You’ve Gotta Know When to Fold ’em

Hi Scott,

I’m a 35-year-old man with a $70k annual salary, $100k in super, and a problem with gambling online (I am currently $60k in debt). The only way to control myself is to not have access to my overall finances. My goals are clear and mapped out, but I need help to execute them. What are your thoughts on money managers like ‘MyBudget’ in my situation?

Dennis

Hi Dennis,

Congratulations on confronting your addiction. Having helped a lot of people with the financial ramifications of gambling, I know how big a step you’ve taken.

Your next step is to call ‘Gamblers Help’ on 1800 858 858. You need counselling and treatment for your disease -- do not do it on your own. If you had a ruptured appendix you wouldn’t do a DIY job with a pair of pliers and some kleenex. Same rules apply.

Under no circumstances should you go anywhere near MyBudget.

First, because they charge too much. (You not only have to pay off your debt, but their fees as well, and if they’re running your budget, guess who they pay first?)

Second, because no one should hand over the responsibility of managing their money. Period.

Let’s be honest: if you’re still in the throes of your addiction, and you get the urge to gamble, you’ll find a way to do it whether you’re with MyBudget or you’ve locked your money away in Scrooge McDuck’s bank vault.

Your healing process will come from learning how to confidently manage your money in the face of your recovery -- and the best way to do that is not with MyBudget but by working with both a gambling counsellor and a specialised community-based financial counsellor (Gamblers Help will set you up with both).

The bottom line is this: just like there is no such thing as a ‘quick win’, there’s also no ‘quick fix’ for a serious addiction. Please, reach out for help.

Scott