This research novelly explores how Future Time Perspective (FTP) plays a role in reflecting on goal failure and striving for future goals. Participants (N = 139) completed questionnaires assessing recent goal failure, procrastination, emotion regulation and FTP, then coded as either High or Low in FTP. Results support hypotheses that despite goal failure, those high in FTP procrastinated less, planned more and used more cognitive reappraisal strategies. Further, procrastination and cognitive reappraisal significantly predicted FTP scores. Thus, goal failure may be an essential part of learning how to achieve high self‐regulation goals. However, it may discourage some from trying again, particularly those low in FTP. Findings suggest the FTP may offer a strategy to aid attainment of important high self‐regulated, long‐term goals.