Right now most of us are thinking about how to save money and cut back on expenses (goodbye restaurants, hello home-cooked meals, etc.) but now is also a good time to build up good credit.

Maybe you lost a job and missed a few payments (maybe a lot of payments), or perhaps your credit is good but could be better. It’s always a good time to plan for the future by strengthening your credit score.

Here are tips from CitiForward.com:

• Credit is not free money. All good things have their limits, and so does your credit. Always keep in mind credit is a loan that must be paid back with interest if you don’t pay the balance in full each month.

• Know your limits. Figure out how much credit you can afford, and never take on monthly credit payments (no matter how cute those shoes or how big that TV screen) unless you’re certain you can meet them. Your debt-to-income ratio, which takes in account how much you owe each month vs.how much you earn, should not be higher than 28 percent.

• Pay on time, every time. Say it again. Pay on time, EVERY TIME. Make this your personal financial mantra. Make at least the minimum payment due on time, every month. Set up for e-mail or mobile phone payment reminders.

• Don’t take on too much. Apply only for the credit cards that you need. Too much available credit can make you look like a risk to future lenders.

• Plus, the more credit cards you own, the harder it is to track how much you owe and keep up with timely payments.

• Conduct an annual checkup. Review your credit report at least once a year to make sure it’s accurate. Serious errors can appear in a credit report at any given time and can cause credit to be denied. To order your free report, go to www.annualreport.com or call (877) 322-8228.

• Keep in touch. If you find you are having trouble making your payments, avoiding it in the hopes that it’ll go away is not a solution. In fact, it’ll cause more problems. Instead, call your credit card company right away to work out a plan. Believe it, others in your shoes are making those calls, too.