7 Fun Things to Spend Money on While Building Credit

Wise Loan Editorial Team
By: Wise Loan Editorial Team
a couple opens bags filled with fun things to spend money on while building credit

Tips to Build Credit

Have you ever heard the saying, “You have to spend money to make money”? Well, sometimes a similar principle applies when it comes to establishing credit. In order to prove your creditworthiness, it may be necessary to take out loans or use credit cards and repay the debt promptly and according to the agreed terms.

However, it’s important to note that accumulating debt on unnecessary or frivolous expenses solely to demonstrate your ability to manage debt responsibly doesn’t align with good money management. Nevertheless, there are ways to enjoy your spending while simultaneously building your credit.

Consider the following seven methods that allow you to enhance your credit by utilizing loans or credit cards for purchases that bring you joy or support enjoyable experiences for you and your loved ones.

  1. Computer for the Kids

When building your credit history, using credit to purchase a computer for your household or your kids can be both enjoyable and practical. Nowadays, schools expect students to have access to computers and the internet at home. In fact, a high percentage of students already have this access. By providing a computer, you enable your kids to conduct research, play educational games online, and complete school assignments more efficiently. Additionally, computers have become even more crucial with the rise of remote learning during the COVID-19 pandemic. They not only support education but also offer entertainment options and help kids stay connected with friends and family.

  1. Car Repairs

While paying for car repairs may not seem like a fun way to spend money, it is an essential investment that supports enjoyable experiences for you and your family. A reliable, functioning car allows you to have date nights, moms’ nights out, and spontaneous trips to the drive-through for ice cream or the park on a Saturday morning. Repairing and maintaining your car opens up a wide range of adventures and enhances your ability to create lasting memories.

  1. Bathroom Updates

Updating your bathroom can be a practical and enjoyable expenditure. It not only enhances the aesthetics but can also contribute to safety and hygiene. If you have issues with the sink, toilet, or leaks in the tub or shower, addressing these problems can improve the overall health and well-being of your household. While taking out a loan for bathroom updates, you can also consider adding extra features that enhance your own comfort, such as an additional sink for easier nighttime teeth brushing or a deep soaker tub for relaxation after a long day of work.

  1. Seasonal Clothing for Kids

One common thread in this list is the combination of practicality and enjoyment. At Wise Loan, we prioritize responsible lending and discourage borrowing for unnecessary items like vacations or luxury jewelry. However, investing in seasonal clothing for growing kids falls under the practical category. As winter approaches, you may need to purchase snow pants, boots, and jackets to keep your children warm and protected. Similarly, summer calls for shorts and bathing suits. Providing your kids with appropriate clothing enables them to fully enjoy outdoor activities, which according to the U.S. Department of Agriculture, offers numerous physical, mental, and wellness benefits.

 7 Fun Things to Spend Money on While Building Credit

  1. Outdoor Play Equipment for the Yard

If your family lacks easy access to green spaces, hiking trails, or public playgrounds, consider purchasing outdoor play equipment for your yard. This investment encourages your kids to spend more time outdoors, promoting their overall wellness. Options such as swing sets, slides, climbing gyms, or a volleyball net can transform your yard into a space where your family can engage in active play and create joyful memories together.

  1. Extracurricular Activities

Research has consistently shown that engaging in extracurricular activities offers numerous benefits for children. Not only do they foster social development but also contribute to greater academic success. Furthermore, participating in these activities has been linked to improved time management and leadership skills compared to peers who do not take part in extracurriculars.

However, it’s important to acknowledge that these activities often come with a financial burden. Whether it’s joining the marching band, school sports teams, cheerleading, or robotics club, you may encounter expenses such as dues, supplies, equipment, and uniforms. Using credit to cover these costs allows you to spread out the spending, avoiding a financial strain at the beginning of the school year.

  1. Emergency Preparedness Supplies

The COVID-19 pandemic served as a reminder for many people to prioritize emergency preparedness. Stocking up on essential supplies like food and toilet paper in case of future emergencies can be both practical and enjoyable. It brings a sense of peace of mind and accomplishment, knowing that you are prepared for unexpected situations. Having an ample supply of food, water, medication, and other necessary items empowers you to feel more in control of your life and provides you with more time to enjoy the things you love.

However, purchasing all these items at once can be costly. Using loan funds to make the initial investment in your provision preparation can be a smart approach. It’s crucial to remember to regularly rotate and replace food supplies to avoid wasting money on expired items.

If you’re ready to build your credit while spending on something enjoyable or beneficial for your family, take the first step by applying for a Wise Loan loan today.

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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About the Author

Wise Loan Editorial Team

Wise Loan Editorial Team

Introducing the Wise Loan Editorial Team – a collective of experienced finance and credit professionals dedicated to enhancing your financial path. Our team boasts over three decades of expertise in the finance sector, united in our commitment to deliver reliable and practical financial insights. True to the Wise Loan ethos, our goal is to positively impact the financial well-being of our customers.

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