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4 Tips to Recover From a Big Money Mistake

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I don’t think there is any one that has not made a money mistake in the past. Sticking to a budget plan can be tough and many of us fall off the wagon occasionally. It is a lot like dieting – trimming the fat out of our budgets allow us to keep more money, but sometimes that “fat” tastes mighty good too! Impulse shopping trips can make us cringe and for some, even fall off the wagon!

But it doesn’t have to be that way! There are some things that you can do if you have fallen off the wagon and made a big money mistake that haunts you. Check out these ideas:

1) Don’t Quit!: It is easy to throw in the towel and go for broke – literally, but realize that you have come so far in your budget plan and quitting now will only make it worse when you want to get back on track.

2) Forgive yourself and look at how to recover from your mistake: Understand that learning to save and stop spending unnecessarily is tough. It is hard to break old habits but take a hard look at what happened to make you splurge and how you can recover as soon as you can.

If your digression was impulse shopping, return what you can and move on. If you cannot return them, sell the items to recover some of the money, if possible.

If it was a big purchase like a car or something similar that you cannot sell or return, plan on how you can pay it off as fast as possible. Rework your budget plan and move that to the top of the heap for the fastest payoff.

3) Plan for fun spending: Running a super tight budget that does not allow for any fun spending can make the best of us crack. Allow some mad money in your budget even if it is $20 a week or a month. Sometimes treating ourselves to a new top or a book we have been wanting is better than risking an all out splurge because we need some relief.

4) Stay on Track: Look to the future and keep your eye on the goal. Learning to break bad habits is possible and by focusing on your payoff plan, soon you will be right where you want to be financially. It is worth the effort.

Did you even have a big money fail? How did you manage it and recover?

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