Since I knew I was gonna die (it took me a while to learn to use cover instead of standing in the open), I'd rather spend the money in the slot machine. so if you spend all your money in the slot machine first, then death is cheap!
When you die, the amount you lose is based on how much cash you have - 7 percent. plus its a good way to get some extra eridium. I find for a new player, your first time thru, its a good way to get some extra chances at maybe a good green / blue guns. Been playing for most of a year now, and I used the slot machine moxxi's a lot.