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Making an error with money is not only embarrassing, but it can be dangerous too. There is nothing as frustrating or devastating as seeing an overdue bill, or an incorrect sum when it counts. It does however happen to everyone at some point in their lives, so there is plenty of advice out there on how to save yourself from a cash catastrophe. Never forget, that a stock broker once lost millions on the stock market by misplacing a comma on a form! These six helpful tips are a great guideline to staying calm, accepting that accidents happen and how to fix them when they do. So, for your peace of mind, here is the guide to fixing your money nightmare.
- Spill it
Being honest about your mistake is one of the hardest things you can do, but also one of the most freeing. By lying about your money problem or mistake to your spouse or those around you, you not only push away those who could help you, you also bring extreme pressure onto your shoulders. If you have made a financial mistake, calmly approach your spouse or whoever else is involved and tell them about the situation. Be honest and open so that you and those involved with you can come to a decision on how to fix things.
- Find the cause
To err is to be human. Everyone makes mistakes, and this is no exception. Look for the reason the mistake happened, not only to resolve it, but to be more cautious about this type of error in the future. Did you calculate incorrectly? Did you miss a comma? Did you spend too much, or invest unwisely? Look for the smallest details, and if you can get someone else to help you check it out, line by line. Sometimes a co-worker or a friend can spot issues you missed. After all, they do say that two heads are better than one!
- Accept that accidents happen
It’s good to accept that you made a mistake, as responsibility proves that you’re mature enough to accept that bad stuff happens and to move on. But guilt-tripping yourself and dumping piles of pity-ash on your head won’t help you and it won’t help anyone else. One mistake does not define you as a person, and one incident won’t follow you for the rest of your life. Worse things have happened, and probably will happen again, so falling to pieces when one small thing happens won’t do you or anyone else any good.
- Look to the future
The next step to getting over a financial mistake is to plan ahead. What is your next step, and how can you set things right? This step may include seeing an accountant or a financial advisor, and getting their opinion on the next best step for you. Be positive about your solution and leave your error in the past where it belongs- worrying about it now is pointless. Think about what repercussions this could have, and how you will face those when they come up. By having people to support and help you, this step is a lot easier, which is why tip number one is so important!
- Get to it!
Don’t postpone fixing the issue! The faster you start working on your solution, the faster things will be rectified. Even taking small steps can help, and you would be amazed at the difference they make. Do you owe some money? Start cancelling things you’re unnecessarily signed up for, pay one of the queued items on your credit card or freeze all cards you’ve overdrawn in a block of ice until you’ve paid them off. A financial advisor, or even some internet research can help here.
- Move on
The secret that not a lot of successful people share is that it is not your success that defines you, but instead it is how you recover from being unsuccessful. By knowing that you made a mistake and following the guide to fixing it, you survived and now you have the knowledge that you need in case anything like this happens again. So move on with your life, but remember that your financial success and capability can be recovered and fixed, even if something bad happens. Nothing is impossible, especially if you have the right tools to tackle the task. This is your tool box, keep it ready in case of future incidents!