Budgeting Tips For When You Don’t Have A Bank Account (Day 11) #SpendingFreezeDFS

For many people starting out on a plan to get out of debt, a bank account isn’t an option.  These budget tips when you don’t have a bank account are perfect as you work toward the transition to financial freedom.  Unfortunately, a lot of banks won’t work with you for a checking or savings account if you have had past delinquent accounts or even poor credit.  These ways to work around that are going to be great for your financial freedom. Check out all of our Spending Freeze posts.

Budgeting Tips For When You Don’t Have A Bank Account

Utilize pre-paid debit cards for bill payment options. One of the best things for someone who doesn’t have a bank account is to find a great pre-paid debit card to use for paying bills.  There are multiple Green Dot Money cards you can choose from.  Many are associated with different stores like Kroger, Target or even Walmart.  Those associations may earn you points, cash back or even discounts on gas and purchases.  A pre-paid card offers you the ease of paying bills online, or with the telephone.  You can treat it just like you would a traditional debit card.  Create a check register to account for each purchase and load your paycheck onto the card each pay period just like you would deposit money into a traditional bank account.

Don’t forget about using money orders. Money orders are another great alternative to paying bills without a checking account.  The post office is the standard location to grab a money order at a low fee, but you can also buy them at the bank and many money centers or check cashing locations.  Money orders offer some security of payment and a proof of payment should a creditor want or require a record.

Talk to your employer about alternate direct deposits.  Many employers require a direct deposit for payment.  This isn’t a problem when you choose a pre-paid debit card that has banking information associated with the card.  In fact, it’s a great choice that allows you the same freedom of having access to your paycheck without a bank account.

Use the cash envelope method.  Dave Ramsey speaks often about using the cash envelope method, and our free printable envelopes are awesome to get you started.  This will help you stay in budget, and keep you from spending all of your money in one place before bills are taken care of.

Utilizing the tools available to manage you budget is easy even if you don’t have a bank account. These tips will have you getting out of debt, slashing bills and managing your finances with ease.