Quote Of The Week

A major financial mistake doesn't have to take a toll on your well-being. Whether you have lost your job or are stuck with huge medical bills after an accident, a financial disaster doesn't have to take its toll on your well-being. It might take some time to rebound from a financial loss, but you need to stay level-headed and focused to get through this period of misfortune. Here are some tips to help you mentally recover after a financial setback.

If you tend to spend more when you are stressed or take more risks with your money in hopes of recovering faster, you could be setting yourself up for even more financial problems. Try to take your emotions out of the picture when you are assessing your situation and looking for solutions. Instead of trying to make yourself feel better about the loss, get comfortable accepting the loss. Stay focused on practical steps such as earning extra income or reducing costs.

If you are stressed or having a hard time staying focused because of your financial crisis, don't be afraid to reach out for support. You can contact trusted friends or family members to talk or seek out affordable professional help. Counsellors, financial advisors and others in your area can help you get out of your rut and get you back on your feet – all you have to do is pick up the phone. Many will offer a sliding scale of fees, so you can pay what you can afford until you recover.

Everyone makes financial mistakes at some point in their lives, and financial setbacks often are out of your control. Avoid dwelling on what happened or how you would have done things differently, but do recognize any mistakes you made, so you don't end up making them again. Accept your mistakes without judgment, so you can move on and direct your energy elsewhere. Beating yourself up can lead you down the road of making even more mistakes or turning to harmful addictions and behaviours to cope.