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Sustaining Good Credit With A Family
by Evan Jerkunica
There are many challenges that go along with having a family and individuals who live the family life often find that it’s difficult to accomplish all of the things that they need to accomplish while maintaining a stable family life. Though there are certainly obstacles that must be overcome, it is possible to juggle other things like your finances. One concern is sustaining good credit, as this is essential for purchasing a home, buying a car, and doing a number of other essential functions of life. So how does one sustain good credit while running a successful family?
Don’t overextend
One of the temptations of the credit world is to get overextended in hopes that things will improve in the future. Smart family men and women will make sure that they don’t use credit as a crutch. Using credit cards to pay for the essential elements of life is a slippery slope and can lead to disastrous results. Live within your means, operating as if you had no available credit card.
An organized payment approach
Family life can be very difficult and stressful at times. In some instances, it might seem as if the family life consumes your other essential duties. This can make it difficult to remember payment dates and get on the ball with your credit card and other bills. People who sustain good credit with a family are those that organize themselves. Keep a file with a listing of all of your accounts, their due dates, their interest rates, and all other pertinent information. Set reminders for yourself on your computer, cell phone, and leave reminders throughout the house. This will help you remember to make on-time payments.
Using online resources to your benefit
One of the key things to remember as you try to sustain good credit with a family is that resources exist for a reason. You don’t have to do things on your own and today’s technology can make life much easier. The following are examples of bits of technology that you can use to stay on top of your bills and retain that credit rating that you have worked so hard to build:
* Online banking programs
* Online bill payment programs
* Auto-pay programs
* Fast tax and bookkeeping programs
* Online money management software
These things can save you from the hard work of having to keep up with things in a filing cabinet. When life becomes stressful, it helps if one important part of your daily duty is simplified. When you use technology to your advantage, you will miss fewer payments and you will come out on the plus side most of the time.
Take advantage of unique opportunities to build your credit further
While your primary concern should be on maintaining your credit, you should also be looking to build it up even further. Having a family provides you with unique opportunities to take out loans that make sense. Perhaps you can take out low-interest student loans to pay for a child’s college. These are large loans that can help you build an even better credit score. Likewise, paying down a car for a child offers another chance to show creditors that you are responsible with large debt sums.
Ultimately sustaining a good credit history with a family is all about keeping things in perspective. Family life can be taxing and the financial constraints are real. Even with those things holding you down, you can survive if you keep an organized approach, don’t overextend yourself financially, and take full advantage of the resources and lending opportunities that are out on the market today. Maintaining good credit, budgeting, and saving your money is more important than ever in this economy, so make sure you manage your money carefully or poverty might land at your doorstep!
