Phew! I can tell. Go clean it off and let’s keep walking.
Simple, right? You make a mistake, fix it. You make a mess, clean it up. Not later. Now. Set things right so we can keep going.
When it comes to money mistakes, many seem to be reluctant to clean up their messes. They stick their head in the sand and wait for the problem just to go away.
The stupid new car purchase is a decision that many make and refuse to correct. The ridiculously high payments strain their budget, their relationships and their lifestyle. Rather than taking the hit and getting out of the mess, some people continue doggedly watching the resale value drop. All the while, their ability to get some traction on their goal is lost.
Maybe you’ve made the “too much house” mistake. If your house or rent payment is much more than 25% of your take home pay, you may survive but you cannot prosper. If in the near term you cannot increase you income you’ve got too much house. The real question is what are you going to do about it?
The same question must be asked of credit card balances. You can rant about the increased interest rates, about the higher minimums and the unscrupulous companies but what are you doing to get out?
If you took out a student loan last semester and now are starting to understand this may not be smart, don’t automatically accept one this semester. Just because you started down the wrong path doesn’t mean you can’t turn around.
Mistakes happen. If a lapse in judgment allowed you to make a money mess, forgive yourself, clean it up and let’s move on.