Stay In Control of Your Finances @MasterCard #PrePaid #MC

I am a member of the Collective Bias Social Fabric community.  Although I have been compensated to share my experience with you by Collective Bias and their client, Mastercard all experiences share are my own.  

Who says that having a MasterCard can’t actually help your budget? Let me explain how I use a Prepaid MasterCard credit card to stay in control of my finances.

My Mother was a very frugal person.  As a stay-at-home Mother of five, she knew just how important it was to be budgeted and stretch every dollar.  I learned early to follow in her footsteps.  Before Bryan and I married we discussed our budget as we wanted to stay in control of our finances.  With both having good jobs back then, we had more freedom.

kids laughing Mastercard #prepaid #MC

Over ten years later we have expanded our family to include three young children.  With my strong desire to be a stay-at-home Mother, we started making many changes to our finances.  We made many cutbacks and adjustments in our spending habits so I could start working from home to be with our children.  While it wasn’t always easy, we learned that staying on top of our budget was the key to success!

We found that using a cash system was the easiest way to make our finances work.  It is actually really quite simple.  You have an envelope for each bill you have: mortgage, electric, utilities, cell phones, insurance, doctor bills, gas, groceries, mad money, etc.   When you are paid, rather than deposit the money into your checking account you simply cash it.  Then you divide the money between the envelopes according to your budget.  When the time comes to pay your bill you have the cash set aside for it.  This ensures that you do not overspend with the ease of sliding your card; when the money in the envelope is gone, it is gone.

When I saw a display that contained a prepaid credit card and a prepaid debit card I really didn’t see the need for them myself.  I had a system that worked great for us.  Then I started looking into the features of a prepaid credit card and the more I read about them, the more I saw the need for getting one myself.

MasterCard #Prepaid #MC

Benefits of using a prepaid MasterCard

  • Using a prepaid MasterCard is SAFER than using cash.  I was most excited to learn that I can actually register my card.  If, let me say when my card is lost, I can actually recover my money. If I were to lose an envelope of cash, it would be gone.
  • They have greater CONVENIENCE than cash.  I am that Mom at the checkout with one crying child, one that wants to touch everything and has a newborn.  Whatever makes my purchases go quickly is a huge plus!  Having to dig out a cash envelope isn’t always the quickest thing to do.  Simply sliding a card is something even my five-year old can handle.
  • You can use them ONLINE!  Once you start paying your bills online you never go back!  With three children it is awesome to not have to load and unload each time I need to make a payment.  I can pay my bills or shop online from the comforts of my own home.
  • Add money ANYTIME.  You can load money onto your card, just as you would add money into your envelope at a local store, online or even by direct deposit!

bethany mastercard #prepaid #MC

With our newest addition to our family added in August, now more than ever it is vital for my family to stay in control of our budget.  Why not try for yourself to see how easy it is to control your spending with a prepaid MasterCard?  It is so easy to get a prepaid card, there is no credit card or bank account required.

How do you stay in control of your finances?

33 thoughts on “Stay In Control of Your Finances @MasterCard #PrePaid #MC”

  1. I love pre-paid cards and Mastercard… I actually use them all the time for my Teen; it’s the best way to keep him and me on budget while teaching him to be on his own..slowly… and congrats to your newest addition she is beautiful, just like your older two ..:-)

  2. We have a prepaid card too but I really like the idea of the envelope system. I need to do that myself. It is so easy to spend money on your card that is meant for bills.

  3. We are still climbing out of debt, but have essentially adopted the same system to help us climb faster. We use a card with miles for all our spending, and immediately pay it off. The unfortunate aspect to the strict cash only system is it doesn’t help your credit score if you stay “off the grid”. Even the prepaid Mastercard will help keep you on track and also give you a credit history!

  4. Since I work with teenagers, I love these prepaid cards. I think they are a great way to teach young people about budgeting and not going over what they planned to spend. They are also very convenient.

  5. I’ve never really been interested in prepaid cards before but this sounds like a great idea for my daughter who is heading off to college next year. Will have to check it out more. Thanks for sharing.

  6. Aww what a sweet baby! I love to use my prepaid card and it keeps hands off of my bank account when I’m doing online purchases. I grew up financially irresponsible (not having to worry about money, costs of things) and thus my credit has hit bust because of it, so I had to teach myself to cut up my credit cards and use cash only/debit cards. Having a debit card really allowed me to resist the urge of having a credit card.

  7. I have another blogger friend who is on the cash only system and has been for about 4 years. It’s working beautifully for her too. I have a credit card which I use to collect air miles and reward points but pay off after each time I use it. I live entirely on my means. If I don’t have the money to buy something, I can’t have it. If I want it, I have to save for it. I used to be in HUGE debt, and I’m never going back!

    1. I don’t like to carry around a lot of cash for that reason. I would be totally devastated if I lost it, that is what makes the cards so awesome, it wouldn’t be gone forever 🙂

  8. I try to use my debit card for most purchases but then I also have credit cards–I keep thinking about getting a pre paid card-it would make life a bit simpler and maybe keep me away from my credit cards!

  9. We only use cash, when that runs out we are done spending. We have a set amount each week after bills are paid that we have extra to spend or to have fun with. I do like the idea of a prepaid debit card though, just for safety and for record keeping.

  10. Staying in control of the budget ranks high on my list of things to do. Life happens and things can change in an instant. Funds can go away as fast as they come. Having a way to keep control of my money helps me feel in control.

  11. I have to admit that having a prepaid card really does come with some conveniences that cash doesn’t offer. The ability to shop online and be covered if lost of a great benefit. Glad you discovered how useful prepaid cards can be.

  12. I am definitely loving the idea of a prepaid card for balancing our budget. My mom did the envelop system growing up. And I’ve wanted to do that, but most of our “bills” require online payment. And we also have electronic deposit of our checks. So being able to transfer the money from our bank onto our prepaid card would be super easy to divide up our budget. Set one up for Gas, one for groceries, one for set bills, etc. I love this idea.

  13. We put everything on one card (it has cashback) and then we pay it off every month. It has worked for us since cards gave cashback which was somewhere in the middle of our 32 year marriage. The only debt we ever carried was student loans, car loans and the mortgage. Now we are retired and totally debt free – and we retired early! BUT, big, big, BIG but – we have no children.

  14. How neat! I love prepaid credit cards – especially when given as a gift! LOL We don’t have credit cards, but this may be something that would benefit our family!

  15. This looks like a great idea! We do the envelope system as well but sometimes it’s just nice to have a card.. I will definitely be looking into the Prepaid MasterCard now. Thanks!

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