Prepaid Cards for Frugal Living

Published on 1 January 1970 by Raffick Marday

Brits are intending to make large financial cuts to their outgoings this year as a result of the recession, new research shows.

The study revealed the majority of the 70 percent planning on reducing their spending will make cuts to their entertainment budget, as 74 percent claim.

Switching provider on regular monthly bills is a money saving approach 51 percent intend on employing, Allianz UK showed, while 41 percent aim to make savings on their food budget.

Travel costs and Internet/Phone/TV packages are also popular ways people intend on reducing their outgoings, with 31 percent and 29 percent respectively doing so.

If you are keen to spend less this year, investigate how a prepaid card could help you budget your monthly pay.

“As UK households look forward into 2011 many may face difficult financial choices,” said Gareth McChesney, Allianz UK’s head of home and motor portfolio management.

“People will naturally prioritise what is important to them but there is a danger that by cutting in the wrong places Brits could be left even more at risk.”

A further 54 percent have already started looking for ways to reduce their insurance policy costs.

Prepaid Cards UK

Cutting costs of major financial outgoings may not always be a viable option, especially if for something like insurance it compromises the amount of cover you have.

A good way to reduce outgoings on everyday spending, which can sometimes add up to significant amounts of money, is to budget what you can afford to spend.

Once a sum has been drawn up, this money can be loaded onto a prepaid card to use for this spending.

The card prevents the user from overspending as it does not have an overdraft, and he or she can only spend the amount on the card.

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