Cash Bingo

Cash bingo is as much about the cash as it is about bingo. If you put a little thought into how to manage your money more carefully, you may well find that you are able to play bingo more often without spending a penny more than usual. Here’s our step-by-step guide to doing just that.

Step 1 – Identify Your Annual Budget
To start with, calculate how much money you are prepared to spend on bingo over the course of a year. Some people find thinking in terms of twelve months difficult, so if you are one of them you may find it easier to identify how much you are prepared to spend each month and then multiply by twelve. For example, if you are happy to spend £100 a month on bingo, your annual budget would be £100 x 12 = £1,200.

Step 2 – Identify Your Play Habits
Having identified your annual budget, you now need to identify your desired play habits, which means calculating how many times each week you want to play. There is no right or wrong answer as far as this matter is concerned, so saying seven times a week (that is, daily) is just as acceptable as saying once a week. All that matters is that you are honest. When you have an answer, multiply it by 52. For example, if you want to play three times a week, you would calculate 3 x 52 = 156.

Step 3 – Crunch Your Numbers
At this stage you need to crunch the numbers you generated in Step 1 and Step 2. Don’t worry, it’s all very simple. Just grab a pocket calculator and divide the figure you obtained in Step 1 by the figure you obtained in Step 2. Using our example, we want to spend £1,200 a year playing 156 bingo sessions, so here we would calculate £1,200 divided by 156 = £7.69. This is the amount of money you can afford to spend on each individual bingo session.

If you find that your bingo session amount isn’t as high as you would like, you have two options. The first is to increase the amount of money you are prepared to spend on an annual basis. The second – and often the preferred option – is to reduce the number of bingo sessions you play each week.

Calculating your cash bingo budget in this way will enable you to strike a good balance between the amount you want to spend and the frequency with which you play. If you currently spend £100 a month by splurging £25 once a week, this budgeting approach could help you to reduce your splurge amounts and play more often without increasing your overall outlay.

Good luck!

12th November 2007