Prepaid Cards for Budgeting Money
Research has revealed average monthly income is inadequate for providing the lifestyle the majority of Brits seek.
Worryingly five million Brits have no idea whether the cost of this lifestyle is affordable, with research suggesting that for many it is not. The average UK adult requires £1,706 a month to meet their preferred standard of living, 27 percent more than the average wage.
If you are unaware of how much you spend on luxuries try using a prepaid card to prevent overspending and getting into debt.
The research by Bright Grey showed males are on average better off than females, earning £1,568 compared to £1,122. Despite earning more though, the desired income for men is higher by £340 a month.
Prevent Overspending with a Pre Pay Credit Card
It is important to keep a close eye on your spending to not only prevent going into the red and racking up debt, but also to track any fraudulent activity on your account – something that is all too common in the digital age.
If you transfer a set amount of money each month onto a prepaid credit card you will be unable to spend more than you have on the card as there is no overdraft facility.
A prepaid credit card can be used in retail shops to make purchases with no extra charges, and cash can be withdrawn from most ATM machines.
The Bright Grey research showed that men spend more on their lifestyle than women, spending on average £445 a month while females spend £290. This is equal to men spending 29 percent of their income on luxuries while females spend 26 percent.
“While Bright Grey is not suggesting people change their lifestyle or spending habits, we do urge consumers to be aware of their finances so they can enjoy their lifestyle,” said Roger Edwards, Bright Grey’s proposition director.
“It really is a case of spend a little, protect the lot.”