Money Management Slot Strategies: Schedule Your Playing Sessions - ReelNews by GamblersArea

Online slots are fun and exciting, and they can even be a way to make a bit of extra cash if you practice restraint when playing them. On the other hand, they can be dangerous ways to lose your savings if you are rash and reckless. 

So let’s talk about one of the most commonly taught (although not as commonly used) ways of managing your money in the online slots scene, the practice of controlling your betting schedule and sticking to that schedule.

We’ll go through the process step-by-step.

Step 1: Determine Monthly Budget

At the beginning of the month, take a look at your income for the next four weeks. Deduct your expenses, and look at the disposable income you have left. Now decide what percentage of that you want to dedicate to playing online slots during the coming month.

Do not bet any money that you are counting on for something else. Of course, you won’t usually lose all of the money you bet. In fact, you’ll sometimes end the month with much more money than you started with. But you can’t count on either of those things, so set aside a certain amount each month and consider it “gone” until you see the outcome of your slots sessions.

To help you calculate, you might want to pull up Excel and throw together a quick spreadsheet. In the template below, we’ve assumed a $60,000 dollar per year income and an effective tax rate of 20%.

In this example, disposable income is $1300. Maybe you’re comfortable spending $600 of that on online slots.

Step 2: Schedule Your Gambling Sessions

Now that you’ve determined your monthly slots budget, decide how many sessions it can provide. A $600 budget might make for four exciting online slots marathons with a chance to win a progressive jackpot if they are running hot.

Download an online calendar and actually schedule dates and times for your sessions. You should add a time that works well for you to each session, so as to be as organized as possible. The end result should look something like this.

Step 3: Set Win and Loss Limits

Add a win limit and a loss limit to each of your sessions. If you ever go above that win limit or below that loss limit, the session will be over and you’ll have to pull yourself away.

Step 4: Decide What You’ll Play

For each session, decide what game or games you’ll play. This is an important step because picking online slots with high RTP is one of the only guaranteed ways to better your odds at winning.

Step 5: Stick to Your Schedule

Now that you’ve put your schedule together, stick to it! In other words, DO NOT go over or under your self-imposed limits. Don’t throw in a session that you did not plan on the schedule, even if you won big in one of your previous sessions and feel you can afford it.

This methodical approach might seem like it would drain some of the excitement from online slots. I think you’ll find, though, that getting logical about it and developing a system makes you feel a lot better about the hobby. It makes you more confident that you’re giving yourself an edge, which is one of the most important elements to winning in slots.