Worried about your finances? We’re here to help.
Family members and partners of people who gamble can experience financial stress. You might be managing the household finances, limiting your partner’s access to money, or protecting your assets. You could also be dealing with money problems through no fault of your own.
It’s important to protect your finances and assets. And with support, it is possible to regain financial stability for you and your family.
How can you keep your money and belongings safe?
There are lots of strategies that can protect money and assets. Everyone’s situation is different, so it can help to read through the options and choose the ones that feel right for you.
- Take over management of finances, including holding credit and debit cards
- Set up for you both to be signatories for any bank accounts
- Close any credit card accounts that aren’t needed
- Reduce credit card limits as they are paid off
- Lower the daily withdrawal limit on your accounts
- Unlink bank accounts from online and phone banking
- Cancel the option to withdraw cash on credit cards
- Organise wages to go into a separate account and transfer funds only when needed.
- Set up online banking to have dual logins and passwords
- Set up recurring direct debits for any bills that offer the option
- Make sure bills are paid before pay can be accessed
- Temporarily separate your finances
- Request a “no more credit” flag on credit records
- Store valuables with a trusted friend or family member
- Speak to the bank to prevent refinancing of any property
- Cancel any overdrafts on bank accounts
- Watch mail for bills or financial documents
- Don’t sign anything you don’t fully understand or agree to pay for
- Don’t lend your credit or debit cards
- Don’t share PINs or leave them where they can be found
- Keep track of all family spending
- Remove your name from shared credit cards
Creating a budget is a helpful way to take control of your money. Need help to create one? Get started with our guide on creating a budget.
Depending on your situation, there may be more steps you can take. These might include protecting property, making a will, or appointing someone to make financial or legal decisions on behalf of someone struggling to manage their money. You should speak with a legal professional before making any of these changes.
If you are worried that your partner might sell a property you own or have helped pay for, you can lodge a caveat. This is a legal step that protects the property and prevents the sale or mortgage of it without your consent.
Having a will helps make sure your property and money are passed on the way you want after you pass away. If you want to provide financial support to a loved one who gambles, you can set up a protective trust in your will. This means they will receive payments at regular times or for certain needs, such as housing or medical care.
If someone is struggling to manage their money because of gambling, they can appoint another person as their enduring power of attorney. This gives that person the legal right to make financial decisions on their behalf.
Do you need to limit someone’s access to money?
In some cases, it can help to take steps that stop your family member or friend from accessing money to gamble.
Limiting access to money for a short time can help them quickly regain control, especially when they are in the early stages of changing their gambling. See our section on taking control of finances for ways you can support your family member or friend to reduce their access to money and avoid gambling.
Are you dealing with debt?
Many family members are left with large debts because of someone else’s gambling. These debts can remain long after your family member has stopped gambling.
One of the best ways to repay debt is to make a realistic plan to pay off a set amount each week or month. You can also set up payment plans with the people or companies you owe money to or look at combining your debts into one regular payment. It’s best to avoid expensive money management companies as they will charge for their service. Creating a weekly budget that includes regular debt repayments can also help to stay on track.
Banks may also be able to help. They can:
- Help to put together a plan to manage debts or missed payments
- Freeze loans in special circumstances, like after a natural disaster
- Defer, reduce or pause loan repayments for a period
- Restructure and consolidate loans
- Reduce credit card limits or change other credit arrangements
- Waive certain fees, charges or penalties
How can a financial counsellor help?
Financial counsellors are trained professionals who offer free and confidential support. They can help you understand your situation, explore your options, and create a plan. They can also help you avoid taking on someone else’s debts or work out how to manage and pay off shared debts.
Find out more about how financial counselling can help. You do not have to wait for things to get worse — the sooner you get help, the better.
You can also contact the National Debt Helpline for free on 1800 007 007, anytime between 9.30 am to 4.30 pm, Monday to Friday.
You might also need legal advice to work out which debts belong to you, and which belong to your family member or friend. You contact GambleAware to access legal support for issues related to gambling
Do you want more help?
To learn more about how support or counselling can help you or anyone else in need, you can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week. These services are available to support anyone affected by gambling harm, including family members or friends.
Family members and friends often play an important role in someone’s recovery from gambling harm. To learn more about how you can support someone to change their gambling, visit our Taking Action section.
