Difference between mitigation plan and contingency plan

Can anyone elaborate

Mitigation Plan : You plan to reduce the probability and impact of risk by using risk mitigation strageries.  This is used to proactively manage the risk before they occur.

 

Contigency plan:  after you identify your risk, you set aside some money under contigerncy plan and use that money only if the risk occurs. Here you are tryign to take actions when you see the warnign signs of risks. You cannot reduce the probaility and impact of risks using this plan.