6 Ways a Smartphone Can Help Seniors Save Money

Thinking of buying a mobile phone but not sure you want to spend the money on a smartphone? Did you know buying the more expensive smartphone can actually save you money in many ways? 

Before you pick out a flip phone, let's look at different ways your smartphone helps you save time and money in today's world.

Ease of Smartphones

Carrying a mini-computer in your pocket once belonged to the realm of science fiction. But today, smartphones are just that, a mini-computer. Capabilities include tracking and managing your finances, comparison shopping from the store (should I buy it here or somewhere else?), and taking quality pictures without buying a high-end camera. 

When you purchase a smartphone from a reliable carrier like T-Mobile, the world is at your feet.

Money Management

There's an app for almost everything today including tracking your finances, checking your balances, paying bills, and even swiping your phone instead of a credit card. Choosing a financial management app is the hardest part. 

Look for apps with a lot of positive reviews, such as Mint.com or BillGuard. These apps keep your information secure and let you track with the ease of touching the phone screen.




Banks also offer smartphone apps for checking your balance, paying bills, and transferring funds. Some even make it possible to deposit checks into your account. Plus, new security measures make online transactions safer than ever. 

Purchase items with your phone using digital checks, debit cards, or credit cards. Never worry about losing your checkbook or credit cards again. All you need is your phone.

Compare Prices

Why go from store to store comparing prices and then find out the first stop had the best deal? Sit in the comfort of your living room and let your phone do the shopping. Apps let you compare prices in both stores and online. 

Once you decide which items you want, pay with your phone, and decide if you want to pick up the item or have it shipped directly to you. You save time and gasoline; plus, your feet won't tire out.

Energy Saver

Purchasing a new appliance is more than just comparing prices. You need information about the cost of energy for of running that appliance. With an energy saving app on your phone, just input the manufacturer and model of your selection. 

The app calculates the cost of gas or electricity over the next several years. That way, you know if a new appliance is energy-efficient and worth the price of the item. This helps you save money throughout the life of the appliance.

Use your phone for controlling your home thermostat, even when you're away. Turn on the lights before you get home and don't enter a darkened house risking trips or falls. 

Check the weather on your phone's weather app before heading out the door or find out road conditions after storms move in. Smartphones let you do all those things with just a swipe or touch of the screen.

Picture Taking

Some of the best point-and-shoot cameras available come on smartphones. Many of the latest phones offer dual cameras for close-up and far away shots. Recent technology lets these cameras take shots that come out clear, crisp, and frame-worthy. 

Using your phone as your camera also means you only have one thing to take along with you, not two. And, it's easy for posting online when the pictures are on your phone and not a separate camera. Share with friends and relatives without downloading to a computer.

Navigation Help

No more hard-to-fold paper maps when you travel. GPS systems come standard with smartphones. These map apps not only show you the route but give directions out loud as you drive. Your eyes never leave the road helping you arrive safely at your destination. These tools don't even need a Wi-Fi connection.

So, consider buying a smartphone. It still makes and receives calls, but a smartphone offers so much more. Whether you're checking prices, looking for the nearest gas station, or needing a map, a smartphone offers all that and fits comfortably in your pocket. What more do you need?

Learn How Smartphones Can Help You Grow Your Retirement Nest Egg

Your retirement may be close, but you've got plenty of time to grow that nest egg. Your smartphone is a potentially untapped resource for growing your retirement money, so make sure you take advantage of the opportunities it presents.

Use Investment Apps

Personal finance apps like E*Trade let average people invest in the market without a broker. Before you jump on personal finance apps, do some research about the types of investments you want to make. 

Many people later in life prefer safer investments, though there is definitely an advantage to short-term investments that could bring higher returns. As long as you understand what investment strategy you're comfortable with, you're ready to try out an investment app.




Start slowly until you get the hang of how it works. Investing is difficult even for the pros, but one piece of advice endures: invest in businesses and people, not in market trends. 

If you know about or can learn about a business, entrepreneur, or an industry, center your investments there. Industry information will be more helpful than trying to analyze what the market is doing.

Save Spare Change

Getting the money to invest can be a struggle. If you have kids in college, have medical bills to pay, or are on a fixed income, you may not have much saved for investing. 

