In poker, poor money management can have a devastating financial impact. Many people often get caught up in the moment when playing poker and bet more than they can afford. As a result, they often lose hundreds, thousands, tens of thousands of dollars or more through poker.
Betting significant amounts in poker games can often lead to a very poor financial outlook, debt, and a wide variety of other financial complications. So what can you do to avoid this and keep a good bankroll?
The most obvious thing you can do is to set an amount that you will bet on poker and do not exceed this limit. If you have set a reasonable confined amount to playing poker, you still have a good chance at winning significant amount of money, while eliminating the chance of putting yourself in a poor financial position playing poker (provided that you so not break your poker threshold amount).
Sticking to this monthly threshold requires detailed bookkeeping so that you know the exact amount of all the money you have lost and earned playing poker. Detailed bookkeeping also makes it easy to find how close you are to the limit you set for yourself. Never, under any circumstances, mix your personal earnings with the money you set aside for poker. When this happens, you have most likely lost control and chances are, you will continue to bet until you are lift with nothing.
Poker should not be a job but rather a hobby. You should not treat it like a job because if you do, chances are you will keep betting more and more money in an attempt to make the amount you expect to earn. If you do treat poker as a primary source of income, chances are you will bet more and thus lose more money, ending up with less money than you originally started with.
The most important thing to take into consideration when deciding how much money you should bet on poker is “bet with your head, not your heart”. Make sure that you are making smart decisions when betting and are not setting yourself up for financial problems a few years down the road. The best way to do this is to set a reasonable limit on the amount you will spend of betting and do not cross this limit, which you set for yourself.