Let’s face it, with all of life’s moving parts, it can be overwhelming to keep track of your family’s various expenses and spending: school supplies, lunches, sports, entertainment, activities… the list goes on and on. One extremely lucrative way to manage your family’s individual spending and budgeting is with a prepaid debit card. Here are easy ways to integrate prepaid debit cards into your budgeting for better financial wherewithal and planning.
What Are Prepaid Debit Cards?
Prepaid debit cards are cards preloaded with a set amount of money. Independent from a bank account, you can only spend what is preloaded on the card itself, making it the perfect tool for managing the spending limits of individual users. Further, you can manage the account through the mobilemoneyinc Mobile App (available on Apple & Google marketplaces); View transaction history, receive spending alerts, view current balances, and add or transfer funds. Additionally, users can store their prepaid cards in their digital wallet, enabling seamless tap-to-pay transactions.
Benefits of Using Prepaid Debit Cards for Family Budgeting
- Monitored Spending: By allocating specific amounts to different prepaid cards—such as Tiffany, Mikey, and Garrett or groceries, entertainment, and savings—you can easily control how much your family spends and how they spend it.
- Good Budgeting Practice: The general use of prepaid debit cards encourages responsible spending. Individual family members are only able to spend what is on their card, eliminating the risk of overspending or overdraft fees.
- Widely Accepted and Convenient: Prepaid debit cards are accepted anywhere you can use debit cards, making it very easy for family members to use for daily expenses or even emergencies.
- Managing Budget: Evaluate your budget in real-time with the mobilemoneyinc Mobile App. Transaction history, spending alerts, and current balance are conveniently available on your smart device.
How to Implement Prepaid Debit Cards in Your Family Budgeting
- Set a Budget: Begin by working with each family member to outline budgetary needs: What is needed weekly or monthly for school or groceries, transportation, and amusement?
- Have a Card For That: Be sure to get a card per family member or categorically. For example, your son may need a card for school lunches and you may need a separate budget for the family groceries.
- Load Them Up: Load each card based on the budget. It’s important to follow the budget to avoid overspending.
- Expenses Tracking: Teach each family member how they can keep track of their spending. Download the mobilemoneyinc Mobile App and utilize its convenient tools.
- Review and renew: Be sure to review the spending often and make adjustments where needed. Don’t forget about events or activities that come and go: sports, concerts, movies, etc.
Tips for Success
- Educate Your Family: Get your team on board, especially younger members, with an understanding of the responsibility and importance of keeping to their budget.
- Be the Leader: As the parent or guardian, it is important to demonstrate the same responsibility and best practices you expect of them.
Conclusion
Having a simple budget in place with an appropriate strategy for maintaining spending on a prepaid debit card greatly helps promote good spending habits among your family. Using each card wisely, and having transparency on spending, promotes control of overspending and poor financial habits. Download the mobilemoneyinc Mobile App and get started today.
