If you like our content, make sure to subscribe to our channel!
Managing personal finances can be a struggle. Having to manage everyday expenses and balancing credit card and student loan debt, it is easy for Millennials to experience a financial mishap. A lack of knowledge or one bad decision can spiral into a big financial disaster. ACCC shows Millennials how to examine their mistakes so they can move towards a healthy financial life.
Accept the problem– The first step to financial recovery is to accept the reality of the situation
What is your current situation?– Take inventory of your finances to determine what resources you have and what youdon’t. Knowing where you are financially will help you create a plan to get back on track.
Create a goal– What is your objective? Where do you want to be in the future financially? Use the S.M.A.R.T (Specific, Measurable, Attainable, Realistic and Timely) system to ensure your goals are attainable and realistic.
Develop a plan– Now that you have figured out your goal, develop a plan on how to get there. Figure out how much you will have to pay and save each month and how long it will take to achieve your goal.
Execute the plan– Start your financial recovery and get back to where you want to be financially.
Periodic check-ins– Review your plan often, and make adjustments as necessary to keep you on track
So rather than feeling bad about past choices or about spending money on certain conveniences you love, just think about where these expenses fit in the big picture. Maybe you need to cut back somewhere else to make it work. The key here is not to feel guilty about what you've done.
Embrace your worth: You are not your job title, bank account, or debt. ...
Seek support: Talking about your financial challenges with friends, family, or professional therapists can lead to better problem-solving and more assistance, resources, and opportunities.
So rather than feeling bad about past choices or about spending money on certain conveniences you love, just think about where these expenses fit in the big picture. Maybe you need to cut back somewhere else to make it work. The key here is not to feel guilty about what you've done.
Feeling beaten down by money worries can adversely impact your sleep, self-esteem, and energy levels. It can leave you feeling angry, ashamed, or fearful, fuel tension and arguments with those closest to you, exacerbate pain and mood swings, and even increase your risk of depression and anxiety.
Experiencing losses in the markets can be painful, but they are also almost always inevitable. Assess what went wrong carefully and objectively. If the cause was out of your hands, there is nothing that can be done. If you identify mistakes or missteps, take responsibility and learn from them.
Give yourself the same compassion you'd give to others
“Stop condemning yourself and do something productive with what has happened. It's important to recognize that you are human and that everyone makes mistakes, and that what really matters is that you can change if you want to and put the effort in,” she explains.
Introduction: My name is Duane Harber, I am a modern, clever, handsome, fair, agreeable, inexpensive, beautiful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
