How many times have you run out of money at the end of the month? How many times have you had a check bounce? How about the last time you swiped your card and it was denied?
That is pretty embarrassing. I lived like that for a while and it was not fun. Granted, more people than we know probably have this problem every now and then. Let’s face it, money is short for many people.
One of the ways to get around this issue of running out of money is to use a pre-paid debit card. Why?
Because you control how much you put on the card
When you purchase a pre-paid debit card you decide how much to put on the card.
It helps with standard expenses
It’s easy for expenses to get out of control because you are not tracking it. For some people it feels like just another task to complete. With a debit card you fill it with the amount of money you will need for your expenses.
You can check the balance online at any time
Pre-paid Visa or Master Cards typically give you online access to check your account balance and see what you have spent your money on.
When the money is gone it’s gone
There are no more overdraft fees because you wrote a check that would not cover your purchases. When the money is gone you cannot make another purchase.
Your regular bank account is safe from overdraft fees
If you’ve ever had an overdraft fee you know how bad it is. If you don’t have money coming in right away to cover the charge you will likely end up with a negative account. With a pre-paid card you do not have to worry about overdraft fees
You can reload your card when you need more money for standard expenses
What can you use prepaid debit cards for?
Any expenses you have and want to control, whether fixed or variable (changing), including:
- Groceries
- Eating out
- Gas
- Utility payments
- Phone payments
- Clothing
- Anything
Have you used prepaid debit cards to control your expenses? How effective was it for you?
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
