How accessing your free credit score can help you plan for your growing family

expanding family credit report

There’s no two ways around it – expanding your family can be expensive.

In fact, recent numbers from The Guardian reveal that to raise a child to the age of 21 in the UK costs an estimated £222,458! I admit, on paper it looks like an impossible figure, but few families are likely to pay this outright. When it comes to raising a family, responsible borrowing can help.

The costs start creeping up with the addition of a new baby, especially a firstborn. Installing a new nursery complete with furniture, buying the necessary car seats, clothing and toys can make for an expensive first year. As your child grows, things like tuition costs and fees for extra-curricular activities also add up. One of the first things I found as my family expanded was the need to upgrade to a larger, more family-friendly vehicle. Upgrading the family car is par for the course for many couples, but the cost of doing so can be substantial.

For some families, moving house isn’t a viable option financially, whereas others prefer to stay where they are based on ties to the community, or employment in the area. We opted for home improvement, rather than relocation, as the need for more space steadily arose. As it turns out, even making cosmetic changes to a property requires a substantial amount of financial planning.

Why does your free credit score matter?

As your family grows over time, the costs of everyday living grow too.

Everything from grocery shops to petrol costs rise as your kids grow and partake in sports or extra curricular activities, and you may find yourself needing to borrow to keep pace with the financial demands on your family. Any time I undergo a major life change, I opt to check my credit score. Not only does it provide me with peace of mind, it helps me to determine the impact my life changes so far will have on the ones going forward.

Applying for anything from a credit card to a personal loan to doing a little DIY, financing a car, or buying a new home will be dependent on your credit score. By checking your score online, you can quickly see where you stand, which will give you an idea of if you are likely to be approved for a loan, and if so, how much for.

I found obtaining my credit score to be of great help in preparing me mentally for these big life changes, too. Applying for credit with no knowledge of what the lender may see and evaluate can cause a great deal of nerves and tension, during what is likely an already stressful time! Knowing the state of your credit before submitting an application for a loan can help make the process a little easier. What’s more, it can reduce the chances of having to fill in multiple applications, which can negatively affect your credit score.

Find out more about obtaining your free credit score from Experian

The future is far less scary when you know what to expect.

With your Experian credit report, you can see how your financial past will impact your expanding financial obligations. There are inevitably costs that come with having a family, but seeking credit in the form of a loan or financing can help spread some of those costs into more manageable terms. Click to find out more information on your free credit score, and see how this valuable tool can help with planning your family’s financial future.

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