Don’t dig yourself deeper

Part 2 in a 12 week series on debt recovery

Woman eats a turkey avocado sandwich while listening to podcasts and drinking tea

When you’ve dug yourself deep into a pit, the only way to get out is to stop digging. This month, focus on not racking up more debt. Stop using your credit cards. Skip your weekly trips that usually have you buying too many non-essentials.

 

Some tips:

Pack your own lunch

This might be a dated tip, but it is a classic for a reason. Brown-bagging your work lunch and brewing your own coffee can save money in the long run.

   

Define what your essentials are.

“Essentials” can differ by person. Define what yours are.

- Some people consider essentials being only items that are essential to survive. To others, essentials can mean items that are essential to happiness as well.

- Whatever you define “essentials” as, we recommend that is written down.  Decide what qualifies, and stick to it.

 

Use public transportation to offset commute costs.

- Did you know that:

- All of our branches in Thurston County are directly on the bus line?

Public transportation in Thurston County is free of charge?

- Read more here: TwinStarCU.com/content/its-easier-ever-reach-us-bus

 

Cancel unused memberships or streaming services.

- Perhaps you’ve achieved the magic state of being caught up on all your tv shows? Cancel any streaming services you are not using and only keep the ones you engage with regularly. Subscription costs are not often very high, but they can add up quickly! 

 

Make the Minimum Payments

While you’re at it, don’t forget to make the minimum payments on every line of credit and loan you have open. Neglecting your debt will only pull you deeper into the pit.

 

You can do this! Even if you can focus on cutting spending in just one way per week, by the end of the month, you will have tackled four things you wouldn’t have otherwise. Small steps matter when it comes to changing habits.

 

Read the whole series: 12 weeks to a debt-free life

  1. Take stock of your debts
  2. Don’t dig yourself deeper
  3. Negotiate a lower rate
  4. Create an emergency fund
  5. Coming Soon