This article was contributed by Ivan Serrano
Saving money and keeping track of your finances can be difficult. This is especially true for elderly people who may not be accustomed to the technology that younger people use every day. Fortunately, there have been apps created specifically for the purpose of helping the elderly keep track of their finances. Many of these money-saving apps were made with people over the age of 65 in mind. As a result, they have features that make them easier for some older people to use. These include larger fonts and intuitive controls. Here are some general tips for managing your finances as an elderly person and some apps that can help make it easier.
Get Your Finances on Track
According to the Financial Lives Survey 2020, people aged 65 or older have on average around £1.3k of debt. Therefore, it is so important to keep track of your finances diligently. Many credit unions have partnered with firms that specialise in credit union strategic planning to make this easier on you. In fact, your bank may even have an app that can make it easier to track your finances, make transfers, and keep records of your expenses.
Tips for Planning
Understand Your Responsibilities
If you ever feel overwhelmed by the responsibility of tending to your finances, remember you aren’t alone. You may have a family member, loved one, or financial advisor that can help you recognise your responsibilities. These people can act as financial caregivers that can help you organise your accounts and stay up to date on your finances. Asking someone you trust for help can ensure that your finances are managed responsibly and transparently.
Speak About Finances Often
Make a habit of regularly discussing your finances with someone you trust. This will make it easier for you to consider how you want to maintain control of your finances in future. Ask yourself questions that give you a clear idea of your financial goals. What do you want to save for? What is important to you financially? How do you feel about your current budget? Questions like this will make it easier to decide what the next best steps are for your finances.
Avoid Red Flags
Though the internet is an important tool that has added a great deal of convenience to our lives, there is unfortunately a dark side to it. Scammers are more common than most people believe they are, and many of them target people over 65. We advise that you are cautious when dealing with internet prizes, loans, or investments that sound too good to be true. You should also consult with someone you trust before making any major purchases or investments. Don’t be pressure or intimidated into immediate decisions. Scammers use a sense of urgency to prey on unsuspecting people. You can find more advice on our “How to Avoid Phishing and Scams” article.
Money-Saving Apps
Plum
Plum is a fee-free autosaving app great for a large target that will help you track your spending. It gives you the option to round up your purchases, helping you save the change. With the app you can set saving goals and easily withdraw when this goal is reached. It is simple to use, and by linking to your bank Plum can analyse your daily spending. Another benefit is that there is no minimum or maximum deposit.
Chip
Chip uses open banking technology to analyse your income and spending, calculating exactly what amount you are able to save. The app offers you two types of plans according to your needs: a free plan, and a premium ChipX Plan for £3.00. The award-winning AI will move your money automatically, making it simple and easy for older people to save.
Monzo
Monzo is categorised as a bank on your smartphone that helps you manage your money. Some of the key features of this app include:
- Salary sorter
- Spending budgets and saving pots
- Free withdrawals and no transaction fees
- Loans up to £15,000
- Three different plans
Like Plum, Monzo rounds up your spending and the difference is added to your saving pot.
Moneybox
Moneybox allows you to use your money for saving, investing, home-buying, or retirement. With only £1 to get started you are able to track the performance of global companies and investments. Shawbrook Bank is partnered with Moneybox to provide their clients with a savings account with a deposit up to £85,000. You can also buy a home using Moneybox Lifetime ISA and save £1,000 each year. Alternatively, you can invest in your future, combining your old workplace pensions in one account. You can then calculate how much money you can have for your retirement with their pension calculator.
Lifeline24
Using these money-saving apps to support your finances isn’t the only way technology can support the elderly. A personal alarm from LifeConnect24 provides additional peace of mind whilst supporting independence at home.
When you purchase a Lifeline alarm you are benefitting from 24/7 coverage, 365 days a year. A simple press of a button puts you in touch with our professional Response Team who can arrange help for you in moments.
Find out more today or call our helpful customer service team on 0800 999 0400.
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