Close to two-thirds of the American population now own and use smartphones, and tech-savvy seniors form a part of these people.
And even though most of them have spent their lives using traditional channels to manage their finances, many older adults are now using their tablets and phones to change over to digital money management and banking.
Budgeting Apps For Seniors
Below are some of the top finance apps for seniors, and most of them are free for Android and iPhone users! These productivity apps for seniors and the elderly help them manage their money whether on a limited income or if they are looking to stretch their retirement dollars!
This is one of the intuitive applications designed to help users track their monthly bills, pay these bills on time, or to make sure they do not overspend because they have forgotten about an upcoming bill.
This app also provides a way for seniors to pay their bills using the app instead of needing to log into different accounts.
While Prism offers services that are available in many of the other applications, it focuses mainly on financial management with a very simple design that can make it easier for seniors to use for these purposes when compared to others.
The AARP Now mobile app that is associated with AARP, which stands for the American Association of Retired Persons, has made tracking the latest special offers and news extremely easy for seniors.
This app also offers local events in calendar format in the user’s area and any discounts available with their AARP membership. AARP members can access a digital card in this app at any time. Other features include members-only discounts and benefits, events listings nearby, and news stories (daily).
This is an app that makes tracking sales and discounts a much easier task for seniors. The app uses the location of the seniors to help them find local companies that provide deals to people over the age of 50. The app provides information on which hotels, restaurants, and stores provide senior discounts.
These discounts typically include entertainment, food, travel, health, and home services, along with others for cities all over the country. This app also features a very easy-to-use interface.
PocketGuard features a simplified and easy-to-use budget snapshot that connects the user to their credit, savings, and checking accounts while detecting recurring income and bills.
It also displays how much money is left for day-to-day spending by first subtracting any upcoming bills, contributions to a savings goal, and any other pre-budgeted money from the user’s estimated income.
The app then automatically categorizes the expenses, but the user can also create their own custom categories along with setting limits for each one.
Similar to the Mint app, the user can connect the app to all their primary financial accounts, which allows the app to automatically track what the user has spent or what they will need to pay at the end of the month.
And that also provides a “snapshot” of what is left in the user’s “pocket” or if there is any money left over for a bit of fun.
The app is also very useful in helping the user to find deals that may help to reduce how much they are currently paying on their monthly bills. It provides a very intuitive interface that should not be difficult for the majority of seniors to navigate, especially for those that are already comfortable with using mobile devices.
See my full guide to budgeting apps for seniors here for even more information.
Personal Finance Apps For Seniors
This is one of the popular personal finance apps that includes easy-to-read overviews and updates, along with clean graphics that can make it easier for a senior to manage their spending, savings, earnings, and budgeting.
Mint can sync all the user’s accounts, from their banking accounts to IRAs to mutual funds and 401ks, while offering real-time information on expenses, deposits, investment balances, and credit card debts. It also has the ability to include any cash transactions, provided the user enters every purchase.
The overview section in the Mint app provides budget alerts, account totals, spending, and monthly-budget totals, broken down according to the category. The Updates sections include all transactions, unauthorized and recent, and display how the person has used each of their accounts.
Mint also analyzes the spending habits of the user, followed by making suggestions in any area where the person may be able to save a bit of money each month.
Venmo is an app that allows users to digitally transfer money to other people or to family members. An example of this may include transferring money to a friend who would like to split the bill when eating out at a restaurant.
This is made possible by signing up online, followed by linking a bank account or credit card to the user’s Venmo account (it is recommended to rather use credit cards for maximum fraud protection).
While the automatic settings in Venmo allow for a transfer limit of $2,900 per transaction, the user can change this to a level they feel comfortable with. They can also request real-time alerts as soon as a transaction goes through.
This is an excellent application for any senior that needs a bit of assistance when it comes to managing their money or those that would like more security when conducting online transactions.
BillGuard is an app that monitors every purchase closely and highlights hidden fees (for example, an annual renewal fee at a health club that is charged each January). It also allows a user to dispute or report any suspicious charges by directly contacting a merchant in the app.
Similar to Mint, BillGuard can also track month-to-month spending according to a category, which allows the user of the app to see where their money goes every month. If the user desires, they can also request that the app automatically flags any suspicious purchases, where it will send push notifications as this happens.
Investment Apps For Seniors
The top investment apps geared towards seniors and beginners should be focused on important features such as risk management, available information, and user experience.
Seniors should look for apps that can show them “the ropes” while helping them to make an investment that matches up to their financial goals.
Based on these criteria, here are a few of the top investment apps for seniors:
Stash is an excellent app for a senior that is looking to learn how to invest quickly. The app combines games and educational content that make learning financial topics a lot easier.
The user can then customize their goals on what they would like to focus on, as well as actively track all their progress. Stash allows users to work with investment offerings of value and offers suggestions on how to build a portfolio.
Ally is an excellent option for those interested in bonds and stocks. The app integrates data in real-time that allows the user to trade anywhere and at any time. Ally Invest also provides access to mutual funds, ETFs, and bonds.
There are no minimum investments, and this app won’t require other downloads to gain access to the “trading platform.” This makes this app incredibly user-friendly and easy for seniors to use.
- Options pricing calculator
- Phone, email, and chat support
- Some transaction fees will depend on the type of investment
- Non-existent fees on options trades and eligible stock
Finances are often a difficult topic of discussion, but there should be no shame or embarrassment involved when a senior recognizes that the current system they are using for managing their finances is not working.
Fortunately, in the digital era that we live in, there are now various tools and apps available that often make these processes much easier.