How to Recover from a Big Gambling Loss
Have you lost money gambling recently? Have you lost money gambling online or in a casino? Do you wonder how to recover from a big gambling loss?
The despair of losing all your money or a considerable portion of it to a round of gambling can have more devastating effects on the individual than envisaged. From the shock of having your financial status go from a solid hundred to nil, to having to mentally cope with it and survive it is enough a challenge. Ultimate recovery is very hard for some, nearly impossible for others.
This piece will give you helpful tips on how to go about your situation and navigate toward recovery. As a perk, you will also learn how to avoid a reoccurrence.
This is a no-brainer, considering the heavy loss, but it is worthy of mention. Whether you stop temporarily till you get back on your feet or walk away permanently, you need to curtail your losses by not risking incurring more. There is no universal law that after a big loss is a win. You just might lose again, and this will not be good for finance. So, as a first step to recover from a big gambling loss, take a break.
Weigh in on the loss
This is the most difficult step to take psychologically because it brings you face to face with the horror of your loss. However, it is essential to measure the extent of the loss and its impact on your finances. This will inform you of the urgency of the situation and the steps you need to take to manage the crisis.
Find out how much you can get back
This isn’t a rule of thumb for every gambling house, but if the money lost is big, you may request a loss rebate from the betting agents or company. This will help cushion the loss in the best way possible. After all, any money you can get back will be better than getting none back at all.
Accept Your Loss
This is also a psychological step that will put you on the right path to full recovery. If you can get some money back, it may make this step easier for you. If not, you must accept that the loss has happened and focus on getting out of a financial quagmire. This step may also bring you to face the shame of loss and reaction from family and friends, usually unpleasant or sympathetic at best. It may take quite some time to accept that you have lost a big deal but be focused on the end goal: recovery.
Set Realistic Budget
This is a coping step. Whether or not you lost money, money has to be spent on bills and other unavoidable expenses. Familiarizing yourself with what you have left and planning how to spend every penny wisely will get you through the stint of financial constraint. At this stage, cut off excess or impulse expenses, and only put your money in what you need. If you don’t have enough money to last the next few months, look into getting a loan from friends or a credible lender. If you have a poor credit score, prepare to pay higher interest rates.
Work more jobs
You need to make money to have more money. The impact of a gambling loss is that a wide chasm is bored in your finances and you need extra income to fill that up. Look into doable extra jobs that can pay regular bills and work hard to get back on track. Also commit to saving as much as you can or take out a small, payable personal loan for ease. Avoid too many loans that will choke your finances harder.
Surround yourself with family and friends
Becoming a recluse will not help your physique. Ensure to be around people that care about you and check on you from time to time. This will give you the energy you need to speed up recovery.