I lost all my money gambling; what do I do? If you’ve asked that question before, you’re not alone. Many have been in the same position as you and were unsure how to recover financially from compulsive behavior. However, this means that you aren’t the only one to have embarked on the road to recovery. Those in the past have already forged paths forward and developed strategies to financially recover from problem gambling, and you can follow in their footsteps. If you’re in debt from gambling, here are five more tips to follow.
Remove Access to Your Bank Accounts
When you’re in debt from gambling too much, it may be wise to close your credit card account entirely. Without a source of funds to conveniently pull from, you’ll be less likely to avoid gambling. Should you choose to go down this route, you need to be wary of any new credit card deals you encounter. However, if you do not want to shut down your account completely, then destroying your credit cards — whether by cutting or shredding them — will make your funds no longer easily accessible.
Cut Off Funds
While contacting friends, family and support groups are great ways to stop gambling; it’s also a good idea to call your creditor. Telling them about your problematic behavior and asking them to stop extending credit will allow you to cut off the flow of money directly from the source. Creditors will want you to repay them if you’re in debt from gambling, so this arrangement is also favorable to them. If your creditor requests a repayment schedule, create one that is realistic and easy to achieve.
Carry a Low Amount of Money
To better resist the urge to gamble, only carry a small amount of money with you. Staying below a low threshold will help prevent you from triggering any problematic gambling temptations. This tip extends beyond the money carried in your wallet but also in your possession. Don’t keep any large sums of cash at home and instead place them in the care of someone you trust.
Give Away Valuables for Safekeeping
In our previous blog, we mentioned that one way to recover financially from a gambling disorder is to surrender control of your finances to a relative. However, it’s possible to take this one step further. Identify any valuables in your home that you could potentially pawn off for more gambling money, and entrust them to a reliable family member or friend for safekeeping.
Show Credit Card Receipts
If you do wish to continue owning and using a credit card when you’re in debt from gambling, there’s a precaution you can take to avoid spending money wastefully. Routinely showing your credit card receipts to one or more trusted companions will allow them to keep you in check should you relapse into your problematic behavior. That way, you can demonstrate you’ve only been using your card for legitimate transactions like groceries and not at a slot machine.
Are you searching for gambling anonymous family support meetings to help overcome your compulsive behavior? Then contact 800-Gambler today. We offer a variety of resources to assist problem gamblers, including gambling videos and much more. If you’re searching, “I lost all my money gambling, what do I do?” then 800-Gambler can help.