If something is prepaid, it means it has already been paid for before you get it.
Prepaid things can make people feel like they don't have to worry about money right now.
Examples:
My phone is prepaid, so I don't have to pay for it every month.
She bought a prepaid card for her bus fare.
The prepaid meal was already paid for.
I like using prepaid cards for shopping.
He had a prepaid ticket for the movie, so he didn't need to pay at the theater.
The prepaid gift card was a nice present.