• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • CONTACT US
  • ABOUT

The Fortunate Investor

Investing, Business & Personal Finance For Wealth Builders

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » Should You Save Or Get Credit? Here’s The Answer

Should You Save Or Get Credit? Here’s The Answer

January 21, 2021 By The Saving Gal | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

Should You Save Or Get Credit Here’s The AnswerWhen it comes to your finances, you may find that you just don’t really know where to start with it. You know that you want to be responsible with your money and you want to be in a good financial position – but how do you make that happen. How you spend your money matters here. It’s always important for you to ensure that you’re able to allocate your money in the most suitable way. This is where budgeting comes in. As we all know, saving your money and saving up for the things you want is a good way to be responsible and get to where you want to be. But also, there’s also credit to consider. So which one is best? Let’s take a look.

The Benefit Of Saving

To start with, you may want to seriously consider the benefit of saving. When it comes to your financial situation, saving is always going to be the sensible and responsible choice. If you can, you’re going to want to really work on your financial habits so that you’re saving first and spending second. This is also a more effective way to pay for things as you’re not ever overpaying with an APR.

When Credit Could Work

But there are also instances where you feel like credit might work best. Maybe you have never used credit but you would like a mortgage at some point? Sometimes, mortgage lenders won’t lend to you because you have no profile. So getting a credit card to pay for a bill and paying it off with a direct debit can work here.

Using Credit Responsibly

However, if you are thinking about taking out credit, then this is something that you need to do responsibly. You’ll want to make sure that you are able to pay it off and that you’re not letting your debt get out of control. This can be stressful and actually cost you a lot of money too.

Big Purchases To Save For

Now, when it comes to some big purchases in your life, you might want to be thinking about saving up for them first. Of course, you might want to get loans and credit for things like home renovations and car purchases, but you could also just wait a little longer and save too. When you’re car shopping, with someone like Automax Hyundai, be sure to take a look at their deals, but remember it is cheaper to purchase outright. And it’s the same with your home renovations too.

When Credit Is Required

But then there are those cases where credit is really required and you’ll want to make sure that you’re in a good position to apply. The prime example here is mortgages. Of course, sometimes people can be a cash buyer and that’s fantastic. Yet, the vast majority of us will need to get a mortgage to be able to purchase a home. Once you have secured your down payment, you will then want to make sure that you’re in a position to apply for credit and purchase your home.

  • About
  • Latest Posts
The Saving Gal
The Saving Gal
The Saving Gal
Latest posts by The Saving Gal (see all)
  • The 6 Best Businesses To Start In 2021 - February 18, 2021
  • 7 Ways To Save Money On Your Cell Phone - February 17, 2021
  • How To Start Planning Your Retirement- Steps To Take Now - February 17, 2021

Primary Sidebar

Popular Articles

4 Things to Do If You Want to Get Out of Debt

4 Things to Do If You Want to Get Out of Debt

Whether small or significant, debt is something that affects everybody. It could be credit card debt … Read More about 4 Things to Do If You Want to Get Out of Debt

Simplifying The Quest Of The Online Side Hustle

Simplifying The Quest Of The Online Side Hustle

Time and time again these days, we’re bombarded with suggestions for top side hustles that are … Read More about Simplifying The Quest Of The Online Side Hustle

The Benefits of Using A Reciprocating Air Compressor for your Business

How to Establish A Manufacturing Business During 2021

Starting a business takes a lot of time and dedication and growing your business is something that … Read More about How to Establish A Manufacturing Business During 2021

Looking To Improve Your Credit Score Here Is What You Should Do

Looking To Improve Your Credit Score? Here Is What You Should Do

Your credit score tells a lot about you. It is the tool that financial institutions use to gauge … Read More about Looking To Improve Your Credit Score? Here Is What You Should Do

Everything You Need To Know About Using Loans To Clear Debt

Everything You Need To Know About Using Loans To Clear Debt

The very idea of using loans to clear debt might sound absurd to most of you. After all, one of the … Read More about Everything You Need To Know About Using Loans To Clear Debt

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
INSTAGRAM
YOUTUBE

Copyright © 2021 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service