Save Money by Banning the Lottery from Your Budget

In these tight economic times, we are all looking for ways like sotongdewa to trim personal expenses. We are all examining our budgets, and deciding what we can live without. And the things that we keep spending money on must lead to a definite benefit in our lives; or at the very least, be a necessity.One of the things that many individuals can cut out of their budgets are lottery tickets. Whether they are scratch tickets, or tickets for the mega-prize multi-state drawings, lottery tickets seldom provide a return that outweighs their annual cost. Yes, there are people that win big “life-changing” prizes; but they are the exception and not the rule.

For instance, if you live in Colorado, there are four weekly lottery drawings: two for the local state lottery, and two for the multi-state Powerball drawing. The Colorado state drawing costs one dollar for a chance to win, and the Powerball costs either one dollar or two depending on whether you want a chance at winning the biggest prize. Let’s assume that the player wants a chance at winning the biggest prizes. Therefore each week, provided that a player is playing both games every drawing, a lottery player is shelling out six dollars.

Six dollars does not sound like a lot. But that is per week, and assumes that the player is only playing a single ticket per drawing. Over the space of a year, six dollars per week adds up to three hundred and twelve dollars a year. Over the course of a decade, a player would spend more than three thousand dollars playing the lottery.

And most regular lottery players spend more than that, buying multiple tickets per lottery drawing, plus scratch tickets and the occasional book on how to win the lottery. Quite simply, the lottery is big business, both for the states that have a lottery and the writers selling “sure-fire” schemes to win the lottery. From the states’ viewpoint, the lottery is an easy way to get people to willing pay a tax on the dream of winning life-changing money. And the people who sell lottery schemes assume that lottery players are gullible, eager to buy any hokum and magic bean system that they can dream up. Given the fact that lotteries are a multi-billion dollar business, both the states and scheme sellers seem to be right.

(In 2011, draw tickets sales in the United States totaled 23.8 billion, with an additional 33.8 billion in instant win scratch ticket sales. It is unknown how much money writers selling lottery schemes harvested from lottery players. Source: Scientific Games.)

Yet, in these economic times, necessity requires us to examine all parts of our personal budgets, looking for ways to save money. And the fact that state lotteries only return half of what they collect to the players in the form of prizes, makes the lottery something that one needs to consider cutting out of their personal budget. Yes, you are giving up the chance to win life-changing money, but realistically someone else is more likely to win the prize than you are. If nothing else, cutting the lottery out of your budget will allow you to buy one more cup of coffee every week at Starbucks.

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