One of the easier ways of making payments today is through e-wallets. When using e-wallets, it is important to manage it well, and keep track of the transactions made, so as to minimise any risks associated with this mode of payment. Understanding how they work and the risks involved can be the difference between managing your budget and losing it all.
Now you’ll learn how an e-wallet can help you adhere to a prefixed budget. Of course, the following tips will work for you only if you know how to create a budget. Defining a budget (and sticking to it) is an entirely different task altogether.
What are the smart ways to manage your e-wallet?
1. Expense tracking:
Does the amount of money you spend each month astound you? You might start the month with a fixed budget in mind, but it is so easy to go over that, or to reach the limit so quickly, that you don’t understand how you got there. Do you ever check your balance and think “How did that happen?”
So, if you can create a monthly budget, the e-wallet will assist you in sticking to it. E-wallets cover all of the essentials of personal finance by allowing you to keep track of every penny you spend.
You won’t have to log your transactions in a notebook or diary manually whenever you use the app to purchase something.
2. Hold the reins:
According to providers, an e-wallet is similar to a debit card. It means that you get to choose how much money you want to put in it. You can make sure that you adhere to your predetermined budget by topping up your e-wallet with an amount limit.
This feature is particularly useful for discretionary expenditures, such as shopping or eating out.
If you do spend all your money before the month ends, then restrict yourself from adding more money to the e-wallet. Instead, you should acknowledge the fact that you reached your budget limit and now you’re trying to reduce your indulgences.
3. Cash-backs and discounts:
Everybody loves discounts and everyone wants to save their hard-earned cash. You can work to achieve it by making use of the discounts and cash-back offers that you get with mobile wallets. You can earn points and rebates.
You can also receive discounts and cash-back incentives by participating in lucky draws and fun-filled games. That is why you must pay attention to the notifications you receive. These notifications can be handy if you want to use an e-wallet to stick to your monthly budget and save money.
These notifications can also help you to make a game of saving money, and to find enjoyment in being frugal.