A spare change app rounds up every debit card transaction you make and puts the spare change into a separate account. Then, most of those apps, like Acorns, invest or save that spare change for you.

You don't have to put in a lot of effort in the investments, because the app companies have financial advisers creating portfolios for the app users to invest in. Spare change apps have another advantage: the minimums for investing are very low. 

You don't need $1,000 to open an account; the amount is more like $5 or $10, an easy amount to accumulate in spare change over a month.

Create a Budget

You're no stranger to making a budget, and you've probably had money pulled from your paycheck for your 401k for years. When you reach your 50s, it's time to make a more aggressive investment budget. 

Take a look at your finances, especially your expenses and how much you're saving. If you're not saving much each month, try to trim some of those expenses so you can put away more money. 

Switching from digital cable to a streaming service like Hulu can save you almost $100 each month, for example.

Use a budgeting app like PocketGuard to keep track of exactly where your money is going. A visual will help you discover places you could be spending too much. When you set aside savings each month, remember to invest some. 

However you decide to invest, whether on your own or through a financial adviser, make sure some of that money is going into a higher-yield account than your savings.

Video Chat With Financial Advisers

We don't all have time to visit a financial adviser's office in person, especially with kids in high school, doctor's appointments to go to, and homes to care for. 

But fitting in an appointment with a financial adviser becomes easier when you do that appointment via video chat. Let your adviser explain your financial information face to face instead of over an impersonal phone call.

For a successful video chat experience, use the right equipment and the right network. Let's face it, using new technology isn't always the easiest, and focusing on a small screen while trying to talk to another person can be frustrating. 

Focus on finances, not on a bad video connection, by connecting with a quality smartphone on a good network. The Galaxy S8, paired with T-Mobile's 4G LTE network, for example, is a great combination. 

The Galaxy has a 5.8-inch infinity screen with a sharp display, and 4G LTE will give you a high-quality video connection.

It's never too late to start saving for and investing in retirement. Personalize your investment strategy with your smartphone, whether you use it to connect with a financial adviser or choose to manage your own investment apps.

5 iPhone Apps to Help Manage Your Spending

Image via CrunchBaseDigital technology has changed the way people think about their finances. Instead of paper and coins, money is now little more than a number, a running tally that can't reach zero. Unfortunately, this fundamental shift in personal finances has led many individuals into greater debt and even bankruptcy. There are, however, ways to keep track of your spending on the go. These five iPhone apps will help you manage your budget and organize your finances like never before.

Ace Budget 2
The sequel to the popular budgeting application is packed with brand new features and a more intuitive user interface. Ace Budget 2 is a sleek and powerful all-around financial tool. It allows you to set your budget for anything from one day to one year. Then, Ace Budget 2 keeps track of your expenditures and organizes the information into a variety of printable graphs that present your spending habits in an easy-to-understand format.

Grocery Gadget
Nearly everyone overspends at the grocery store. No matter how determined a person is to stick to a list and come in under budget, there's always something extra thrown in or, even worse, something forgotten. Grocery Gadget seeks to make shopping a less stressful experience. Users create shopping lists, which can be shared with others, and are then able to note prices and locations for future reference. After a few trips to the store, Grocery Gadget makes it possible to predict your final cost down to the dollar.

My Weekly Budget
Sometimes it's easiest to focus on your income one week at a time. My Weekly Budget is the simplest app on this list, but it is nevertheless a powerful tool. My Weekly Budget lets its user set a goal, and then keeps a running tally throughout the week. Its uncomplicated layout makes keeping up with recording purchases easier than more intimidating applications, and it may be all that the average person needs.

HomeBudget
HomeBudget consolidates all of a household's finances into one application. Like Ace Budget 2, it factors in monthly bills, income and expenses to present a clear picture of a family's overall monetary health. The paid version has a sync feature that updates the application almost instantly. This means that multiple people can edit the same household at once to present more accurate and comprehensive information.

Mint
Mint is a popular website that has translated its most important services over to a mobile app. Mint securely connects to your bank accounts to provide up-to-date numbers no matter how far you are from a computer. It shows recent withdrawals and deposits, monitors budgets and even tracks stocks. All information gathered on your iPhone appears on the desktop version, making this an easy way to accurately check and update the powerful online service.

Dan is a financial blogger who has recently learned how to make an iPhone app to help him manage his money more efficiently.