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Step 2 Toward A Debt-Free Life: Stop Creating New Debt

The second step is to stop getting deeper into debt. The only way you'll get out of debt is to stop putting yourself into debt. There are many ways you can cut expenses and spend money only on the things you really need!

Here are some suggestions:

  • Every time you spend money this month, write it down or use CommonWealth One's MoneyTools. This will increase your awareness of how much you're spending, when and why, and it will help you make better decisions about spending going forward. It can be surprising how quickly those small coffees add up!
  • Start bringing your lunch from home. Not only will you probably eat healthier meals, but you'll spend less money. You can bring your coffee from home, too, and a few healthy snacks to keep in your desk.
  • Stick to your list of essentials at the grocery store and don't go food shopping when you're hungry — that can lead to splurge purchases.
  • Going out with friends? Try to find something free to do, or if you do go out to eat, grab a snack at home beforehand, then you can save money by just ordering an appetizer and drinking water.
  • Do you really need new clothes? Consider your purchases carefully, and try to only replace items that have really worn out or no longer fit. If you don't need that new pair of shoes or that cute new top, don't buy it without planning for it.

Stay tuned over the next several weeks as we bring you more from this series of steps toward a debt-free life.

If you want to get a jump start, consider signing up for a meeting with one of our certified financial counselors. This service is free and can help you make 2020 the year you take control of your money. Click below to learn more and submit your information to one of our financial counselors.

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