7 Fun Things to Spend Money on While Building Credit



a couple opens bags filled with fun things to spend money on while building credit

You know the saying, “You have to spend money to make money?” Sometimes, the same sentiment is true for building credit. To prove you are creditworthy, you may need to take out loans or use credit cards and pay back the debt on time and as agreed.

But running up debt on frivolous things just to demonstrate your ability to manage debt well doesn’t make sense. That’s not really good money management. At the same time, you can have fun with spending while building your credit.

Check out the seven ways below that you can build your credit by using loans or credit cards to spend on items that are fun or support fun for you and your family.

1. A Computer for the Kids

a child types on a computer for the kids

Using credit to purchase a computer for your household or the kids can be a fun and practical option for spending when you’re building your credit history. 

Schools often have some expectation that kids will have access to a computer and the internet at home. In 2019, between 81% and 88% of students said they had digital access at home. The 20% or so that didn’t might have been at a disadvantage when it came to researching, playing online educational games or even typing up reports.

And with the push for remote learning that came with the COVID-19 pandemic, computers are even more important for learners. They also provide entertainment options and help kids stay connected with friends and relatives.

2. Repairs to the Car

a person repairs a car after a person pays for repairs to the car

Almost no one thinks that paying for repairs to a car is a fun way to spend money, and we’re not saying it is. After all, the fact that the car needs a repair or serious maintenance often means something potentially stressful happened.

However, having a car that works and that you can rely on does support fun for you and your family. A working car gets you to date nights or moms’ nights out. It lets you pack the kids in the backseat for a trip through the drive-through for surprise ice cream or a Saturday morning jaunt to the park. When your car is repaired and working, you have more opportunities to experience a wide range of adventures.

And that is fun, making car repairs a good expense to use credit on when you’re trying to build your credit.

3. Updates to the Bathroom

a person makes updates to the bathroom, which includes installing a new shower head

This is another one that can be fun and practical. It could also be a matter of safety and hygiene. If the sink or toilet doesn’t work well or the tub or shower regularly leaks, that could contribute to health issues in your home.

While you’re taking out a loan to make updates to the bathroom, though, you might as well add a little extra for yourself. Perhaps that means adding an extra sink to make it easier to get everyone’s teeth brushed at night, or maybe you could use a deep soaker tub to help relax your muscles and mind after a hard day of work.

4. Seasonal Clothing for the Kids

a parent and child look at a shirt in a clothing store as the parent shops for seasonal clothing for the kids

You might have picked up on a theme in this list. Each item has the opportunity to lead to fun and excitement, but it’s also a practical way to spend money. That’s because Wise Loan is committed to responsible lending, and part of that commitment is avoiding giving advice that might tempt people to borrow irresponsibly.

Yes, taking out a loan to pay for necessary expenses can be a great way to build credit. But we wouldn’t necessarily advocate doing the same for unnecessary items like a vacation or a new piece of fine jewelry.

That being said, seasonal clothing for growing kids falls on the side of practical in our book. If winter is coming, you may need to invest in snow pants, boots, and jackets. For summer, the kids might need shorts and bathing suits.

Equipping your kids with the right clothing helps them enjoy spending time outdoors more. According to the U.S. Department of Agriculture, being outside in nature on a regular basis can lead to positive benefits including better overall physical and mental wellness and even potentially longer life. 

5. Outdoor Play Equipment for the Yard

two parents and a child play on outdoor play equipment for the yard, which includes a swing set

Speaking of spending time outdoors, not all families have easy access to large green spaces, hiking trails or playgrounds in parks. If you’re looking for a way to help your kids enjoy spending more time outdoors to promote wellness, you might consider purchasing outdoor play equipment for your own yard. Swing sets, slides, climbing gyms or even a volleyball net could help bring your family outdoors more. 

6. Extracurricular Activities

a kid is playing an instrument in marching band after their parents paid for extracurricular activities

Studies have shown that extracurricular activities are also good for children. They promote strong social development and have been tied to greater academic success. Studies have also concluded that kids who participate in such activities tend to have better time management and leadership skills than their peers who don’t participate in extracurriculars.

However, these types of activities can be expensive. Whether it’s marching band, school sports, cheerleading or robotics club, you may be on the hook for dues, supplies, equipment and uniforms. Using credit to cover those expenses can be a way to spread out the spending so you’re not hit with them all at once at the beginning of a school year. 

7. Provisions to Prepare for Emergencies

a person-shops for toilet paper and other provisions to prepare for emergencies

One of the things many people took out of the COVID-19 pandemic was a need to be prepared with supplies like food and toilet paper should another emergency arise. Shopping with this concept in mind can be fun, especially as it provides peace of mind and helps you feel like you’re accomplishing something. Having enough food, water, medication and other necessary supplies on hand can help you feel more in control of life and have more time for fun things.

But buying all those items at once can be expensive. You might use loan funds to make the first big purchase to start your provision preparation. Remember to rotate the food supplies out on a regular basis, though, or you may end up wasting money on expired supplies.

Ready to build your credit while spending on something fun or worthwhile for your family? Start by applying for a Wise Loan loan today.

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.