Since many of us were old enough to understand the value of a dollar, personal finances have been a topic of conversation in our lives. Personal finance at an early age can be something simple like saving up for a new outfit at a retail store or having money to go on a date this weekend. As we all get older, the value of what our personal finances are tend to change with time.
When you are in your thirties, you might be more concerned with student loans, a mortgage, car payments, and caring for your family. When you get to your forties and fifties, some of these finances are still part of your financial picture, and caring for your family might start to mean your parents.
As each of us continues to age, we reach this point in our lives where we are caring for our family and our parents. Ensuring you are prepared for when you are the parent that is in need of assistance from your children will make things much easier for them.
So the big question we should all ask ourselves is, “How can I ensure my personal finances help me later down the road?”
Here are a few things you can do now, to help your personal finances:
Shift more heavily from borrowing to saving
Saving is something we have all been doing or trying to do since we were younger. Now is the time to really commit to a savings plan if you have not done so already. Saving now can help with finances when you retire. By the time you reach age 50 though, you should have greatly reduced your debt burden. In its place, you should see a growing portfolio of retirement assets.
Take Advantage of Senior Checking Accounts
Senior checking accounts are a great way to avoid some of the fees that are associated with banking institutions. Some of these fees are based on your income, revolving balances, and automatic deposits. If you do not think you can meet these, don’t sacrifice fees for more perks at the bank. Avoid the fees, and save some money on the back-end.
Don’t Be Shy About Discounts
Discounts are a great way to have a good time and save a little bit of money left over. Do not shy away from those buy one get one free meal for you and your loved ones. If you shop at some grocery store chains, they may offer additional days that are discounted for seniors. Shop more on those days versus others. This will provide some relief to your budget.
Update Your Will
This might seem like an arbitrary thing to do for your personal finances, but things can be radically different by the time you turn 50. Sitting down with someone to review your will is not a bad idea. It ensures everything that needs to be in place is in place. It provides peace of mind and satisfaction that you are prepared for your life.
Here at BlueStar, we assist seniors with medical alert technology, as well as, other technological devices to keep them safe, healthy, and connected with their families and loved ones. There are many different options or solutions that might work for you or a loved one. If you are interested, give us a call today 800-300-1724, option 1 or visit us online.