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How to protect your finances if someone in your life is gambling

Last updated: 14 January 2025

It can be so difficult if someone in your life is gambling. But there are a few things you can do to help yourself and the person who is gambling.


Protecting your finances is really important so here are a few steps to follow that can be really helpful:

It's a good idea to visit your financial advisors (banks, RRSP accounts, etc.) to make sure you have control over the finances that you are able to control. You can choose whether or not to tell your financial advisors about the gambling in your family. In some instances, divulging the issue may not be in your best interest. 
It's best to see if you can avoid letting the person gambling having unnecessary access to cash and credit that you can control on your own or have the gambler’s cooperation to control.

Try and make a budget with the person who is gambling so they understand how much money you have coming in, going out and how much is being spent on gambling.
Consider the option of the gambler handling over control of their finances to you temporarily. This can be a positive step for the person who is gambling but it needs to be the right step for both of you.

You might want to consider taking steps to cancel or prevent the person who is gambling having access to joint accounts to stop the money needed for necessities being used for gambling. Setting up separate accounts for both parties to have some spending money can help restrict access and also allow for some freedom to pay for incidentals without asking the other person’s permission.

It's always tricky but it is best not to take on the debt of the person who is gambling. Try and have a conversation with financial experts to find out what your rights are regarding another person’s debt and if you have any responsibility to pay it back. Don’t sign anything you don’t understand without professional advice.

Also remember that most banks can support someone who is gambling to block gambling transactions on visa debit and credit cards to prevent spending on online gambling sites and mobile apps. It can really help you keep on top of your day-to-day expenses and focus on your longer term financial goals.

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