What should you do if you lost money?

Create a plan to replace the money or the monetary value of something you lost. If you already have a plan in place when you tell your parents you lost it, you are showing maturity, taking responsibility for your actions, and showing them you are willing to be held accountable. By doing something extra to repay the value of the lost item, you are also letting them know that you understand there are consequences for losing things and that you’re not only willing to handle the consequences, but that you know that doing something extra is required.