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#FinanceFridays: Bouncing Back from Setbacks

Saying we will all encounter setbacks is an understatement. Life comes with ups and downs and many a time, these setbacks may include (financial) setbacks. Whether it's high inflation, a challenged housing market, or debt, the following tips can help us bounce back from challenges and realign with our financial purpose, helping us meet our overall financial goals and ambitions.

  1. Build in time for mindfulness, intention and reflection. Building in time for mindfulness, intention and reflection will have us focusing on the most important of details. It will refocus our attention to be grateful for what we do have and give us that starting off point to work from. Life is far from perfect, and the sooner we recognize this and move forward with mindfulness and intention, the more attuned we will be with our own values, goals and dreams.

  2. Give yourself a period of grace. Take a deep breath. Acknowledge the challenges you've faced. Acknowledge where you need to improve, and take a moment to give yourself grace. Again, not every day, every moment is perfect and we need to learn to work with what we've got. Take this as your time to bounce back from the hurdles thrown your way, refocusing, reprioritizing and realigning with the goals and objectives we originally set out for ourselves.

  3. Determine what problem you're working to solve. What is the problem you are trying to solve? Is it the cost of high inflation? It is the rising cost of groceries? Is it an overwhelming amount of debt to pay off? Determine the problem you're working hard to solve so that we can make progress and tick off boxes that get us closer to achieving our goals / solving our initial problem(s).

  4. Create an action plan. Create an action plan to pay off debt(s), for example. Break the goal down to manageable and achievable chunks by taking the overall amount of debt and dividing it by the number of months you'd like to have it paid off. For example, $30,000 in debt / 24 months (2 years) = $1250 per month or $30,000 debt / 52 paychecks = $577 per paycheck.

  5. Find an accountability buddy. Do you have a friend or family member that holds you accountable to the things you say and do? Do you have that person in your corner who holds you accountable to the commitments you make? For me, that's my best friend. She is great at breathing life into my goals and dreams and holding me accountable to the things I say I'm going to do (which I am generally strong at already however it helps to have someone in your corner cheering you on when times get tough). Find this person and ask them if they are willing and able to be your "accountability buddy", holding you accountable to your goals and objectives over the course of a specified period of time.

  6. Be disciplined. Give yourself time and grace to bounce back. Once you've hit your groove and have realigned with your overall goals and ambitions, be disciplined about it. Commit to it. Work hard. Respect the process and acknowledge small to big wins along the way. Here are 6 steps in bouncing back from challenges (and adversities). Life is not perfect and the sooner we recognize this and step forward, working with the strengths and skills we do possess, the greater the likelihood is of us achieving our financial goals. If you have any more tips to bouncing back from a setback, please include it in the comments below. Signed, Filipina Budget Girl.

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