Proper Planning Can Help Parents Save Money & Achieve a Healthy Credit Score
We all recognise the stress that parenting can bring. But besides the actual taking care of your kids, becoming a parent can lead to other pressures too, financial pressure being the most obvious.
Starting a family means that added financial responsibility is vital if you want to stay in control of your finances over the long term. Parents who struggle to stay in control will find that their credit score suffers as a result, leading to a range of mid-to long-term financial consequences that you could certainly do without.With sensible planning though you can actually grow your credit rating and achieve a healthy credit score. And with a healthy credit score, you’ll find life passes a little easier and benefits your whole family as you grow.
Our Top 5 Money Saving Tips for Parents
Whether you’re looking to grow your credit score – or even protect and nurture a currently healthy credit score – follow our top money saving tips for parents and start to see some immediate benefits.
1) Take advantage of cashback sites
Sign-up to a cashback site and you’ll earn real cash every time you make a purchase through one of the site’s partner retailers. With thousands of high-street retailers to choose from, you should be able to shop via cashback sites for your whole family with very little disruption to your usual shopping patterns. It really is that simple and you’ll quickly accumulate significant cashback that you can withdraw and bank – extra money that will help you grow a healthy credit score.
2) Check the benefits you’re entitled to
If you’re not claiming all your entitlements then the bottom line is that you’re missing out on extra cash and also on reaching a healthy credit score. Even if you’re only missing out on an extra £30 a month, this is cash that could be used to pay off or better manage existing debt, helping to stabilise and even nurture your credit rating, leading you along the path to a healthy credit score. The most common benefits that parents miss out on are child benefit and child tax credit.
3) Be disciplined and determined with your budgeting
Budgeting is not easy and never will be, but by being highly disciplined you will see some fantastic long term benefits that include reaching a healthy credit score. Get help budgeting by using one of the many free online family budgeting tools that can be found across the internet. When planning your budgeting, you should also consider more than just the next month – by factoring in holidays, one-off bills and even Christmas, you can gain much greater financial control.
4) Buy second hand
There is absolutely no shame in buying second hand – in fact most financially savvy parents utilise this tactic and help to grow a healthy credit score at the same time. Buying second hand as a parent makes complete sense because you get to benefit from big savings on items that very often are as good as new. Prime essentials that you should look to pick up second hand include prams and buggies – many designer examples of these are available on eBay at a fraction of their retail price.
5) Sell your unwanted stuff
Clothes, bedding, toys and games, pushchairs, bikes, sports equipment – the chances are that, as a parent, you will have accumulated lots of stuff that is now just collecting dust. Separate out the items that are in saleable condition – you won’t be able to sell games that have parts missing for example – and sell these online. This simple approach will help you raise some welcome cash that you can put towards paying off bills, ultimately helping you to achieve a healthy credit score.