Money can be a really crazy thing. Although it is just a matter of numbers, it is these numbers that help the planet go round. Taking control of the numbers and understanding them is the best way to budget at your best. Keep a record of everything, use the correct financial management tools and plan ahead!
The benefits are truly worth it, even if budgeting doesn’t sound that appealing to you. New financial apparatuses, such as the Visa prepaid card, are being introduced in the market. With their arrival, it is time to bid farewell to overdraft fees, and welcome an interest-free payment method.
With the following 5 life hacks, your wallet will be in much better shape:
1.) Get Yourself a Visa Prepaid Card
The first step to successful budgeting is a crucial one. It is to determine a secure location to deposit your money. Separating money earmarked for your main savings account from that for spending money is the best way to hold yourself accountable. Setting aside a sum for your monthly spending budget and then loading it on a Visa prepaid card for daily usage is a great habit to get into.
Purchases online, in-store and even cash-withdrawals from various ATM machines can be completed with a Visa prepaid card which functions much like a traditional credit card. Contrary to a credit card though, a Visa prepaid card will never be linked to any credit facility. What this means to you is that once you load your prepaid card with funds prior to spending, transactions can be made until the value has been depleted. All further transactions will subsequently be denied. This simple fact makes the card perfect for those who never want to run into a situation of debt and ever-accumulating credit card bills. Visit www.t24blackcard.com to learn more about prepaid cards today.
2.) Record Everything You’re Spending On
The old-fashioned way of keeping an account of expenses is to write them down by using pen and paper. Common items to keep track of are rent, gas, insurance, phone, water and internet bills. By doing so, you can see where your money is going by reviewing everything on paper.
Alternative banking options such as the Visa prepaid card can also be an effective book keeping tool as it helps for recording a precise breakdown of your expenses. Prepaid cardholders are able to access the prepaid card online banking platform anytime and find an e-statement available for review. On this e-statement, all the expenses made will be listed out and the online platform will even allow the prepaid cardholder to view transactions as they occur.
3.) Avoid Cash and Credit
A healthier bank balance can be the result of using prepaid cards as the primary method of payment and avoiding the use of cash. Cash is an unsafe method of payment due to a variety of reasons. It is hard to keep track of and is, thus, not recommended. You can be vulnerable to financial losses such as robbery and theft if you are in the habit of carrying large wads of cash on your person. Traditional credit cards should be avoided as well if it is possible as the card is linked to a lined of credit. The potential financial damage can be as high as the card’s credit limit in the event that your card is ever stolen or lost. Additionally, if someone malicious uses your credit card to complete a large purchase, it has the potential to damage your credit score.
Existing between the two, Visa prepaid cards can be the perfect solution. Whether it is a transaction for an expensive meal at a fancy restaurant or to settle a recurring payment for phone and utility bills, prepaid cards can be used much like a standard debit or credit card. A prepaid Visa card can get any job done. Where it differs from regular credit cards though, is that prepaid cards, like cash, do not provide you any money in advance or credit. You simply will not be able to overspend or spend money you don’t have with a Visa prepaid card, and this can help your budget overall.
4.) Protect Your Money
Crucial to being fiscally healthy is the idea to protect your money. From the points above, it can be gathered that regular credit cards and cash are not great means of to financial protection as they both have areas of weakness. These risks can be mitigated with the use of a prepaid card. In addition to the protections the chip security and PIN systems provide, a Visa prepaid card will also protect your finances by limiting financial losses even in the event that the physical card is lost or stolen. The nature of the prepaid card system only allows for transactions to be completed when sufficient funds are available. In the event of card theft, potential financial damages are limited to the amount preloaded on the card itself. Always make sure to contact your service provider, report the incident and block the card immediately. At your request, a replacement can be sent to you.
5.) Monitor Your Account Regularly
Finding a huge dent in your savings can be devastating. Avoid the shock by not neglecting your accounts and checking them frequently. Once you know how much money is in your account, it will keep you from overspending. With the aid of financial management tools, like a Visa prepaid card, you are on track to a healthier bank-balance.
To learn more on how Visa prepaid card helps keep your wallet in good shape, visit www.t24blackcard.com today.