by David Leto
September 10, 2018
by David Leto
September 10, 2018
Our financial goals certainly change as we age as many who are over 50 are considering when they will be able to retire comfortably. Saving money over the course of the year could not be more important as monthly savings over a decade can amount to quite a lot.
A proactive approach to managing your finances can help reduce stress, save more money, and even save time. The following are tips to do all of these things as we progress in age.
As we age we are not going to have the same amount of expendable income due to retirement as well as our working years dwindling. For these reasons, it is important to take a more conservative approach to investing as a big loss can delay retirement or postpone it indefinitely.
Plenty of people move into investing in mutual funds or bonds during this time as there is a sure return on many of these. Do not compromise your future looking for a big payday later in life as you need to ensure your future on more than a hunch.
Ordering groceries online can save you money in a variety of ways. There are deals only available online and it is much easier to stick to a budget when ordering groceries online. Gone are the days of something catching your eye in a display that is not on the list that you have written down.
The online option even allows a customer to repeat an order they have previously put in. This helps a household never run out of commonly used items like milk or eggs.
The days of having a broker that will charge you outrageous amounts to purchase stock are over. There are plenty of online trading options that can be done effectively from a mobile device.
The extra income that you have can be transferred to one of these platforms or apps so you can start purchasing stocks, bonds, or mutual funds as soon as you are paid. The flexibility to sell and purchase stock without worrying about a bulky fee can allow an investor to make the most out of their investments.
Online banking can help save time instead of constantly having to balance a checkbook. Noting what money was spent can still help as banks, as well as credit cards, make mistakes. Online banking allows the user to see if there have been fraudulent charges to an account within a day of it happening.
Transferring money from account to account if a child is in college can be seamless instead of having to be done at the physical bank. No more guessing games when it comes to your finances as you will be able to login and view your finances in a matter of seconds.
Regardless of age, it is never too late to start following a budget even if you have not had one in decades. The first step is gathering all of your expenses and sorting them. You might find that you are overpaying for a service or subscription that is no longer used but someone just forgot to cancel.
Make a realistic budget then stick to it for finding yourself with a few extra thousand dollars at the end of the year without impacting your quality of life overall.
As you can see there are plenty of adjustments to make with our finances as we age. Take the time to try some of the above tips to see if they can make your financial health better.