- November 16, 2019
Apps for Senior Citizens to Manage Personal Finances
Various online apps are helping in managing personal finances, but all of them generally aim at the youth, but FinTech is launching apps in order to help the elderly. Senior citizens have more problems to manage their personal finances. Health issues and memory loss are some of the common reasons. It becomes more complicated when they are living alone, or no one is taking care of them.
If you are living alone, you have to take care of all your expenses. From bills to medical expenses, the burden of everything is on you. Since you rely on your pension funds, it becomes essential that you carefully analyse your spending behaviour so that you do not run out of money when an emergency pops up. However, you can take out doorstep loans in case of emergency, but you need to be careful with your spending. Otherwise, you may fall into debt. Here are some apps that you can use to manage your personal finances.
When you are juggling with various duties, you may forget about bill payments. Whether they are utility expenses or debt payment, the consequences will be worse than your imagination. If you do not pay your utility bills on time, the service provider may disconnect the supply. Further, it will spoil your credit record.
Missed payments can pull your credit rating, reducing your chances of getting a loan at affordable interest rates down the road. When you fail to repay your debt, the lender will impose late payment fees and interest penalties. It will add up the cost of your debt.
When it comes to financial obligations, you cannot be reckless. Here comes the role of SilverBills. It will take care of all your bills. You just have to send a copy of your bills along with the agreement and checking account. Then, it will receive future bills directly from the vendor and allow them to deduct money from your account. You will have to pay a monthly fee for using the SilverBills service.
EverSafe will help you monitor your credit cards, bank and investment accounts. It can manage the finances of the whole of your family. Staying on top of finances is exceptionally challenging, especially when age has caught up with you. EverSafe uses consolidated dashboard technology. It can help you track all your accounts at one place.
As it senses any irregular activity, it will immediately notify you against potential frauds and exploitation. Monitoring can be tough due to old age. Therefore, EverSafe enables you to appoint family members or caregivers to receive alerts to help you with monitoring. Now you do not need to be wary of your investments and bank accounts because EverSafe enhanced algorithms provide deeper protection.
Life seems good when you are on top of finances, and Mint can bring together all of your accounts, bills and much more. You can create a budget and access to your credit score without harming it. You will receive reminders for upcoming bills so that you can plan. Get alerts when your funds are low so that you do not overspend.
Of course, you will be wary of the security feature. Do not worry, Mint app will keep your data secure through encryption. You will have a unique code and password that you can use to manage your account from anywhere.
The bottom line
You can manage your personal finances more effectively. These apps will help you create your budget and prevent you from falling behind payments. All of them are very easy to use. Take your finances in control and be happy.