We all know we can spend less by forfeiting activities we enjoy and goods we like to buy. By cutting out expensive vacations, frequent meals out, and shopping trips we can effectively save money, though it may feel painful.
If you are looking for painless ways to save money, you can utilise easy habits like improving your credit score, reducing unnecessary insurance, and using effective financial tools such as Visa prepaid card.
Below are 5 tips to reduce spending without making dramatic lifestyle changes:
1) Opt for Prepaid
The most crucial step to successful budgeting is to organise how you deposit your money. By separating spending money and money intended for your savings account, you will be able to hold your spending accountable. A great way to do that is to set aside a monthly sum for your spending budget, and then load that amount onto your Visa prepaid card, while the rest goes into your savings.
A Visa prepaid card functions much like a traditional credit card, allowing for purchases to be made online and in-store, as well as cash withdrawals from ATM machines worldwide. However, unlike credit cards, prepaid cards are not linked to any credit facility, which means once the funds on the card have been spent, any future transaction will be subsequently denied. You will need to reload your card again before making any further purchases, which makes the prepaid card perfect for those who never want to overdraft their account or accumulate credit card debt.
Please go to www.t24blackcard.com to learn more about the benefits of prepaid cards.
2) Improve You Credit Score
Improving your credit score is also of utmost importance. A good credit score can save you a fortune in interest rates attached to your home or car loan, credit card, auto insurance, and more.
For those who want to eliminate the risk of credit score damage when making a big purchase, using a Visa prepaid card can help. Unlike traditional credit or debit cards, prepaid cards are not linked to a line of credit nor your bank account, so any purchases made with a prepaid card won’t have a negative impact on your credit score.
3) Get Healthy
Eating healthfully, exercising, and staying in shape can save you a lot of money on health insurance plans as well as life insurance. Plus, you will feel better and have more energy to take care of the things you want to accomplish.
4) Reevaluate Car-Insurance
Every year, you should re-evaluate your automobile insurance policy and look for savings opportunities. For example, you could raise your deductible in order to lower your monthly premium. If you have an older vehicle, you can rethink if you really need pay for collision coverage. Also, you should make it an annual routine to compare auto insurance quotes from different companies. This will only take a few minutes and can save you a lot of money in the long run.
5) Triple Play
For many people, their biggest monthly expense is the cost of internet, cable, and phone services. However, now most major providers offer discounts when you bundle these services together. This action is called a Triple Play, and by utilising it, you can save money while also simplifying your payments with a convenient, single bill each month.
Consider setting up recurring billing for your utility using a prepaid card. Simply load up your card with sufficient funds prior to the payment due date and your bill payments will be automatically deducted each month. Using a Visa Prepaid Card for recurring billing provides extra protection against being accidentally overcharged, which traditional payment credit or debit cards do not provide.
Please visit www.t24blackcard.com to learn more about prepaid cards as an effective payment method and money management tool.