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Coping with financial setbacks

Whether your personal or business finances suffer a setback, you will need to rethink your current budget. Whether you need to pay for an unexpected expense or budget for a decrease in income, you’ll need to examine your finances and figure out where you can make changes.

Create a strategy to reduce your or your company’s chances of experiencing a financial crisis in the future. Although you cannot completely prevent the possibility of disappointments, you can reduce their severity.

Loss of employment or having to deal with a failing business can be stressful and cause feelings of shame and self-doubt. These emotions, if left unchecked, can be crippling and make it more difficult to recover.

Take proper care of yourself. Although dealing with the negative emotions associated with a financial setback can be difficult, practicing some self-care can help you deal with them. Maintain your exercise routine and allow yourself time to unwind.

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