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Monday 27th May 2024

Five top tips to move past your ‘money mistakes’

If you carry on hating yourself for the mistakes you have made in the past, you will get nowhere.This can be applied to every stage of life: money, relationships, friendships, career choices, EVERYTHING!

People make mistakes all the time. We are only human.

And financial ‘mistakes’ are a part of life, and we all make them at some point.

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Whether it’s overspending, not saving enough, or making poor investment choices, these mistakes can have long-lasting effects on our financial well-being. 

However, the good news is that it’s never too late to take control of your finances and get back on track. Here are 5 top tips to help you get past your financial mistakes and start building a solid financial future.

1. Face your mistakes

The first step in overcoming any financial mistake is to acknowledge it. It’s easy to avoid thinking about our mistakes or pretending they don’t exist, but that only makes things worse. It can feel easy to bury your head in the sand but  if you face your mistake head-on and take responsibility for it, it will give you a sense of control and help you move forward!

2. Learn from your mistakes!

Ask yourself – what have I learnt from this situation? What can I take away from this and implement in the future? For example if you made a poor financial choice on something you bought, what steps can you put in place around researching the purchase before buying? If you went over budget, how can you put obstacles in the way so you can stick to your spending plan and not dip into your savings!

3. Set financial goals

Once you’ve faced your financial mistake and taken learnings, it’s time to set some real and tangible AND exciting goals. What do I want to achieve financially? There is an emotional and practical benefit to setting goals. On an emotional level, it keeps you motivated and on a practical level it can help you stay on track and focused. So whether it’s paying off debt, saving for a down payment on a house, or building an emergency fund, setting goals is key

4. Create a budget

One of the most important things you can do to get past your financial mistakes is to create a budget. Or I like to call it… a spending plan! Track your income and expenses will help you feel connected to your money and may also help you identify areas where you can cut back and save money. A win-win situation!

5. Forgive yourself for any past choices

You make decisions with the information you have at that moment in time. And no one is perfect, so mistakes are bound to happen. Learning how to forgive yourself is important, otherwise it can cause fear and stress about making future financial decisions. Write a letter to yourself with love, kindness and forgiveness for anything that has happened so far and move forwards with confidence and courage. 

In conclusion, financial mistakes are a part of life, but they don’t have to define your financial future. By facing your mistakes and learning from your mistakes, you can take back control of your finances and build a solid financial future. Remember, it’s never too late to start, and every small step counts.

Photo Credits: Unsplash

Laura Moore

Mouthy Blogger

Laura Ann Moore is a certified financial coach, financial wellbeing speaker,and host of the Mind Money Soul podcast, talking about finances in a fun, judgement-free way to help people feel good about money, get financially confident, and build wealth.

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