Friday Financial Fails: Make Excuses

2 Minute Read

Everybody makes mistakes with money. It’s just part of life.

Whether or not we eventually succeed in managing our money, though, is based on how we respond to those mistakes.

The winners will own up to their mistakes. They’ll take the blame for signing a five-year adjustable rate mortgage during the housing boom. They’ll admit to buying the brand-new car that now has them underwater. They’ll own up to taking on all those student loans for a degree they never used.

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On the other hand, the people who struggle with money can never seem to get out of their own way. They make the same mistakes over and over again. But instead of recognizing those mistakes and owning up to them, these people make excuses.

“I bought that new car because it was safer” or “I just had to go to that fancy school” or “There’s just no way I could’ve lived with myself if I didn’t buy that house.” There’s always a reason why they made a dumb decision. But instead of admitting it was a dumb decision, they try to make sense of it.

Here’s the truth:

When we mess up with money, we sometimes tend to think we are the exception—that if people really understood our situation, they would know that a car lease or an adjustable rate mortgage or a pile of student loans is okay. Everyone goes through rough spots in life, but that’s no reason to let go of common sense and create more stress and heartache for yourself in the long run.

If you messed up and made a mistake, stop making excuses. Take a deep breath, admit your mistake, and make a plan so you won’t find yourself making that same mistake again.

You’ve got no room for excuses in your life if you truly want to win with money.

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