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Financial Mistakes: How to Heal Your Financial Regrets

By: Donna Chaffins | Date: September 26, 2017 | Categories: Financial

If you’ve ever made a financial mistakes in the past, you know how painful it can be. Perhaps you went a few months without paying your bills, or maybe you embarked on a business venture that didn’t work out. Whatever it is, the chances are that it hurts and it’s weighing heavy on your mind.

The truth is that we all make mistakes with our money. Even Warren Buffett has invested in stocks that have gone south – it’s just a part of life.

How to heal your financial mistakes... woman worrying over bills and money

Some people, though, struggle to move on after a financial setback. It eats at you; causing you to worry and lose sleep,  slowly destroying your quality of life. Being in the financial doldrums is no fun whatsoever.

The good news is that there are things that you can do to get over your financial mistakes. Here’s how…

How to Heal Your Financial Mistakes

Find The Silver Lining

Okay – so your finances went bad. So what? There’s always a silver lining. Perhaps a business deal fell through, but you ended up with a better one. Maybe you lost your job, but now you get to spend more time with your kids. Perhaps you didn’t pay your bills, but now you’ve moved, and your finances are a lot more manageable.

It’s important to remember that financial problems are usually relatively self-contained. But even if your credit score has taken a bit of a hit, companies like King of Kash will still give you money when you need it. In other words, your access to credit isn’t cut off forever. Whenever you suffer a financial setback, there’s always a positive that you can focus on to help you heal.

Don’t Beat Yourself Up

As discussed, everybody makes financial mistakes. It’s all part of being human and living in a risky world where not all bets pay off. (Wouldn’t it be boring if they did?)

Being able to forgive yourself is the first step towards healing your financial regrets. But it’s also important if you’re ever going to get back on your feet and start rebuilding your financial future. Moping around feeling sorry for yourself is only going to make your financial predicament worse – and that’s the last thing you want.

Find Out Why You Made Your Financial Mistakes

For some people, their financial mistakes aren’t predictable. The economy turns bad, or a major client falls through. But for many others, they are, and they result from underlying, destructive behaviour.

Often, overspending is driven by false beliefs, such as the belief that your parents want you to spend money, or the belief that your income will continue to go up forever. But often these beliefs turn out to be false, and when they do, we get into financial trouble.

If you’re struggling with erroneous beliefs regarding money, try talking to a friend and get them to help you get to the bottom of your money troubles.

Finally, be honest about what you regret so that you can identify it and avoid doing it again. Once you have “confessed” what you wish you hadn’t done, you’ll be ready to begin the process of moving forward.

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