Originally posted on http://themomblogs.com/ways-use-prepaid-cards-control-household-expenses.shtml
You usually here about prepaid debit cards in prepaid cards in the context of traveling and debt, but they are a way to avoid over-drafts as well as a great way to control spending. One of the most popular methods for using prepaid debit cards is to budget household expenses. Using simple tricks and tips, you can set aside funds for certain purposes and save money for big renovations, furniture, and other pricey additions. When you need to commit to family finances, saving for holidays and large expenses, you can do so with cheap or free prepaid cards.
Manage Your Children’s Allowance
Prepaid cards are an easy and convenient way to manage your children’s spending. By putting their allowance, money for school supplies, and other necessary funds onto a prepaid card, you can give them a set amount of money without worrying about it. They won’t be able to spend too much or overdraft.
Furthermore, you will have the opportunity to teach your children life lessons. For example, they will learn that when they don’t save their money, they run out. Naturally this builds financial skills and enables them to engage with day-to-day spending. It can also provide them the ability to purchase items online. There’s no risk of your kids going on a spending spree.
If you’re having trouble with spending from week to week, prepaid cards can help you budget your expenses. When you struggle with how much to spend over the period of a month or a year, you can put the specific amount for the week on the card. That way your funds are secure in your regular bank account and you can take out money, spend online, and use your prepaid card at restaurants and other establishments. You won’t be tempted to dip into your bank account because you will know that you simply can’t spend anything that is separated.
Saving for Holidays and Special Events
We all know it can be super stressful to save money for the holidays, a birthday, or another expensive event. Whether it be Christmas, a birthday, a wedding, or a party, you can budget with prepaid cards by putting the money you want to save onto it. You can also limit your day-to-day spending and save in your usual bank account. It is always tempting to dip into your savings when you’re low on cash, but with a prepaid debit card you can sequester finances.
According to MoneyPug, the site used to compare prepaid cards, another way to use prepaid cards is to use it to budget finances not because you are low, but because you want to treat yourself and take a vacation. Limiting your weekly spending will enable you to put away funds and enable you to save enough money to go on your dream trip.
Before you know it, you will have saved enough not just to go somewhere great but have an amazing time without worrying about money. It is tough to save for a vacation, but you can do it faster and more successfully with a prepaid debit card.
Save for Renovations or Buy Furniture
If you need to save money for making a renovation to your home, you can allocate the necessary funds with a prepaid card. Looking for furniture is tough, but you can easily do so if you know how long it will take to save the money as well as when you will need it by. Set aside cash for special household items and furniture you really want, and for adding rooms onto your home. Finding the right card can help. Using one especially for a specific renovation, you can save what you need.
Find the Right Card
When you look to purchase your prepaid card, whether it be a grocery store or a drug store or over the phone, you should pay attention to initial amount you load and make sure to make it worth your while. After registering the card, you will be able to add money and withdrawal cash to pay for expenses like paying workers to renovate your home or materials that you may need. If you choose to save for travel, you can even take the card abroad to spend at restaurants, bars, and attractions, and even take out cash. Everything from big expense to daily spending can be facilitated with prepaid cards.