Thanks to modern technology, there are now multiple payment methods to choose from when completing purchases. While many still prefer to use cash, the debit card has quickly become an indispensable tool for handling your funds and achieving your financial goals. Plus, it’s also one of the most accessible payment methods available. For example, if you already make purchases using your Maya e-wallet, you can easily learn how to get a Maya card and start using it for your everyday transactions in just a few steps.
But besides being a convenient way to pay for your purchases, how else does a debit card help you with your financial goals? Here are a few features that turn this simple card into a powerful tool for money management.
1. Easily Monitor Your Expenses
Tracking your expenses is a vital financial skill to help you budget, build your savings, and achieve your long-term financial stability. When paying with cash, however, you may find yourself forgetting certain purchases, especially if you aren’t able to log them in your expense tracker right away. This can leave gaps that create an inaccurate overview of your monthly expenses, making it harder to follow your budget or understand where your money has gone throughout the month.
Paying with a debit card easily solves that issue, as all transactions made with a debit card are automatically recorded in the linked account. From there, you’ll be able to access your transaction history using your bank account’s mobile app or online banking website.
2. Allows You to Go Without Cash
You may find yourself in various scenarios where you need cash to purchase an item but don’t have any on hand. When that happens, you’ll either have to find an ATM to withdraw money or choose a different payment method.
Debit cards are a more convenient alternative to paying with cash. Unlike a credit card, using a debit card guarantees that you’re only pulling from funds that you already have. This is similar to using cash, so there’s no need to worry about paying debt or interest fees. Plus, debit cards are widely accepted in stores everywhere, guaranteeing you an easy payment method wherever you go.
3. May Offer Rewards and Promos
Debit cards don’t offer as many rewards or promos as credit cards, but some debit card providers do still offer some perks that you can take advantage of. They may offer vouchers for your favorite restaurants, cashback rewards, deals for travel accommodations, and even discounts and free shipping offers for certain online shopping platforms. If you’re still considering which debit card to get, choose one with promos that perfectly suit your lifestyle and spending habits.
4. Helps Prevent Overspending
One of the top rules of handling your finances responsibly is to always live within or below your means. Your debit card can help you stay committed to this principle, since it only draws from the money you actually have in your account. While credit cards do have their place in your wallet for certain transactions, debit cards are useful for helping you stay within budget, especially when handling everyday expenses. This can be especially helpful for anyone working towards specific financial goals, such as paying off debt or building savings for bigger purchases.
5. Allows You to Automate Payments
Forgetting to pay bills is an incredibly common occurrence. Adult life can be a hectic whirlwind of work, household responsibilities, and socializing, which can make it challenging to remember things such as payment deadlines. But with a debit card, you don’t have to remember to make these recurring payments. Since most debit cards can be linked to apps and services, you can easily schedule automatic payments for subscriptions and services.
6. Offers Fraud Protection
Many debit card providers have fraud protection features for their debit cards, making it easy to safeguard your funds in case your card gets lost or stolen. You can instantly freeze your card through your bank’s linked mobile app to prevent anyone else from using it for any transactions. Several banks also monitor user behavior and transaction patterns for any suspicious activity, so that they can freeze your account if they suspect your card has been stolen.
Your Debit Card Is an Essential Part of Your Wallet
Your debit card is incredibly useful for managing your funds. It can help you stay disciplined with your money, track your expenses for a clearer overview of your monthly transactions, and give you unique rewards and perks that can help you save more money in the long run. It only takes a few steps to get your own debit card, so make sure to add it to your financial toolkit for better financial management.
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