We all make financial mistakes. all of us. You cannot go through life without making some errors of judgement along the way. Some of mine make me shiver, but there is little point in dwelling on such matters. The key is in dealing with financial mistakes. How you react will shape how well you cope with life’s little obstacles. Here’s some tips about dealing with such mistakes.
Don’t panic
When you suffer a setback, or when you realise you’ve made a mistake, your heart feels like it is sinking down your body. you feel queasy, and often sick. This is a normal reaction. It’s easy to feel overwhelmed.
It’s easy to say this, but you must do one thing Relax. Take an hour or two to distract yourself. Better yet, sleep on the problem. It’s amazing how a little time can provide increased perspective. And to be honest, not being calm does not recoup a penny. you have to deal with the situation with calmness and be subjective.
Reverse The Mistake If Possible
Not all financial mistakes are irreversible. For example, if you have purchased something you regret, there is the possibility of getting a refund or simply reselling to recoup what you have spent – or at least the vast majority of it. Sometimes it might be best to take a small hit. Buyers have certain rights, that allow you a cooling off period whereby you can cancel any excesses you may have made,
Evaluate your Options
Sadly not all mistakes can be reversed, so sometimes you need to sit down and decide what your options are now. Make the most of a bad situation. Focusing on your long-term goals, make a list the of options available to you. Don’t make a rash decision. Be smart.
Learn From Mistakes
It’s not making mistakes that marks us out, as we all make them. It is how we react to them. The important thing if you make a financial mistake is to learn from it and not repeat that mistake. Evaluate the mistake. Understand why you made it and make a concerted effort to take a different route in future.
Prevent Problems
Rather than reacting to problems, work out how to prevent them happening in the first place. Prepare for them, then cut off the problem at the pass. Be proactive rather than reactive.
