Q: What financial strategies should women undertake to save for their older years? - Sara Smart
Dear Ms. Smart: While men and women alike should save for sunset years, it's even more important for women to do so, because we tend to live longer than our male counterparts. Redbookmag.com tells us about financial choices that appear to be wise moves but, at second glance, aren't nearly as smart as we like to think.
Ellen PhillipsBelieve it or not, paying a bit more on your credit card than the minimum monthly payment is not a sensible decision. If you simply cannot pay off your balance each month, contact the company and ask for a lower rate. If the company refuses, tell the representative you'll switch credit cards; more than likely, you'll get the desired result. If the bank refuses, then move on to a credit card with a lower rate.
If your balance is high, look into a debt repayment app, such as the freebie ReadyForZero or the $1.99 DebtTracker Pro.
Check your bank statements weekly if possible or daily, best of all. Not only does this keep a lid on any fraudulent activity, it also ensures we stay on top of our spending habits.
One suggestion from financial site NerdWallet is to see if our banks offer texting. If so, all we have to do is, send "bal" to the bank each morning and immediately receive the balance. In fact, logging in isn't always necessary, depending upon the financial institution.
Loyalty doesn't necessarily begat loyalty between you and your bank. While it's certainly a hassle to switch institutions, staying with the same one sometimes can deny you an enormous amount of benefits.
Do you receive free ATM use? How about mobile-check deposits? Moreover, most of us automatically think of bricks-and-mortar buildings when we think of where our "wealth" is deposited and safely maintained, but online-only options can be a good - or better - situation.
Not only are banks now facing formidable competition from "nonbank" lenders, but many experts believe, traditional banks are deficient in their customer satisfaction ratings.
FDIC-insured online alternatives often offer newer technology, money-management tools and a real focus on enhanced customer service. While you can find a number of resources, the one I like is Simple, which helps customers budget and save. (Personal note: Our last house re-finance is through Quicken Loans, and we're happy as clams.)
Money truly is not a normal stressor, despite what we may believe. Research suggests a significant number of millionaires agonize over finances. In fact, this same research points to one guy whose weekly paycheck caps $435 and another whose dividends earn the same amount every single day, and both entertain equivalent worries.
Regardless of expenses, money anxiety can have as much to do with what's in our heads as what's in our wallets. HelloWallet or LearnVest, whole-picture online advisors, shows our entire financial setting, as well as where we wish to be and how to get there.
Contact Ellen Phillips at consumerwatch@timesfreepress.com.