Pre Pay Cards Help Dwindling Savings

Published on 1 January 1970 by Raffick Marday

Saving levels over the autumn are down compared to last year as new research shows the recession continues to have an effect on people’s ability to set money aside.

A survey by NS&I Savings revealed Britons are saving on average £82.92 of their monthly income, 6.69 percent, which is a decline from £88.65 this time last year.

This figure is down from the last quarter in the summer 2010 when the average amount saved every month was £87.37, which the survey suggests could be a result of declining income levels over this period.

The average monthly take-home income has fallen from £1,384.20 in autumn 2009 to £1,239.10 in autumn 2010.

If you are struggling to set aside money from your monthly income to put into savings try to budget your money using a pre pay card.

“Many people may be feeling the squeeze with just one week to go until Christmas,” said Tim Mack, NS&I savings spokesman.

“Being smarter in planning your spending by looking for promotional offers, buying cheaper brands and not leaving too much to the last moment are simple ways to make extra savings this year.”

Men’s saving levels have fallen from £107.35 in autumn 2009 to £103.15 this quarter, while women are saving £63.43 this year compared to £71.07 last year.

Boost Your Savings with a Prep Pay Card

If your income level has decreased in the last 12 months you may be finding it harder to set aside money for your savings pot.

However, it is important in the current climate that you have some savings to fall back on in case you face sudden unemployment.

To help you manage your money try loading your income onto a prepaid credit card which can be used like any credit or debit card but it does not let you spend over what you loaded onto it.

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