Boost Your Savings with a Prepaid Credit Card

Published on 1 January 1970 by Raffick Marday

A new study shows the nation is being more careful with their money than they were a year ago but are still failing to save for the future. Find out how a prepaid credit card can help.

The current economic downturn and recent Government spending cuts have all influenced the way two thirds of people are managing their finances a YouGov poll reveals.

The Institute of Financial Planning (IFP) with National Savings and Investments (NS&I) is co-ordinating a campaign on national consumer awareness and has so far revealed women are better than men at watching the pennies.

A huge 67 percent of the women surveyed were shown to be slightly more careful or a lot more careful with their income than a year ago, compared to 69 percent of men.

“Our research shows that many are still failing to save for the bigger picture,” said Andy Tully, Standard Life’s senior pensions policy manager.

“Life events such as getting married, having a family or retiring can all impact on all our financial needs, so we need to plan ahead.”

How do Prepaid Credit Cards help you save?

It is important to have a little bit set aside in case of an unexpected event where you may require it, such as sudden unemployment or a higher than normal utility bill.

To help budget your monthly wage to ensure you save a certain amount from your pay packet try loading your spending money onto a prepaid card.

After purchasing a card for a small amount you can load your money onto it and you can often get a refund of the amount you spent on buying the card as soon as you do this.

You can then use the prepaid credit card to buy your everyday items such as food, petrol and clothes, in addition to being able to retrieve cash from an ATM.

This method of spending could prevent you from going over budget as the card does not allow you to spend over what you have loaded onto it, making sure you do not unknowingly dip into what you had planned to save.

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