Financial literacy has taken on a new meaning in today's economy, prompting the Prepaid Visa RushCard to announce today a new card feature that will help its members create a budget and stick to it by better managing their spending.
This feature comes as RushCard recognizes April as Financial Literacy Month and continues its efforts to make financial awareness a priority for its members. "During this month, everyone should remember how important it is to get their money right," said philanthropist and entrepreneur Russell Simmons.
RushCard members report that RushCard's online suite of money management features is helping them save money. In a recent online survey, more than 79 percent of members agreed that money management tools helped them to stick to their budget. Over half of RushCard members reported that the money management tools already available with their RushCards have helped them save more than $300 annually. Thirty percent said they are saving more than $600 a year.
Members can save even more with the new customized budget feature, which allows members to set their spending levels in 14 categories - including auto, dining, health and fitness, utilities and more.
Members can review their recent spending data in each category and determine the adjustments they want to make to achieve their financial goals. They can set budgets for each category and then have customized text alerts sent to their mobile phones or emails notifying them when their spend levels have reached their predetermined maximums.
"Financial literacy is more than just understanding your finances, it's actually being able to manage your money better," said Ram Palaniappan, general manager of RushCard. "We know that now more than ever, tools to help RushCard members better manage their financial resources have become increasingly important. Our members asked for a tool that would help them to control their spending in an effort to save more. The new budget management tool will help them do just that."
Once RushCard members review their budget data, they have the option to download their card statements into money management software like Microsoft Excel, Quicken® or Microsoft Money. This improved functionality will enable members to better visualize adjustments they may make to their spending and increase their savings.
This new feature joins other RushCard features such as RushPath to Credit, a tool that helps member gain access to low-interest loans, and money management pages, which allow members to track their spending, deposit and balance trends. The RushCard aids members in their effort to save money and avoid overdraft and finance charges and check-cashing fees.