Getting Your Home Ready For A New Baby: Our Short Guide For Parents With Poor Credit

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A new baby can be a joyous, if stressful, time in a parent’s life. There’s a lot to prepare for and things to do before the baby arrives, and this can all be made more difficult if you have bad credit. It can help to come up with creative solutions to save money and ensure that you and your baby have all you need.

It is also beneficial to make improving your credit score a number one priority. With a better credit score, you will have access to a range of funding options that can make the arrival of a new baby much easier. If this is not achievable in the time you have, here is our brief guide to help you make the most of what you have.

Take Advantage Of Benefits And Government Grants

There are state benefits and grants available to expectant and new parents. If you are a low-income family, you may be entitled to grants for things like home improvements, utilities, and white goods. It is worth checking the government website and charities aimed at families for an idea of what you could claim.

There are also benefits available to all new parents, which are available until your child turns 18. Again, if you are in a low-income family and have poor credit, there may be additional benefits you qualify for. Consider talking to the Citizen’s Advice Bureau for more information.

Ask Around For Baby Gear

Most families automatically pass on baby clothes and other baby gear to the newest parents. After all, most baby and young children’s clothes can only be used for a short period. If you don’t have a large family, consider asking friends who have older kids if they have any baby paraphernalia that they no longer need.

Consider Re-Mortgaging

Re-mortgaging can be an excellent way to free up cash for the expenses associated with a new baby. You will have to use a lender that offers refinancing for people with bad credit. It may also help to choose a broker who specialises in loans and mortgages for those with bad credit. Find out more about re-mortgaging with a low credit score from the financial experts at MoneyNest.

Cut Household Costs

The lower your monthly outgoings, the more you will have when your new baby arrives. Consider making a budget and working out where all of your money goes each month. If there are any unnecessary expenses, you could consider cutting these out and putting the money saved toward the costs of the new baby.

It is also a good idea to shop around for critical expenses like utilities. Where possible, negotiate better deals on your utilities and always try to renegotiate whenever a contract expires. You could also consider switching from branded groceries to generic and shopping in discounted shops like Aldi or Lidl.

Pay Down Your Debt As Low As Possible

The lower your debts when the baby arrives, the better position you will be in. You should always start with the debts that have the highest interest rates before moving on to less costly debts. It may also help to consolidate your debts into one simple payment. Re-mortgaging, as discussed above, can be an excellent way to consolidate debts.

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