Money Milestones

Become a savvy borrower

Before we get started, please tell us how you feel about your finances?

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This week’s challenge helps you get to grips with credit. Borrowing can be a way to fund a major purchase or deal with an emergency expense if you don’t have enough savings. But it’s important to choose the right type of credit for what you need, as well as looking at alternatives, or you could end up paying more interest than you need to.

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Tick the steps and log your mood to move on to the next week.

  • Do you really need to borrow? Have a read through this guide Do you need to borrow money to see if you do.

  • Then have a read of our guide Can you afford to borrow money to see if this really is the right option for you.

  • It’s crunch time. Having read the guides on borrowing, you need to make the decision: is borrowing the right choice for you, or not?

  • How do you feel about your finances now?

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Done
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Tick the steps and log your mood to move on to the next week.

  • Before you get started, read our guide Deciding the best type of credit for you.

  • If you’re going ahead with applying for credit, make sure you read and understand the small print as there are often extra charges that may not be obvious from the headline rate. Use our guide How to avoid high fees and hidden borrowing costs.

  • Do you feel confident you’ve understood the terms and conditions? Now make a shortlist of those that do actually offer you the best deal.

  • How do you feel about your finances now?

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Done
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Tick the steps and log your mood to move on to the next week.

  • Ever heard of a ‘credit rating’ or ‘credit score’ and wondered what that meant? If you’re not sure, read our guide How your credit score affects the cost of borrowing.

  • Now it’s time to check your credit score and importantly, how to improve it. Use our handy guide How to check your credit report which includes links to information on how to improve it.

  • Make a list of all the things you can do to boost your credit score so that if you do need to borrow, you can qualify for better rates. Now get cracking on ticking them off the list.

  • How do you feel about your finances now?

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      Great
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    • Meh
      Meh
    • Bad
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    • Awful
      Awful
Done