Well over half of Americans don’t save enough money for retirement. In fact, one in three Americans don’t save any money, which puts them in a precarious position as they get older. Without the right amount of money, you might have to work well into old age. Unfortunately, it’s difficult for older people to work full-time jobs that pay enough for them to maintain their lifestyles.
The good news is that your smartphone can help you save for your retirement. Follow these five tips to put your phone to work for you.
Use Apps to Make and Follow a Budget
Smartphone apps make it easier than ever for people to make and follow budgets. Some of the most popular budgeting apps include Mint, You Need a Budget, and Every Dollar.
You can use Mint and Every Dollar free of charge. You Need a Budget costs $5 per month or $50 per year. Upgrading to a paid version of Every Dollar for $99 per year will let you connect your bank accounts to your smartphone so that you can get real-time information.
Make Smarter Investments
When you invest money in a retirement account, you earn the opportunity to watch that cash grow over time. The amount that your investment grows will vary depending on how the stock market performs. Unless you get unlucky and retire during a major recession, though, you can expect to see a good return on your money.
Several smartphone apps will help you make investment choices that lead to stronger returns. Learning from an app is especially important for people who want to manage their accounts without paying professionals for their services.
Some apps that will keep you updated on the latest stock news include TheStreet, Bloomberg, and MarketWatch. Of course, you can also use your smartphone to access online news sources that will keep you informed.
Manage Your Checking and Savings Accounts
All major banks, and most small banks, give their clients online account access. Once you sign up for online services, you can manage your checking and savings from your smartphone.
Having online access makes it easier to manage your money, but you need to use a secure phone such as the Samsung Galaxy S7 to protect yourself from identity theft. For even better security, make sure that you never access your account through public Wi-Fi. Instead, use T-Mobile’s safe and reliable network so that you can manage your accounts without putting your private information in jeopardy.
Find Discounts to Spend Less Money
Websites such as RetailMeNot have so many coupons and discount opportunities that you rarely have to pay full price when you shop online. Whether you’re ordering a pizza or buying new clothes, RetailMeNot will help you save money. The website will even recommend deals that appeal to your interests.
When you save money with a discount or coupon website, set that money aside for your retirement. You won’t believe how quickly the amount will grow.
Comparison Shop to Get the Best Deals
A store might claim to have the lowest price on an item that you want to buy, but you never know whether you’re really getting a good deal until you compare prices from several companies. Your smartphone makes comparison shopping easy so that you never spend more money than necessary.
You don’t need to look at a lot of websites to find low prices. Plenty of smartphone apps will do the legwork for you. Try apps such as ShopSavvy, BuyVia, and Purchx so that you can shop with confidence. The less money you spend in stores, the more cash you can put toward your retirement savings and investments.
It’s never too early for you to start saving for your retirement. Whether you’re 25 years old or 50, you need to save money for the future. If you don’t, then you could find yourself in a dire financial situation that makes it difficult for you to enjoy life when you get older. Luckily, your smartphone can help you choose saving and investment options that will help you make the most of every dollar.