If you were to compare Millennials to Baby Boomers today, the one thing they have in common is an appreciation for technology. In fact, Baby Boomers are using the help of apps to save for retirement. Whether you are in retirement or headed that direction shortly, taking advantage of the latest technology is an important step in planning your financial future. Here are some tech-savvy ways to utilize applications to better prepare your retirement nest egg.
Digit: Digit is a free money saving app that automates your savings for you. Whether you want to supplement your retirement savings or sock money away for a special trip, Digit securely connects with your bank account, evaluates your spending and then takes small chunks of money you don’t need and saves it for you. You get a text update to tell you how much you’ve “saved” that week. The app is text-based meaning if you want to check your balance, transfer or withdraw funds you can do it all via text. Remember, every little bit counts.
Gas Buddy: Gas prices can be a major headache when money is tight, but with the help of Gas Buddy you can easily find the lowest prices for gas in your area. It may seem inconvenient at first, but taking small steps to save some change could mean a bigger step toward reaching your retirement goals.
Groupon/Living Social: Retirement doesn’t mean you have to do the same thing every day to save a buck. If you enjoy eating out or having the occasional treat like a massage, there are ways to enjoy these splurges while living on a fixed income. Using deal sites like Groupon and Living Social can help you find savings at restaurants you might already frequent or enjoy doing something out of the ordinary at a reasonable price.
Grocery IQ: You know the rule: don’t go to the grocery store hungry as it will only lead to overspending. The average person heads to the grocery store a few times a week. The Grocery IQ app is designed to help anyone looking to save some extra cash to stay on task in the store. You can build grocery lists, use voice recognition and take advantage of coupon offers at your local grocery stores. This is an ideal app to keep you accountable to your budget and save more money in the long run.
Technology can be a beautiful thing when saving for retirement but so can regular visits to the office to be sure you’re sticking to the plan. Contact your advisor team if you have questions or concerns about your retirement savings.
These are the views of Cassie Dono, a freelance financial writer and news commentator, not the named Representative or the Broker/Dealer, and should not be construed as investment advice or a recommendation. Neither the named Representative nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If expert assistance is needed in these areas, the reader is advised to engage the services of a competent professional. Please contact your advisor team prior to making any investment decisions.