The relationship between the frequency of using strategies for reducing cognitive failure and depressive/anxious moods, as well as the perceived costs and benefits of such strategies were investigated. Undergraduates (N=230) completed a questionnaire on strategies for reducing cognitive failures and their depressive/anxious moods. Factor analysis of the frequency of using these strategies identified five factors: “Adversaria and Calendar,” “Mnemonics,” “Alarm,” “Visuo-spatial control,” and “Confirmation.” Results indicated that for the “Adversaria and Calendar” and “Alarm”, depressive mood had a negative effect on the benefits, which in turn had a positive effect on the frequency, whereas anxious mood had a positive effect on the cost , which in turn had a negative effect on the frequency. In case of the “Mnemonics”, in addition to the identical effects as those of depressive mood on “Adversaria and Calendar” and “Alarm”, depressive mood also had a direct negative effect on the frequency, whereas anxious mood had a direct positive effect on the frequency. Moreover, for the “Visuo-spatial control”, depressive mood had a negative effect on the benefits, but had no effect on the frequency, whereas anxious mood had the same effect as on “Mnemonics.” These results are discussed with regard to deficits in initiative.