One doesn’t need to be an economist to notice that the price of goods increases each year. Whether it’s school fees, petrol, electricity, medical bills or your favourite cereal brand, inflated prices make staying within budget increasingly difficult – especially as wages certainly aren’t increasing at the same rate. Once the festive season kicks in, gifts, food and entertaining need to be factored into the budget too. Knowing how to make it all work and keep the bank balance in the black is a challenge – but not impossible. Read on to find out how reloadable cards can make budgeting a breeze.
By transferring money onto a prepaid card, the temptation to overspend is reduced
There is one way to stay within budget over Christmas, and that’s not to buy any presents or host any special meals at all – but where’s the fun in that? Reloadable cards, aka prepaid cards, are an effective alternative to being a Grinch, and one that makes sure you don’t eat into your food budget in order to buy presents. By transferring money from your primary bank account onto a mobile wallet linked to a prepaid card, and only using the prepaid card for gift shopping, you’ll only be able to spend the funds on the card. The cards don’t have a credit limit, so spending money you don’t have just isn’t possible. It’s easy to keep track of the money you do spend, as you can view your transaction history online, check balances at an ATM for a small fee or check balances using your cellphone.
Reloadable cards are ideal for saving and teaching children how to be financially aware
The other great thing about reloadable cards is that they’re the ideal tool to use for saving. Not only are they quicker and cheaper to set up than a traditional bank account, the bank charges are lower. What’s more, you can earn interest on accounts over R500 and receive cash back from selected stores. Reloadable cards are also ideal for giving children pocket money in a secure way. As well as giving them a sense of responsibility, the card will teach them how to be financially aware in managing their money.
All that’s required is a South African ID and a mobile phone
All you need to set up your mobile wallet is a South African ID and a mobile phone. After purchasing the card, it takes minutes to activate your mobile wallet, after which funds can be transferred to the wallet by cash deposit at an ATM, EFT or from another mobile wallet. Activating the card then requires minimal FICA documentation, after which and you can use the card to swipe at no charge or withdraw from any ATM and selected tillpoints.
For detailed information on how reloadable cards work, and how they can help you manage your finances over the festive season, download the Reload brochure.