggests using 5-10% of take-home pay for entertainment.
Gambling Budget: Gambling is an entertainment activity. While everyone’s entertainment spending will vary, the suggested max of 30% of your total entertainment budget seems appropriate to ensure you can afford other leisure and keep your gambling at a healthy level.
What is included in an entertainment budget?
Suggestions often include dining out, movies, live events/shows/games, and recreational activities.
Here’s What to Include in an Entertainment Budget (link) – Take Charge America Nonprofit Financial Education
Isn’t 10% too low?
It all depends on what is included in your entertainment budget.
“Some advisers take a broader approach that gives you a set percentage of your income, such as 20 percent or 30 percent, to spend on nonessential expenses, which include gifts, vacations, clothing, eating out and entertainment.” – Sapling.com
Adjust the calculator to best align with your budgeting approach.
Quick Weekly Gambling Budget Calculator
Detailed Monthly Gambling Budget Calculator
The calculator is for informational purposes only and does not constitute financial advice. Metrics used are based on commonly suggested budgeting advice.