Keeping Track of Your Finances as You Get Older

retiredcouple
retiredcouple

Life is chaotic and the more years that go by, the more chaos seeps into your life whether you plan for it or not.  You accumulate more stuff, life experiences, and also finances and assets.  Try making your life as easy as possible by keeping track of all your finances and assets with these tips.  You will be simplifying your life and making it easier for everyone around you to help out later in life.  Get your financial ducks in a row with some of these ideas.

Go on a Treasure Hunt

It’s so important to keep track of where all your money and assets are.  Sometimes it’s good to do a running inventory of everything you own and where it is located.  Create a master document and show someone in the family how to find it.  As you get older, memory starts to fade and that secret hiding spot you thought you’d always remember might start to disappear from your mind.  Simplify assets as much as you can.  Going on a treasure hunt now and documenting everything will save you and your loved ones a lot of trouble down the line.

Password Management

Everything nowadays has a password to protect your information.  They each have their own parameters for password security, and it can be a lot to remember.  You also don’t want to use the same password for everything, but who can keep track of all those different combinations?  Look to technology to help you.  There are password managers like 1password or LastPass that will keep track and randomize your passwords for all websites.  You just need to remember the one master password and they will take care of the rest.  Easy peasy.  Never have to reset a password because you forgot it.

Work with a Financial Planner

Working with a professional when it comes to money and assets is always a good idea.  They can manage your investments and help you to make sure you are all set for retirement.  If you don’t have a background in finance or business, consider reaching out for help to make sure you are always taken care of.  They will also have a plan to make a smooth transition should anything happen to you.  As life goes on and maybe gets a little messy in second and third relationships, keep your money safe from people who potentially want to part you from it.  Protect your children’s inheritance and be smart about who you trust your assets with.  A financial planner can help keep a clear head and unbiased opinion when it comes to these matters.

With more life experience and time on this earth comes more intricate finances and places you might be keeping money.  Work towards keeping track of everything and being aware of where it all is.  It will make your life simpler and lead to a stress-free retirement.