3 Cash cards to manage your money!
Roughly 6 years ago, I had huge sums of debt and no control of my finances. I was looking forward to getting paid and in a flash, this payment had disappeared. I had bills coming out frequently and did not know what was due and when, it was incredibly stressful.
At the time, I had one card which managed all my income, bills and spending. Although, I realised I could consider cancelling direct debits etc, I decided to split these types of transactions into separate bank accounts to gain more control of my finances.
I now have 3 cards for 3 different purposes:
1. Income
This cards sole purpose is to be paid into, I ensure no company has access to this account so I can allocate my money accordingly.
Benefit: Only I have access to this money, therefore should anything happen I can choose what to prioritise my money on. This was especially useful earlier this year, when I suddenly found myself with low income. I had to prioritise my groceries over my direct debits, whilst things were getting sorted and this gave me great peace of mind..
At the time, I had one card which managed all my income, bills and spending. Although, I realised I could consider cancelling direct debits etc, I decided to split these types of transactions into separate bank accounts to gain more control of my finances.
I now have 3 cards for 3 different purposes:
1. Income
This cards sole purpose is to be paid into, I ensure no company has access to this account so I can allocate my money accordingly.
Benefit: Only I have access to this money, therefore should anything happen I can choose what to prioritise my money on. This was especially useful earlier this year, when I suddenly found myself with low income. I had to prioritise my groceries over my direct debits, whilst things were getting sorted and this gave me great peace of mind..
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2. Bills
This card is used to pay all my bills or any one off payments. Often I like to move the money into this account on payday and check the bills have all been paid off.
Benefit: Once I move the money straight into the bill account, I can then forget about my bills and let the magic happen!
3. Spending
This is my main card, I use this to pay for all my daily spending throughout the month. From buying my weekly grocery shop, to spending money on a fun day out. Just like the bills account, I move money into this account on payday and live off this chunk of money.
Benefit: I know the money I have in this account is okay to spend and therefore I will not accidentally spend money allocated for my bills.
And there you have it, I have 3 cards for 3 purposes, income, bills and spending. It makes life much easier to get by as I don't have to worry about over spending or a bill not being paid and in addition I have full control of my income.
Above, I have attached a free printable which will allow you to list all your spending into the three cards. I hope this helps. Also, another note to mention is, the cards I use are cash only, there is no management fees etc therefore there are no costs to use these cards.
This card is used to pay all my bills or any one off payments. Often I like to move the money into this account on payday and check the bills have all been paid off.
Benefit: Once I move the money straight into the bill account, I can then forget about my bills and let the magic happen!
3. Spending
This is my main card, I use this to pay for all my daily spending throughout the month. From buying my weekly grocery shop, to spending money on a fun day out. Just like the bills account, I move money into this account on payday and live off this chunk of money.
Benefit: I know the money I have in this account is okay to spend and therefore I will not accidentally spend money allocated for my bills.
And there you have it, I have 3 cards for 3 purposes, income, bills and spending. It makes life much easier to get by as I don't have to worry about over spending or a bill not being paid and in addition I have full control of my income.
Above, I have attached a free printable which will allow you to list all your spending into the three cards. I hope this helps. Also, another note to mention is, the cards I use are cash only, there is no management fees etc therefore there are no costs to use these cards.