“This post is sponsored by Lexington Law but the content and opinions expressed here are my own.”
A few months ago I shared how I started working with Lexington Law to help repair my credit. My score had basically dropped because of an accumulation of past medical bills, old credit card debt and large balances. One thing I didn’t realize is that most of these accounts could possibly be removed from my credit report for not reporting accurate information. This is where Lexington Law was a huge help, I had no idea where to start. But since I’ve been working with their team, they have helped me understand the process!
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As I was going through this process, I thought about how I ended up in this position? The answer was simply because I was not taught about how to build and maintain good credit! I definitely do not want my daughter to go through the same mistakes that I made. So I wanted to share some tips and dialog that I’m having with her that is establishing that foundation for her to start off on the right path!
With Mariya turning 16 she is starting to work small jobs and make her own money. I really wanted her to start saving as much of her money as possible. This way she can build a savings and be able to buy the things that she needs later without having to rely on credit.
The next thing that we talked about was interest rates. This was one thing that I did not pay attention to in the beginning. I remember getting my first credit card at a department store and I’m almost positive the interest rate was really high. It’s so much better to pay for small things that you need with your cash or debit card. This way it comes right out of your money in the bank and not building up interest on a credit card!
I also shared how opening up a lot of credit cards is not a good idea, most businesses will try to offer a discount to entice someone to open up a new credit card account. I can remember thinking that I was getting a deal by getting an immediate discount, but really I was paying for it along the way!
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The truth is many of us have found ourselves needing help with credit repair. I’ve been working with Lexington Law for a few months now and I’m really pleased with the progress of my credit. They will analyze, address and help you until you reach your credit goals! If you are looking for a trusted place to start repairing your credit, Lexington Law will definitely be able to help you!
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We weren’t taught much about the credit world. I hope to instill good money habits into my kids before they can make any of their own mistakes.
I hope that I can teach my kids about the credit world in a healthy way, I don’t want them to creep into bad credit habits.
This is something kids definitely need to know when they are growing up. Credit is a huge factor in so many aspects of your life as you get older.
Credit is so important and we do need to teach our children.
This is great! I will say that I taught my 6th graders about interest this year! It’s a 7th grade standard! It’s so important for our kids to know about this stuff before they turn 18!
Yes!! This is so important. I’m so thankful my parents helped me navigate through this
yes! this is such a great post. I wish they tough us how to do taxes in school.
Glad you are teaching your daughter this important skill! My girls are still little (5 and 7) so we are still working on just counting money lol
But that is so important! I’ve been teaching my daughter to save half of whatever she earns, or a gift from grandma. LOL Its going to help them later for sure!!!
We really try to teach our son about the importance of money and finances. This is so important.
I wish I knew all of this about credit when I was younger! I bad so many bad decisions in college with credit cards and spending. Thankful for professionals like Lexington Law!
We have actually been working on some of this with our college aged kids. They really don’t learn enough about it in school. Thanks for these ideas!
They really don’t teach financial accounting in high school which is super important in todays world where most are carrying credit card debt.
I remember telling my kids that they couldn’t have pizza because they didn’t have good enough credit. That made all of them want to work to get good credit.
That’s genius!! Love it!!!
It’s so important to learn about personal finances! I wish I learned more about it when I was younger.