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There are many benefits to using a prepaid card! In part one of this series we're highlighting how a prepaid card can help you budget your finances, which helps your money in the long term. By keeping track of your money you can better stay within your budget to ensure you don't overspend and can find areas to reduce your spending to save money.
How does a prepaid card help you budget and save money?
The ImageNPay digital prepaid card app is designed to help make managing your money even easier! This is why we've added features to our prepaid card that make budgeting and saving money a breeze.
1) Spending your own money
One of the key benefits of a prepaid payment card is that you're spending your own money. As you pre-load a prepaid card with money, you can only ever spend what you've loaded onto the card. This helps protect you from credit or overdraft charges as there are no interest fees. It's a great tool to help you save money as you're only spending what you can afford, making sure you stick within your budget and don't go into debt.
With the ImageNPay digital prepaid card, you will need to top-up your card whenever you reach £0 before you can spend more. This will help remind you that you've spent your monthly budget and make you more conscious about how much you continue spending. Our in-app budgeting tools will also help you further manage your money.
2) Budgeting tool
A prepaid card can help you budget your finances too. As you pre-load a prepaid card with money to spend, you can top-up your card with an allocated monthly budget. For example, your groceries or eating out budget for the month. That way you can track your spending in that category to ensure you don't go over budget. Once it's gone, it's gone!
The ImageNPay app also has in-app transaction features to help make budgeting your finances even easier. Our "My Transactions" tab shows an overview of your ImageNPay prepaid card payments and automatically categorises your transactions so you can see where you're spending your money. This can help inform you on where you could be cutting back or where you have more room to spend in a month. You can find out more about our in-app budgeting features here.
3) Kids financial education
A prepaid card can also help teach important money skills to kids and teens. As you can only spend what is loaded onto a prepaid card, it's a safe way for kids to begin to learn how to manage their finances.
With ImageNPay Family you can connect up to 3 additional cards to your ImageNPay account for your kids to use. That way you can monitor their transactions, send them money in seconds and set a monthly spending limit on their card to ensure they stay within their budget. ImageNPay Family is the perfect tool for parents wanting to teach their kids financial confidence and independence, whilst being able to oversee their spending. Find out more about ImageNPay Family here.
What is ImageNPay?
ImageNPay is a personal finance app designed to make payments more fun, sustainable and secure. With our app, you can personalise your digital prepaid card from 70+ FREE images and animations, track your payments through our in-app budgeting tools, pay safely and securely with prepaid payments online and instore (with Apple Pay and Google Pay) AND switch to a 100% plastic free payments card!
The ImageNPay app costs only £1.99 a month for all of these features and more!
Want to switch to prepaid payments? ImageNPay is FREE to download and test on iOS and Android. Download and explore our app and card designs for FREE, before signing up for our monthly subscription!
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