Being on a debt-free journey is hard, but worth it, and part of the process for me has been acknowledging the mistakes I have made along the way and how I am handling them. So here are some of the mistakes I have made while trying to establish my savings.
Not having an emergency fund
If 2020 taught me and most of us anything, it’s having an emergency fund is extremely important. Being out of work for months on end, not knowing when unemployment cheques will arrive, the anxiety of not knowing how I will pay my bills or put food on the table is some of the worst feelings in the world. It was one of my biggest mistakes.
Saving for a goal then blowing every cent or more on that goal
Can’t get any blunter than that. The fact is while saving for said goals I should have learned to not only comparison shop, but to be sure that the purchase is worth it. Read reviews, and stick to what I planned to spend. Overspending is not fun.
Breaking into my piggybanks to buy crap because I had a bad day
Hello emotional spending, my old friend. Yup, I have done this repeatedly. Crap day and my fun budget is maxed out so why not borrow a few coins from my piggy bank and replace them on payday. Except, this is just running on the hamster wheel. If I borrow $5 and repay $5, then have I saved anything?
Not having a sense of accountability or a good accountability partner
I have mentioned previously that my accountability partner has talked me off the ledge more than once, and I am grateful to her for it. Before her, I had no one, not even myself, helping me to stay on track. It has taught me that some things you just can’t do on your own and it’s okay to ask for help. Just be sure to get good help. Not everyone who says they have your best interests at heart, actually do.
At the end of the day, the biggest takeaway for me has been, I am human, and I made mistakes. I forgive myself and I am going to take what I learned and move forward.