5 Best Ways To Recover From a Major Money Mistake

We’ve all been there — made a money move that felt fine in the moment, only to regret it later. In fact, CNBC reported that most Americans are stressed about money these days.

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Maybe you splurged a little too hard, trusted the wrong “can’t-miss” investment, or ignored a bill until it snowballed.

The good news? One mistake (or even a few) doesn’t have to derail your financial future. In fact, bouncing back can be easier than you think.

Kevin Marshall, personal finance expert and senior contributor at Amortization Calculator, said what matters most isn’t the mistake, it’s how you respond afterward.

Here are some of the best ways to recover from a major money mistake and get back on track with confidence.

1. Revisit Your Budget

The first step Marshall always recommends is going back to your budget — not the one you had before the mistake, but the one you need now.

“Pull up your accounts, be honest with yourself, and look at what’s coming in versus what’s going out,” he said.

He said this isn’t about judging yourself. It’s about seeing clearly.

Marshall’s helped people cut hundreds of dollars just by identifying unused subscriptions or habits they weren’t even aware had gotten out of hand.

“Once you know the gap, you can start closing it.”

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2. Don’t Try To Do It All Alone

There’s a lot of pressure to handle money problems quietly, said Marshall, but reaching out for help can actually speed up your recovery.

Whether that’s sitting down with a financial advisor, a CPA, or even a certified credit counselor, he said an outside perspective can uncover options you might not think of.

Marshall once worked with a couple who were drowning in credit card debt.

“After a few sessions, we came up with a repayment plan that included interest negotiation and a temporary pause on non-essential spending. Within a year, they were back on stable footing.”