How To Overcome Financial Disappointment (How to Bounce Back From Money Mistakes)

Are you tired of making money mistakes month-after-month? Do you just want to be in a groove when it comes to your finances?

Let’s talk about financial disappointment and making money mistakes.

They happen. It’s part of life, but learning how to bounce back is key in overall financial health.

In today’s video, I’m sharing how to overcome financial disappointment so you can bounce back from those money mistakes. You can watch online or down below:

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Here’s a quick recap from the video:

Learn to be proactive instead of reactive.

Do you find yourself recovering from mistakes more often than you would like? Well you might be reactive in your money decisions instead of proactive. To easily change your mindset, you should start to think about the what-ifs and how to better prepare for them.

One of the best tips is to find all the education you can in areas you struggle – listen to podcasts, read blogs, watch videos, do what you can to better yourself. Not everyone thinks of money the same way. When we were paying off over $40,000 in debt we had a lot of experts with varying opinions on how we should save, budget, attack our debt and so on. We read a lot of books, read blog posts and learned as much as we could. The best thing we did is take all of this advice and find the golden nuggets that really clicked with us.

Move Forward.

You need to find a way to move forward after a mistake is made or a mishap occurs. The first thing you need to remember is – DON’T PANIC. When you start to panic that’s when you’ll be more likely to make a mistake that will cost you even more in the long run. Take a step back. Distract yourself. Let yourself think it over before reacting.

Reverse it.

Can you return the item, cancel the contract, stop the order? If you can then that should be your first option. However, that doesn’t always work so you need to make a list of all your available options.

Can you sell it, can you shorten the length of your contract, can you lessen the options for a smaller fee? Make a list and then start to move forward.

Create a plan.

Once you survive a financial mistake or mishap, it’s time to create a plan. This plan needs to be in place to help you recover faster the next time something happens. More than likely the mistake wont’ be the exact same; however, having money in an emergency fund can help you get back on your feet faster. In the video I talk about how you should approach the amount you should have in your emergency savings account.

Need Help?

If you don’t have a funded emergency fund then you should grab my 6-Month Emergency Fund Savings Plan. This guide will help you create a monthly savings goal and find ways to quickly save.