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Last updated on 22nd of April 2022

Louise's Creditspring Story: Planning ahead for unexpected expenses for a stress free future

Raising children can be very expensive. At times parents may have no choice but to look for assistance throughout their child’s life.
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As we all know, raising children can be very expensive. At times parents may have no choice, but to look for assistance throughout their child’s life. Child Poverty Action Group’s Annual ‘cost of a child report’ found that the total cost of raising a child until the age of 18 is £160,692 for a couple and £193,801 for a lone parent. With inflation costs on a steady rise this year, it’s hard to imagine the stress parents across the UK are currently experiencing.  

 

Ahead of her family expanding, Louise- wanted get a head start on planning for the future. Beaming from ear to ear as we began our call to discuss her Creditspring journey thus far, Louise was excited for what was to come for her financial future and was ready to share why. Knowing that she was expecting another child at the end of the year, Louise knew it was wise to start planning ahead for her new child so that there were no shocks ahead of her labour. She was intrigued with Creditspring because she could work on improving her credit score and borrow some money in time for Christmas.  

Using a different credit app prior to Creditspring, Louise found that life quickly took over and she accumulated a little debt during this time. However, after taking the time understand how her score worked and cutting down on her spending, she was able to get back in the clear after a few years and now, one of her long term goals is to build up her credit to get a mortgage.  

 

Louise’s 2022 financial goals include getting a brand new car, while making regular car payments- she is hoping that this will help in building her credit history and will show that she is trustworthy borrower in order to get a mortgage in the future.  

“A financial product like Creditspring is what I need because it will help me build up a healthy credit score and show that I’m a good borrower!” 

Though Louise is optimistic about her financial future and that she will be able to achieve her goals, she is aware of the rising inflation currently affecting Britons. Now it has become an issue in her day to day life, with family groceries rising from £75 to £110. Buying fresh vegetables and fruits for her kids, most of what Louise purchases at the grocery store are necessities and not luxuries. This can prove to be a blocker for Louise this year, which is why she is being more diligent with her savings at the moment.  

 

In the past when using financial products Louise found that many company’s mis-sold what they can do for her and what she could get from them. This caused a lot of confusion for her and added to her debt spiral. Now, in a much better position, Louise is confident in the financial choices she makes as she is more knowledgeable to make the right decision for herself and her family. Planning ahead is a key aspect of how she managed to get back on track and she is looking forward to continuing on this path with Creditspring to get her dream home in the future.