Practice Self-Compassion: Be Kind to Yourself Regarding Past Financial Mistakes
Jun 01, 2025
I used to carry a lot of shame about my past, especially my struggles with addiction. Along with that shame came the belief that I wasn’t deserving of good things in my life, including financial success. While I didn’t necessarily believe I wasn’t good with money, I certainly didn’t think I deserved to have more than just enough to get by. For a long time, I just scraped by, living paycheque to paycheque. And even when I did have more than enough, I still felt a sense of guilt around it. It was as if I had to punish myself for all the mistakes I’d made in the past.
The truth is, this belief: this feeling that I wasn’t worthy of financial success, held me back for a long time. Instead of taking charge of my finances, I allowed those negative emotions to control my behaviour. I didn't invest in myself, I avoided making financial decisions, and I often overspent on things that didn’t matter because deep down, I didn’t believe I could have more than just enough.
The turning point for me came when I realised that the shame I carried around my past wasn’t helping me move forward, and that it was keeping me stuck. I had to make a conscious decision to let go of that guilt, to recognise that I wasn't the sum of my past mistakes, and to start believing that I deserved good things in my life, including financial success. But most importantly, I had to practice self-compassion.
Self-compassion is the ability to treat yourself with the same kindness and understanding that you would offer a friend going through a tough time. It’s about recognising that everyone makes mistakes and that those mistakes don’t define your future. This approach helped me to release the negative self-talk that kept me from making better financial choices. Instead of feeling guilty for past overspending or missed opportunities, I started focusing on what I could do now to create a better financial future.
When I started practicing self-compassion, I stopped letting guilt dictate my actions. I began to forgive myself for past mistakes and used those lessons as stepping stones to make smarter financial decisions moving forward. It wasn’t about ignoring the past, but rather acknowledging it and deciding to change how I viewed myself and my financial situation. I realised that I had the power to take control of my money, to be responsible for my financial future, and to work towards the life I wanted.
It wasn’t an overnight shift, and there were still moments of doubt. But as I started to make more intentional decisions, like planning my spending and saving for the future, I felt more empowered. I began setting clear financial goals and worked consistently towards them. More importantly, I allowed myself to enjoy the process, rather than constantly feeling like I didn’t deserve the success I was working toward.
If I hadn’t learned to be kind to myself and to forgive myself for my past financial mistakes, I don’t think I would be where I am today. Practising self-compassion gave me the mental and emotional space I needed to grow, to make better choices, and to truly believe that I was deserving of a better financial future.
The key takeaway here is that your financial past doesn’t define your future. No matter what mistakes you’ve made, it’s possible to turn things around. You just have to start by being kind to yourself, recognising that you are worthy of success, and making intentional decisions that align with the future you want.
If you’re ready to let go of past financial mistakes and start treating yourself with kindness, I’ve created a free guide to help you shift your mindset and eliminate financial stress. Download "50 Mindset Shifts to Eliminate Financial Stress and Boost Your Earnings" today and start building the financial future you deserve.