Most of my articles are based on my life experiences, interactions with others and the works of other business writers.

One of my favourite writers is J. D. Roth, and this post is largely a reflection of her old post titled: A Philosophy of Failure

We are bound to make financial mistakes at one point or another, and in most cases we tend to repeat the same mistakes over and over. I for instance get too busy to keep track of my expenses and at most times end up forgetting how I spent my money. I wouldn’t be writing this if it wasn't for the numerous financial mistakes I’ve made in the past.

So, how do we go about dealing with our financial mistakes?

• Figure out what went wrong: You can’t solve a problem if you cannot understand it. The main reason I got into debt was to support a lifestyle I couldn't afford. The only way I could avoid getting deeper into it was through changing my lifestyle. I had to cut down on most of my expenses, avoid certain places and people, and I can now comfortably say that I am out of debt.

• Make a plan to prevent the mistake in the future: In my case I had to take a tough stand on how I spend my money. My priorities came first, and I had to avoid the temptations of over spending. You have to analyse your problem and find a way around it. There’s always a way around our financial problems, we just have to find it.

• View each mistake as temporary and isolated: The worst thing you can do is to treat a financial mistake as part of a large problem. In as much as it may be part of a larger problem, avoid viewing it as such. If you view a problem as part of a larger one, you will begin to think of yourself as a failure, which could lead to further failures. In my case I had to remind myself that I had never been in serious debt, and that I needed to go back to my old lifestyle. I viewed my problem as an isolated incident that I could easily revert from.

And that’s the thing: A single small mistake is no big deal. It’s when these small mistakes compound or become habitual that you get into trouble. Sure, I’m human. I do make mistakes, but I try to learn from them so that they aren't repeated in the future.