From Debt to Debit: What a difference an ‘i’ makes

//From Debt to Debit: What a difference an ‘i’ makes

From Debt to Debit: What a difference an ‘i’ makes

2018-10-05T12:13:04+00:00October 5th, 2018|Blog|

While most of us celebrate the turning of the leaves or the inevitable end-of-month sugar rush, very few of us even know that October is National Financial Planning Month. While there seems to be a day or month dedicated to just about everything these days, very few are as important as our finances. It is amazing how much of a difference a little “i” can make in your financial life!

Consider the following…

What can “i” do about it?  

A-Loan No More

Practically speaking, you can improve your long-term financial picture by instituting healthier habits for debt-free living, such as:

  • Avoid late fees and overages
  • Pay your bills on time
  • Automate your savings
  • Be careful with subscriptions
  • Read the fine print – you may be unaware of escalating interest rates

Most importantly, don’t add to your debt by continuing to spend on credit cards. Limiting your spending to only what you have is obvious, but the tools to do it are not. Commercials, mailings, mobile advertisements, and social pressures/”norms” are all delivering a message to encourage us to spend! In doing so we may get cash back rewards or airline miles. In all actuality, all we get is debt. Take a step back, and see debt for what it is. You don’t own you; somebody else does! So, what options are out there that provide the same (or better) services as the corporate giants? Think “i”!  Think prepaid deb”i”t.  Debit means you own you. 

Prepaid debit cards have advanced beyond the grocery store gift card rack, and have become full-feature financial platforms that provide services that rival major banking institutions. The big difference is, you are your own bank! 

A leading provider, and one of NerdWallet’s 2018 Best Prepaid Debit Cards, is MOVO by MovoCash, Inc.  MOVO is an alternative to high annual percentage rate credit cards. Your available spending power is limited to your money only, available via direct deposit, person to person transfers, or cash loading. With the power of a physical Visa prepaid debit card, mobile management/spend through Apple Pay, Google Pay, and Samsung Pay, and bill pay, managing YOUR money is simple. MOVO even offers the ability to create one-time-use digital Visa card accounts called MovoCoins for immediate spend, without ever having to share your primary account information. Data breaches and payment system hacks will not compromise your account information. You can even set up email/text alerts and schedule bills to better stay on budget.

It’s a little like weight loss. If you’ve sworn off sugar (borrowing), you’re better off if you don’t keep cookies (available credit) in the house. But, it’s not really the card that’s the problem – it’s being aware of your spending, or shall we say borrowing.  To truly lose the weight, you must have a goal and take the steps to not only lose the weight, but to change a lifetime of bad habits.  The same is true in finances.  Start simple.  Make your monthly payments on your debts. Pay them off, and stop creating new debts.  Begin saving. Set aside a little extra to be able to spend, NOT BORROW, and explore a full-service debit solution such as MOVO!

To get started, download MOVO for free in the Apple App Store or Google Play.