It is a new year, and many of us have resolved to get our financial house in order.
You are not alone if you tend to go through this exercise annually. According to a survey by Fidelity, the most popular New Year’s resolutions are to save more, spend less and pay down debt. However, achieving these goals can be easier said than done, and there may be various reasons holding you back. That’s where technology can come in.
— Does investing seem too complicated? We generally recommend working with a financial planner. However, what if you are new to investing and your account is still too small to utilize an advisor’s services? In that case, a robo-advisor is an online service that uses algorithms to manage your investments. You can set your investment goals and risk tolerance. The robo-advisor will create a diversified portfolio and automatically make investment decisions for you.
— See if your tax professional has a free secure portal to store your tax documents and if they will give you a discount for completing everything electronically.— Websites like Eversafe.com help seniors and their loved ones monitor financial accounts for fraudulent activity and identity theft. It can also alert you if it detects unusual account activity or changes.
— Many banks offer special services for seniors, such as simplified low or no-cost checking accounts and assistance with online banking.Millions of people use the internet daily and are not victims of identity theft or fraud. However, if you are new to this, you should follow some precautions.— Enable two-factor authentication, if available, to add an extra layer of security to your accounts.
If you’re new to using technology to manage your finances, start with something simple, like setting up automatic bill payments or using a budgeting app. You can add more features or try more advanced tools as you become more comfortable. Remember, you can start over or hit the home button if lost. Safeguards are in place, so it is hard to mess this up.