We all need a little help budgeting sometimes. If the past two years of uncertainty have taught us anything, it is that we need to take good care of our money while we have the chance. We’ve brought you our selection of the best coupons & deals, but there are plenty of other places you can learn more about budgeting.
One of the more unusual places to learn about making and keeping to a budget is around the poker table. Poker is a game that has been in the news a lot recently, with the return of the World Series of Poker to Las Vegas after a long hiatus due to the pandemic, so this now is a great time to look at how playing poker can you become better with money. It might not be an obvious choice but there are plenty of similarities between budgeting and poker.
Even if you’re hitting the tables for fun rather than to make money, there is plenty that poker can teach you about keeping to a budget. The first tip Poker.org gives in their guide to becoming a poker professional is to get your finances in order. It’s fundamental to being a good poker player. understanding budgeting from one hand to the next, and from one tournament to the next. But for those of us who just want to play around the table with friends, budgeting is a key skill to take away from playing poker.
Here are some of the important lessons that practicing poker can teach us about how to keep our household finances in check.
It is easy to get stressed in a world filled with uncertainty, which might be a big reason why online shopping has been on the rise for the past few years. People around the world are expected to spend a total of $4.2 trillion online in 2021, according to Forbes.com, a rise that has been fuelled both by the pandemic moving many shops to online only. Emotional shopping can be healthy now and then, of course, but there is the need to regulate our impulse spending if we want to stick to a budget. Poker is a game of controlling your emotions. It can be very easy to chase after a bad hand out of frustration or to get carried away when you are on a lucky streak. Keeping those emotions in check is vital to keeping your budget healthy, both at the poker table and at home.
Keep Your Goal In Mind
Playing poker requires you to think about the long-term to ensure that your chips last until the end of the night. It is no use going all in at the start of the day, especially on a hand of cards that is unlikely to pan out. Being able to focus on the long-term goal, whether that is winning the prize at the end of the tournament or simply having fun with your friends, is the key to success in poker. The same is true when you are budgeting for a big purchase in the future. It can be tough to go without today in the hopes of having that car, house, or vacation that you’re saving up for, but that is the only way you will succeed.
Make Your Decision and Stick to It
Nothing ever comes without risks. In poker, it is rare that a player will know they have the best possible hand at the table, so every hand carries with it the chance for failure. Even without real money involved, it can be tough to make those kinds of decisions, but it is the only way to move the game forward. With budgeting, you have to make a choice about where your money is going to go each month and stick to it. Otherwise, the budget is never going to work. In both areas, you have to make your choice about how you are going to spend your money and, whether it works or doesn’t, resolve to learn from the experience and adjust your plans accordingly.