Make Pay last the Month with a Prepay Card
According to latest figures a worrying four out of ten workers admit to struggling each month to make their finances last until payday. Find out how a prepaid debit card could help you budget.
The insolvency trade body R3 found over 18 million people in the UK struggle to stretch their pay over the whole month.
The day the typical person finds their money runs out is on day 19 which has slipped from day 20 in July indicating the situation is worsening across the country.
R3 revealed credit card payments and spending on non-essential items were central to the problem with 33 percent admitting their credit card payments were the cause of the struggle.
“It is extremely worrying that for a third of the month people are struggling with their finances,” said Steven Law, R3 president.
“One of the fundamental problems is people’s inability to budget which is seen most strongly amongst young people who have been brought up in a culture of credit and having everything now.”
A further 24 percent admit their spending on going out for a night out on the town was the main cause for their financial distress, while paying off bank loans and making mortgage payments were a problem for 15 percent of respondents.
Budget with a Prepay Card
If you cannot help overspending each month a good way to take a grip of your outgoings is to load your income onto a prepaid credit card.
This prevents the user from spending more than they have as it does not have an overdraft facility so the card user is forced to budget.
A prepaid card can be purchased for a small charge either online or from certain retailers and once your money is loaded onto it you can use it to make purchases as you would a debit or credit card.