How To Protect Your Credit Score If You're New Parents
August 31, 2021 | Daniel Dewitt
Welcoming your newborn is a heartwarming time – especially if it is your first child. We know the last thing you want to think about is your finances. So, let us help you protect your credit while giving your utmost care and attention to your bundle of joy. Here are a few ways you can protect your credit score while taking care of your newborn.
How To Protect Your Credit As A New Parent
1. Ensure All Bill Payments Are Automatic
No matter what financial obligations you have, they all tend to swim to the back of your mind during those first months with a newborn — even the super important ones. While we completely understand this, overlooking monthly bills or credit card payments will have a severe impact on your credit score.
Thankfully, avoiding it is wonderfully simple. Just switch all monthly repayments to automatic before your baby arrives. That way, you can calmly focus all your attention on your new bundle of joy instead of worrying about late bills and damaged scores.
2. Buy Supplies When Needed, Not Before
Everyone likes to be prepared, it's human nature. But pre-purchasing things like clothing and diapers for newborns isn't a good idea when trying to protect your credit, even though seemingly all new parents do it!
Remember that babies grow amazingly quickly. Your little one could outgrow their outfits in less than a month after only wearing them a couple of times. So, go shopping with proper planning to ensure you don't buy excessive quantities and end up in a sticky financial situation.
3. Take Advantage Of Cashback Rewards
Another way to protect your credit is to use the many credit card providers offering cashback or points when buying various items. If you're making relatively large purchases, you may be surprised at how much you can save by tapping into these reward systems.
Alternatively, you can use cashback websites. Deals typically range from 1% to 5%, with some offering even more. You click through to the store from the cashback website and shop as usual to earn the cashback.
Some of the most popular cashback and reward shopping sites that can help you protect your credit are as follows:
- Rakuten — Known previously as Ebates, Rakuten has been around since 1998. They have a wide range of stores to choose from, and the site is exceptionally user-friendly.
- Mr. Rebates — This site opened its digital doors in 2002. Now, they have over 2,500 online stores to earn cashback from. You can cash out once you've earned at least $10 through PayPal or a paper check.
4. Know Your Priorities
Knowing your priorities is perhaps the best method for you, a new parent, to protect your credit. Learn how to distinguish between what you would like for your baby and what you need for your baby.
Once you understand that, making a newborn budget becomes a lot easier. Just make sure you stick to it when the time comes to peruse those baby aisles! Speaking of a "baby budget," here are a few tips to how you can make a budget to protect your credit score better:
- Practice living on less — If your income is likely to decrease once you've had a baby (even temporarily), you should practice living with the reduced income right away.
- Anticipate expenses — Your outgoings will no doubt increase when you have a child. Try to estimate how much you'll spend in their first year, and fine-tune these figures as you go.
- Prepare for emergencies — The unexpected will happen at some point, so building an emergency fund is vital. But if you don't yet have one, our last top tip is vital.
5. Understand Your Options During Emergencies
When crises strike, it can feel like the end of the world, especially as a new parent with no emergency fund. But, luckily, there are options that can help. If you can, try seeking financial relief from your family and friends before going through legal channels. Plus, you might qualify for a government child support plan.
But for the times when that doesn't help, you can turn to our Fast Payday Loans, Inc. payday loans. In just half an hour, you can receive up to $1,000 to pay medical bills, fix your leaking roof, or fund whatever emergency you're experiencing. We work with all credit types, whether good or bad, to help you get quick payday loans.
We also pride ourselves on our stress-free process. Just fill out our online form to get started and then head over to a fast payday loans near me to continue. Make sure you have your most recent pay stub, your state-issued ID, and a blank check from an active checking account in your name. If approved, you could have the money as soon as the same day.
Protect Your Credit Score And Your Family Today
Trying to protect your credit doesn't have to be complicated. Using our tips will stand you in good stead for the financial future with your new baby, and our payday loans will help you combat emergencies when all other hope is lost. Fill out the online form when you are ready to begin.