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#FinanceFridays: How to Bounce Back from Setbacks

Learning how to bounce back from setbacks is critical in achieving our financial goals. Sometimes challenges arise that may be unanticipated or unexpected that try to throw us off, but bouncing back and getting back to our budgets is key.

Here are a few tips in building resilience when it comes to our money management: 1) set a date with your budget, meaning, set a day of the week or month where you review your budget and consistently stick to this schedule. This will eliminate ambiguity when it comes to your budget and ensure you know how each dollar is being spent. 2) Go back to programs that you know worked. Was it the 50/30/20 Budget? Was it the Dave Ramsey Baby Steps? Was it the Cash-Only Budget? Stick to programs that are tried and true and you know work for you and your particular lifestyle. Sometimes we fall off the wagon of these programs, but we can easily get back on the wagon and ensure we are using the techniques that work. 3) Ask for help. Enlist the help of a trusted friend or family member, or reach out to your trusted Financial Advisor or Financial Counselor. Having someone on your team to help, support and encourage you is incomparable to doing it all yourself and staying isolated in achieving your financial goals.

There you have it! 3 ways to bounce back from unexpected obstacles and get back into the swing of your budget and budgeting systems. Remember, consistency is key so although you may not be following your budget each and every day, overall consistency is what matters when sticking to a budget, managing well, and accomplishing our financial objectives. Do you have more tips and tricks related to bouncing back and getting back to your budgeting systems? I'd love to know in the comments below. Signed, Filipina Budget Girl.




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