How to recover from a financial mistake
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