I have a confession to make.
I spent way too much money in December and January.
Between a broken fridge, the holidays and some emotional spending that went down in January, my credit card bill is looking scary.
I also spent a lot in my business in January and February because I needed to make some strategic investments.
Long story short, while I’m not entirely sure yet, I may have credit card debt for the first time in my life come March.
What the hell happened?
I’m not much of a spender by nature, but I simply wasn’t paying much attention in December and January. I also made a lot of money in both December and January (click here to check out my income reports) so I figured I’d be fine.
What I didn’t expect was to have some personal issues that got in the way of my work in January. I also wasn’t expecting cash flow issues in February.
In other words, life happened and I wasn’t as attentive to my finances as I normally am.
I’m not one to play victim though, so here’s what I’m doing to get back on track after overspending.
Forgiving myself is my first step to help me get back on track after overspending. I’m not perfect. I never have been and I never will be.
Quite frankly, I needed to prioritize my self-care over my career for a few weeks and there is nothing wrong with that.
It’s far too often that entrepreneurs push through things instead of dealing with their feelings. Now that I’m entering my 30s I understand that if I don’t deal with my emotions when they surface, then they will come back to bite me in the ass later.
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Focus on the positive.
My second step to getting back on track after overspending is to focus on the positive. In addition to not really playing victim, I’m also a glass half-full kind of person. I tend to focus on what is working versus what isn’t working in my day to day life.
That being said, I made a list of things that were going really well for me. That list looks like the following:
- I was interviewed on a radio show and was syndicated on over 600 radio stations in Latin America (Click here to check out my be your own pr agent class)
- I just completed a major campaign with Intuit Turbo.
- I’m obsessed with SoulCycle and the exercise makes me feel so much better.
- I’m nowhere near as broke as I used to be.
- I have amazing friends and people in my life.
- I got the opportunity to attend a mastermind retreat in New York.
- I live in an amazing city and have a very active social life.
The truth is we all have stuff going for us, we just have negativity bias. This means we tend to focus on the things that are going wrong. This creates a loop where – you guessed it – things keep going wrong.
In my experience, if I can acknowledge what isn’t working (because I live in reality) while keeping my focus on what is, I can rebound much faster.
Was I always a positive person? No. This has come with a lot of practice of purposely redirecting my focus over time. I definitely recommend any of Gabby Bernstein’s books to help you with this.
Getting back on track after overspending doesn’t have to be difficult. Normally, I tend to reduce spending in my personal life. While I certainly plan on doing that this time around, I’m also looking at reducing spending in my business.
It’s not a secret that I have no qualms about throwing money into my business, but it’s time to reel it back in. I already found ways to save over $1000 a month on my business while still making money. The truth is my business has changed a lot, so I need to make financial adjustments that make sense.
In a recent podcast episode, I mentioned how I needed to take a little bit of a break in January to deal the aftermath of a rough start to the New Year. This means I took it easy for a couple of weeks.
The downside of that is I didn’t have as much work lined up for February because I wasn’t pitching or selling.
In the last couple of weeks, I’ve gotten back into a rhythm of pitching, selling and marketing. I’ve also taken new opportunities and have found new ways to monetize this blog.
My efforts are starting to pay off with some deals and sales coming through so we’ll see what happens. I may also have to hustle a little harder to pay off the debt, but a little extra work never hurt anybody.
I thought I would be more ashamed of having credit card debt, but the truth is I’m not really attached to it. I think a big part of the reason why is because I know how I’m going to quickly get out of it. It’s also not the first time I’ve been in a tight financial situation I’ve had to see my way out out. Because of this, I trust myself to figure it out.