Financial management takes a lot of effort and a lot of heart. Even the most financially-savvy individuals can slip up and let themselves down by doing exactly what they shouldn’t. but living with debt regrets is no way to live and it certainly will not help you move forward.
If you have made purchases you should not have or run up a credit card or two and regret everything a short time later, there are ways to cope. First, know that you are not the only one that has succumbed to the temptations of the consumer world. The feelings of debt regret happen worldwide and it is possible to turn the situation around for the better.
Here are three tips for dealing with your regrets of overspending or financial mismanagement:
Deal With It
The hardest part of dealing with regret is often admitting the issues at hand. If you have overspent or fell off the shopping wagon, you need to deal with it head on as soon as possible. The majority of people who make mistakes will want to run and hide but this is exactly what causes further money problems. The best thing you can do is get back to your budget drawing board, gather your receipts, and figure out what you are dealing with so you can plan to handle it immediately. If you ignore the problem, it will not go away, it will only get bigger.
Sacrifice for the Redemption
If you’ve dug yourself in a hole deeper than you expected, it’s time to get serious about redemption. Figure out your plan for repaying your racked up balances or money mistakes so you are back on track or even ahead of the game. The sacrifices may include having to give up nights out for dinner or cable television luxuries. Whatever you have to do to fix the situation and repay all your debts before they go past due, you’ll need to suck it up and do it. Proactive planning means the sacrifices may only be temporary and your finances can get back to be beneficial instead of a burden to you.
Allocate Your Extra Cash
Perhaps you charged too much on your credit card and don’t know how to eliminate the balance. Then your luck changes and Aunt Shirley sends you $100 for your birthday. Instead of using that cash for a gift for yourself, pay down your debts with your windfall. It can be difficult to turn over that ‘free money’ to your debts but it is the only way to get back to basics. It will also hopefully teach you to keep spending under control and rely on your budget. If you have to turn over your work bonuses, holiday cash, and salary increases to your debt elimination plans, you should be able to control your money more effectively.