Financial freedom can only occur when you can effectively manage your money. Knowing what you spend, where you spend it, and what you have left is the key to financial success. Many people believe that this can be accomplished by carrying cash and tracking all their receipts. While this method has merits, it is much harder than most anticipate and is often quickly abandoned.
The easiest way to manage your money is by using a prepaid debit card. You load your money onto the debit card and then use it like you would a regular credit card anywhere that you may go. There is no hassle, no pockets full of change, and no little receipts to keep track of each night. You can simply view your balance and know where you stand financially.
Prepaid debit cards can be set up for direct deposit just like a checking account. You do not have to worry about paying check cashing fees or making it to the back on time. You can even have multiple cards issued for the same account, allowing families to remain on budget with their cards.
Prepaid debit cards do not require you to have perfect credit, nor do they charge interest on your purchases. Having a card that does not charge interest on purchases will also help you to remain debt free, another requirement for financial freedom.