Financial Health and Gambling

Financial Health 

We talk about our emotional health and our physical health, but often we neglect to talk about our financial health. So, let’s talk about finances and gambling. We call problem gambling the hidden addiction because it is easy to hide. However, did you know that financial problems can often be some of the first signs of a gambling problem?  

Those struggling with gambling often think money is the root of their problem, and money will make it better. This is why problem gamblers often chase their losses; they think the next big win will get them the money needed to get out of debt. However, this is not the case as with a gambling addiction. No win will ever be enough as the compulsion to continue gambling is there.   

The Impact of Finances on Problem Gamblers 

If you or a loved one are struggling with gambling, you may see some of the warning signs that impact your finances:   

  • Overdue bills  
  • Maxed out credit cards   
  • Always short of money, despite adequate income  
  • Cannot provide for basic needs (food, clothing, shelter)  
  • Relies on borrowing money from friends, family, or coworkers  
  • Develops a pattern of extremely high-risk investing or frequent trading  
  • Money is pulled from home equity, savings, investment, or retirement accounts  
  • Household and personal items are pawned or sold for cash  
  • Frequent, multiple payday loans or cash-advances  
  • Property is repossessed  
  • Home is in foreclosure  

What can I do if I am Struggling?  

The most important thing to know is if you are struggling, there is help available. Those struggling with gambling have to readjust the way they look readjust their relationship with money. Seeing a counselor who specializes in gambling can get you started in the right direction as you work to re-gain control of your life and your finances. The New York State Problem Gambling Resources Centers can help get you started on  your journey.   

In addition to PGRC’s, there are budgeting tools and resources  to help you. Recently the Better Business Bureau along with Credit Consumer Counseling Services of Rochester and the Northeast PGRC were able to team up to talk about finances. You can view the recording here.   

Reach out today!