I saw the envelope on the windshield of my car and knew immediately what happened. Traveling in a different city, I was so excited to try out a restaurant I’d never been to before. I bounded out of the car and ran across the chilly street without a second thought. I devoured amazing tacos and guacamole. But I returned to my car and remembered in my exuberance I’d forgotten to feed the meter. Parking that would have normally cost $3 became $10 because of my stupid mistake.
No matter how in touch you are with your finances, odds are good you’ll make a money mistake. If you’re a human like the rest of us, you may make more than one mistake. Having a healthy financial outlook isn’t about being perfect. Rather, making positive strides in your finances is entirely about how you respond to the mistakes you will inevitably make.
Fix What’s Broken
With almost any mistake there’s a great temptation to ignore it completely. Somewhere within our psyche we believe the lie that if we pretend the mistake didn’t happen, it will somehow magically go away. In all reality, the plain and simple truth is that ignoring a problem makes it compound into a much larger issue.
When you’ve recognized that you’ve goofed up, do what you can to amend the situation as soon as possible. This may be as simple as paying a parking ticket as soon as you get home from a trip or as difficult as seeking outside help to clean up a much larger mess. Financial forgetfulness – like misplacing a bill or spacing a deadline – typically leads to late fees. Quickly move to stop the bleeding and right wrongs before more amasses.
Prevent Repeated Offenses
Some money mistakes stem from a lack of knowledge. Others involve our humanity which is fallible. But there are errors where we can fall into the trap of repeating the same offense over and over again. Perhaps it’s consistent overspending at the grocery store or overbuying online. Maybe it’s that one bill you can never seem to pay on time. Or it could be that you need to begin tracking your income and outflow of money in the form of the budget because you haven’t before.
Identify which category your mistake falls into. If it’s one that you might repeat next month, make a plan to keep it from happening again. Do what you need to do to keep your finances from falling into the same pit on a regular basis. Set a reminder on your phone. Schedule online bill pay. Have a conversation with someone who can check in on you weekly or even daily. Future you will thank you for keeping a singular problem from becoming a repeated pattern.
Learn from What Happened
No matter what occurred, there’s a lesson to be learned. I’m often distracted by the world around me. This led to a parking ticket. But it can also lead to greater problems. I recognized this issue translates not just to my finances but to other areas of life, too. Scratch the surface and you may discover that even minor money mistakes point toward greater truths. Difficulty provides the opportunity for growth. Use this experience as a platform for transformation. Take a few moments to be taught by your error.
Exercise Some Grace
I’m guessing I’m not alone when it comes to being my own worst enemy. I tend to hold on to mistakes I’ve made like they’re treasured heirlooms. Rather than making amends and letting go, I point to the past and frequently remind myself of the dumb things I’ve done. I’m currently working toward healthier habits. But, if you fall into this category, please know you’re not alone.
When we replay loops of our poor choices in our hearts and minds, it’s easy to pick up a defeatist attitude. Failure becomes the only foreseeable future as we become the Mayor of Mistakeland. Yes, you’ll make money mistakes. I believe most people currently breathing do. However, replaying tapes of what you’ve done wrong doesn’t benefit you. After you have endeavored to complete the above steps to remedy the situation, it’s time to move on.
We’d all love to be perfect, to never drop the ball or make a misstep. However, it’s just not in the cards. It’s all about how you get back up after you’ve fallen down. Make the most of a mistake, allowing it to reshape your financial future. I promise, we’re both going to be ok.
Annoyed at myself as I was, I paid the parking ticket a couple of weeks ago. Opting to write a check rather than pay online (where I would have been charged an additional $3 in processing fees), I was reminded of what I could learn from my lack of attention. It may have not been a major money mistake; however, there’s always room for improvement. And small mistakes quickly multiply to major money problems without correction.
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