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Having big plans fall through can feel like a major blow when you were expecting to be in a more financially stable position. But according to experts, there’s no need to despair.
“From a financial perspective, coping involves addressing the immediate financial gaps left by the failure of the plan,” said Dennis Shirshikov, head of growth at GoSummer and professor of Finance at City University of New York. “Let’s say, for instance, you canceled a wedding and now have extra savings from that event — you can reallocate those funds toward future savings or paying down debts.”
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However, he said the emotional toll of losing a planned event or financial windfall is often just as heavy as the monetary loss. “This is where the mindset shift is critical: see this moment as an opportunity to recalibrate, rather than a loss.”
Below are some ways experts say you can regain your footing amid disappointment.
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“The first step in regaining financial stability after a major plan collapses is reassessing your financial situation from the ground up,” Shirshikov said. “Start by revisiting your budget — what was once manageable may no longer align with your new reality. I recommend cutting discretionary expenses and reallocating funds to essential categories.”
He said an example would be canceling or downgrading subscriptions and reallocating that money toward an emergency fund or paying down debt. “This is a critical moment to be ruthless with your spending decisions.”
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If your primary plan was disrupted, Shirshikov said it’s important to diversify your sources of income.
“For instance, side gigs in freelancing, renting out a room or space or even taking on consulting work can provide an immediate boost in cash flow.”
Erwin Vico, finance expert and CEO of Slick Cash Loan said exploring alternative income streams is crucial for regaining financial stability after a setback. “Consider freelancing or consulting to leverage your existing skills or create online courses and e-books to share your expertise,” he explained. “Exploring freelancing and creating online courses can be highly effective strategies for regaining financial stability.”