Latest

Top 6 Money Management Apps for Seniors

0 0

fizkes / iStock.com

Managing personal finances can quickly become complicated, especially for seniors on fixed incomes from sources like social security, pensions, annuities and investments. Thankfully, advances in financial technology have led to user-friendly money management apps catering to older adults’ needs.

Learn: 4 Red Flags as You Check Your Bank Statements Every Month
Read: How to Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy

These smartphone and tablet apps allow seniors to consolidate all income streams, bank accounts, bills and expenses into one centralized hub. Read on for our top picks of financial apps helping seniors take control of their money.

Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.

YNAB — Budgeting With Purpose

You Need a Budget, or YNAB, operates differently than other money apps. Rather than just tracking spending, YNAB provides both resources and tools to change user behavior.

The goal is to align everyday purchasing decisions more closely with big-picture financial priorities and savings goals. Hands-on workshops teach budgeting methodology while the app allows seniors to allocate every dollar of monthly income towards upcoming expenses or financial targets like a dream vacation. Adjust spending any time to stay on track.

While YNAB costs $14.99 monthly, it’s a small price for substantially improving money management habits.

EveryDollar — Embracing Zero-Based Budgets

Designed by popular personal finance personality Dave Ramsey, EveryDollar also utilizes zero-based budgeting. The concept is simple – assign every dollar of monthly income a purpose, whether saving for goals or spending on fixed costs like housing, until no dollars remain unallocated.

Doing this before the month begins rather than tracking expenditures after the fact may help seniors stick to financial plans. EveryDollar allows customization of categories and goals, and it’s easy to adjust budgets when unexpected expenses occur.

While basic features are free, advanced functionality starts at $12.99 per month when you need more robust planning.

Goodbudget — Helping Visual Learners

For those who prefer managing money with pen and paper over digital interfaces, Goodbudget mimics old-fashioned envelope budgeting.

Just like stuffing cash into labeled envelopes for planned expenses, Goodbudget utilizes virtual envelopes across user-defined categories. Simply log transactions as they occur and the available envelope balance automatically adjusts. When one fills up, users must hold off additional spending there or make transfers from another envelope with room.

The digital format helps avoid running out of physical cash. For unlimited envelopes, Goodbudget runs $6 per month.

SilverBills — Taking Bill Pay Off Your Plate

No one looks forward to paying bills, especially when living on social security or other fixed income sources. SilverBills eliminates this monthly hassle by pairing seniors with dedicated, U.S.-based financial advocates.

These professionals take over organizing unpaid bills and ensure timely payment on your behalf, without the need to ever share sensitive account login details. Payment reminders keep you informed and SilverBills monitors accounts for fraudulent activity.

Plans start at $24 per month for 20 bill payments and personalized support provides peace of mind.

Rocket Money — The Automated Money Saver

With so many subscriptions for cable, music, cloud storage and more coming out of bank accounts each month, seniors often lose track of the recurring costs that pile up. Rocket Money works in the background to identify and cancel unwanted subscriptions to save users money.

Sync all bank and credit card information to let AI track both monthly necessities like Netflix along with “zombie” accounts draining funds on services you forgot about or no longer need. The app then makes cancellation easy when ready.

While basic subscription tracking is free, the auto-cancel perk costs $3 per month, it quickly pays for itself in savings from eliminated fees.

Oportun — Small Change Adds Up

Rather than budgeting everything yourself, Oportun (formerly Digit) takes the thinking out of saving. Based on income and spending patterns, Oporton algorithmically decides small amounts of money you likely won’t miss at the moment.

These tiny sums automatically get deposited into Oportun savings weekly, allowing a nest egg to slowly but surely grow over time. Seniors feel no day-to-day effect beyond watching accumulations earn interest. And for those needing funds urgently, withdrawals are hassle-free.

While the app itself is free, advanced offerings allowing investing or pocket money to cover overspending come with fees between $2-$5 monthly.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: Top 6 Money Management Apps for Seniors