PREPAID CARDS
How a Prepaid Card Can Help Finances into 2011
A prepaid card is a good aid in helping those who always end up overspending each month and are too often than not tempted to put what they cannot afford on a credit card.
Following the big Christmas spend on gifts, food and festive outings money will be tight going into the New Year for many, especially if employers have paid their workers prior to Christmas.
If you have also been determined to purchase items you want to get before the VAT rise in early January this may have caused another extra strain on your bank balance.
Research by Skipton Building Society showed 78 percent of Brits are not happy about their current financial security.
While insolvency trade body R3 revealed a third of us believe this will become worse over the next six months.
How to stick to a budget?
Make a list of the items you need to buy each month such as food, travel costs and bills. If this is more than your monthly take home income - try and work out ways you can cut back.
Perhaps you could cut part of your journey to work by walking or taking public transport instead, or buy supermarket branded food which is often cheaper than premium brands.
Once this amount is calculated try loading this money onto a prepaid card to use to make these purchases.
Unlike a credit or debit card a prepaid one does not allow the user to spend more than they loaded onto the card, so it is impossible to spend over your budget without having to take another look at your finances.
A prepaid card can be purchased online or through certain retailers often for a small charge which is refunded once the first sum of money is loaded onto the card.
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