Aging individuals, like younger generations, must learn more about improving financial habits, and growing wealth. Fortunately, there are new tools to help them do this from the comfort of their living rooms.
We know that the Millennial spending habits are distinct and entirely different than other generations. They have less wealth than other generations, they’re educating themselves on inventive ways to save, and they’re lowering their use of credit cards after witnessing the global financial crisis.
As there tends to be an ongoing examination of how Millenials spend and save, it’s still important to monitor and watch the way that their parents and grandparents utilize money. Though most have been successfully managing their finances for decades, there’s always quite a bit that older adults can learn about spending, investing, and savings.
- Mobile Investing | Investing has always felt like something afforded merely to the elite. However, younger generations are proving that older clients can shift their approach and beliefs about investing. Seniors are familiarizing themselves with changing technology and online banking, and they know that there are options available to them, which could cost about $5 a month. Check out Stash, Stockpile, or Robinhood.
- Credit Score Monitoring | Younger people have the benefit of knowing severals to observe and monitor their credit scores, including the use of websites, Credit Karma or Credit Sesame. A person is never too old to work on their credit and secure an excellent credit score. A better credit score can mean access to auto loans, home loans, and credit opportunities.
- Financial Planning | We all know how essential it is to adjust finances and life moves forward. Some ways to do that is to hire a financial planner, an estate planning attorney, or other professional advisors. You can also use Mint, Qapital, GoodBudget, and Budget Boss to help you to manage your funds, pay bills, track your spending, and sort through personal finances.
- Cheaper Flights | Beyond conversations with travel agents or travel planners, there are some ways to save money when purchasing airline tickets. Kayak, Travelocity, Expedia, and a several other sites promise a fair price for an airline ticket. However, many websites monitor the cost of bookings. Google Flights, Skyscanner, and Hipmunk can older people to find affordable domestic and international travel, connecting them to their families.
- Airline Mileage | Scanning the skies isn’t the only way to score a fair price for air travel. Several cards offer unlimited miles per dollar spent, one-time bonuses, travel reimbursement, loyalty programs, and redeemable points to be used for hotels, airfare, and food. These cards also have other enticing capabilities, including credit monitoring and transfers.
The past challenges of banking and financial decision-making for older adults involved having to leave their homes or their place of residence, despite physical difficulties. Advancements have changed that. If you know of other ways that older individuals might adopt new practices to improve financial health, please share!