Mad_About_Money_final Mad About Money_Dec 2016 | Page 26

MadAbout

MadAbout

Money

Money

TO ERR IS HUMAN. WHAT YOU LEARN FROM YOUR MISTAKES DEFINES YOUR SUCCESS OR FAILURE

FORGIVE
YOURSELF FOR
YOUR FINANCIAL
MISTAKES

IN LIFE. AND THIS HOLDS TRUE IN THE FINANCIAL MISTAKES YOU MAKE TOO. BECOMING RICH IS NOT
ALWAYS A BED OF ROSES; YOU HAVE TO DEAL WITH THE THORNS TO ENJOY THE ROSES.

M

aking grave
financial mistakes can easily
push you towards deep
depression. Bounced
checks, piling up dues
and emergency expenses can take their toll on
you. So, how do you deal
with the financial mistakes in your life? Can you
forgive and move past the
mistakes? Here are some
considerations that will
help guide you.

The positive
approach
One way to face the
financial mistakes glaring
at you is to gear up for
the fall in advance. When
you know what to expect
you will not be overwhelmed, when things start
going wrong. Here is what
you can do:

Brush up your
financial knowledge
When you are more
informed about financial
details, you will be able
to deal with the financial
difficulties effectively.
Read books, magazines,
blogs and newspapers on
finance. Get advice from
peers who have good
financial control.

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Learn from mistakes
of others

mindset helps to undo
the damage to your emotional and financial health.

Find out how people deal
with common financial
emergencies. With this
knowledge, you can
reduce the stress levels
and deal fittingly, when
issues arise and knowing
that others have faced
similar issues and found a
way out.

HERE ARE SOME
THINGS THAT YOU
CAN DO:

Learn to save for
emergencies
Knowledge alone is not
sufficient. You need to
have emergency money
stashed away to be used
when needed. A cash cushion will make a financial
fall seem not that disastrous. Money in savings
account and ensuring
sufficient insurance cover
are adequate measures
for starters.

Minimize damage
wrought by financial
mistakes
Even the best preparations bite the dust when
emergencies strike. So,
don’t be discouraged
when in spite of having
a proactive approach,
you find yourself still in
financial ruin. A positive

Avoid panic
A big setback can
test your stress levels
dangerously. Instead of
freaking out, relax and
ruminate on the issue.
When you give yourself
some time, you are sure to
get a positive outlook on
the issue.

Try to reverse the
damage
Some financial mistakes
can be reversed such as

And some mistakes
need urgent attention like
a debt on your credit card,
which is more pressing
matter than contributing
to your retirement fund.
For loan defaults, try to
make regular payments
or payback the money
you had borrowed from
a friend or relative. If
repayment is difficult take
on part time work. It may
look an uphill task but
with time and effort you
can certainly heal your
financial wounds.
Only when you have no
debts dragging you down
can you make long term
positive financial plans.
Try making a clean break
from your damaging money habits.

Overspending on clothes
or appliances, for instance,
can be dealt with by returning or reselling them.

Don’t make things worse
Money spent will not come back. Splurging on luxury
pursuits cannot be reversed. So, instead of spending
more to lessen the guilt, try to curb your spending
spree. Break away from destructive money spending.
Treat failure as the stepping stone to success. Accept
your failures, make peace with your past mistakes
and focus on future.

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