As new research reveals that single people influenced by short term goals save on average more money than couples, find out how visa prepaid credit cards can help you balance your monthly finances.
As a nation we are beginning to save more of our pay packets each month. The latest data from NS&I’s Savings Survey shows that 52 percent of the population new regularly look to put money aside each month. Surprisingly, it is not ‘sensible’ married couples who are the best at saving money, but singletons motivated by short term targets, who manage to save the most of their pay each month and who look to save 18.07 percent of their monthly pay.
For the period July – September singletons saved 8.68% of their pay, compared to 6.92% for couples living together. The average amount of money set aside each month is £87.37, up from £85.21 for the period April – June, 2010.
Interestingly, a third of single people use targets to help them manage their money compared to less than a quarter of married people.
The average person is now looking to save £192.36 or 15.36% of their average monthly income. Most people are however failing to reach their savings targets each month, typically saving less than half this level.
visa Credit card spending continues to be a major cause of financial debt in the UK. New figures from the British Banking Association show that the number of credit card purchases increased to 173 million transactions in August, compared to 169 million in July and 158 million in August last year.
With large spending limits it can be hard to resist temptation and use a credit card to buy items that you want, but may not necessarily need, running up debts in the process.
Visa Prepaid credit cards are becoming increasingly popular with those looking to take control of their monthly finances and save money. By offering the flexibility and convenience of a credit card to make purchases, a prepaid credit card is pre-loaded with your own money, for use wherever they are accepted. They are essentially like gift cards sold in many High Street stores, but these can typically be used in numerous locations, as well as abroad.
One thing to bear in mind when considering a prepaid credit card is that fact that there are a number of different products and cards available, catering to your individual needs, so it is always advisable to compare prepaid credit cards online before choosing one.
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