It’s a major blow to have a massive bite taken out of your net worth.

When there’s a large sum of money on the line in your life, you often want to go out of your way to ensure you either get it back, or otherwise put it toward some kind of practical use. Unfortunately, there will undoubtedly be times where you simply can’t put that money to work, and your only option will be, to quote a certain burger chef, to eat the cost and feel really bad about it. It’s because these instances are unavoidable that it’s best to have a plan of action on standby ahead of time so you don’t have to endure a few days of panicked spiraling.

Speaking of panicked spiraling, step one when you’ve suffered a heavy financial loss is to remain calm. Nobody is coming to cut your toes off, so just take a moment to ground yourself in reality. If you’re having trouble doing this, it’s perfectly normal to seek out someone to confide in, whether that person be a family member, friend, or professional. You don’t need to ask them for financial advice, it just feels better to audibly convey your worries to someone you trust.

Once you’re calm, take the time to survey the damage. How much money are you in the hole for, exactly? Was the blow dealt primarily to your regular income, or your savings? Can this loss be recouped in a timely manner from your regular income, or will you need to tighten your belt and/or increase your income for a while? I won’t sugarcoat it for you: if you’ve lost a truly massive sum of money, life is probably going to be more difficult for a while, but even so, you need to stay calm and examine the situation from realistic angles. If you’re having difficult figuring it out yourself, you can speak to a financial advisor for advice, and perhaps arrange a loan to keep things square while you put your new plan in action.