ChristineOWant to know how to protect your finances from an addict?
This is a terrible situation to be in. No one wants to think this way. If any of your loved ones are addicted to gambling, the reality is that your finances could be in jeopardy too. One of the first signs of gambling addiction is a lack of control on finances. Even if they have a gambling budget in place, this could easily be blown when your loved one is in the throws of addiction.
As well as overspending, they may even resort to stealing from you or from someone else. So the better handle you have, the better able you’ll be to protect your finances from an addict.
Increase scrutiny on finances
If you’re not already careful about what’s coming in and going out of your accounts, and your partner’s, now is the time to start. Look at every transaction and withdrawal. Make notes about what they’re for. Make a budget to include all critical expenses, including direct debits, bills, rent, mortgages and loan repayments. The better control you have over this, the more likely that you can stop them spending money on gambling when they shouldn’t.
Make sure your pin codes and passwords are private
The sad reality is that your loved one might resort to taking money out of your account. If you suspect your partner has a gambling problem, make sure they don’t know your pin codes or passwords. That means you can rest assured they can’t get into those accounts.
Take control of your joint accounts
If you share a bank account with a gambling addict, you need to make sure their access to that account is either limited or stopped completely. Ensure that they need your approval before they move money out of the account.
Limit access to banking cards and cash
The easier it is to access debit cards, credit cards and cash, the more temptation is there for your loved one. Of course, they may need some cash in order to get through their day. For example to spend on shopping, petrol or public transport. But it’s crucial that you limit how much that they can access.
Monitor the post
This might sound like a strange way to protect your finances from an addict, but if you keep a close eye on your post, you’re less likely to get nasty surprises. For example, your loved one might apply for loans or credit cards in their name, or even in yours. Make sure this isn’t happening by making sure you see the post first.
Information and resources on problem gambling
Whether you’re looking for yourself because you’d like some additional support, or you want to give your loved one some more information, getting help from an external organisation is crucial to helping to overcome gambling addiction.
Be Gamble Aware is a UK-based organisation with lots of resources. You can read in-depth articles on lots of different topics, as well as contacting them directly for more support. They also have several links to other places where you and your loved one can get extra help and support.
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