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Teach Your Older Parents About Money

Just how we get used to the old version of something and are skeptical about updating it our parents share the same view when it comes to changing the way they handle their money. It is like getting the new iOS update some like it while some of us still prefer the old version. Similarly some of our parents are still reluctant to shift to these easier modes of banking and finance. But until you show them how easy it is they aren’t going to shift.

#1. Tell them that they don’t need to go to banks anymore ts thanks to netbanking/ mobile banking:

Mobile Banking

Netbanking and mobile banking makes financial transactions possible from anywhere, anytime, all you need is the internet and your laptop/phone. With net banking you can:

1. Pay bills and recharge your mobile online

2. Transfer money anywhere anytime

3. Check your mini statement and account balance for free

4. Avail cash back facilities and discounts and offers

#2. Tell them that in case they don’t want to share their bank details online they can use digital wallets:

Digital wallets

Digital wallets serve as a virtual wallet helping customers make payments through their smartphones. Airtel money, Citrus Pay, Master City Pass, Free charge, ICIC pockets and Paytm are some available digital wallets in India. With Digital Wallets you can:

1. Get cashbacks and discounts: They give plenty of money saving advantages through discounts, cashbacks, offers and free gifts

2. Go cashless: You don’t need to carry your wallet to places that accept money from digital wallet

3. Easily add money to your wallet: You can easily add money to your digital wallets by net banking, credit card or debit cards for free. But remember to do the reverse you will get charged. So don’t put money from your wallet back to the bank instead just use it up.

4. Make unlimited transactions without any charge: From bill payments to buying tickets, to sending and receiving money from anywhere, anytime for free mobile wallets are quick and easy. So for small transactions use digital wallets instead of netbanking because banks apply charges. But to transfer big amounts it is safer to use netbanking.

#3. Discuss with them the online alternatives to link Aadhar card with various accounts :

giphy (9)

Linking your Aadhar card to your various account has become mandatory by the government for security issues. First the linking of Aadhar card was done in Aadhar Kendra Centers where you had to stand in queue for hours. But now linking of Aadhar card with various accounts can be done online.

#4. Tell them to convert their physical shares to demat :

Demat

If you wish to participate in the stock markets holding investments in the electronic form  (called as Demat form) is compulsory. So tell your parents that in case they have any old shares in physical form they should convert them to demat as the physical ones are not worth anything. The process though tedious is worth it because:

1. Demat shares are easy and convenient to handleHow To's_

2. You won’t face the problem of losing investment certificates or receiving forged certificates

3. Transferring, selling and buying securities becomes easy

4. You receive bonus shares and share splits automatically into your demat account

#5. Tell them about automatic bill payments:
Bill Gif

Most of our parents must be already familiar with this facility. For those of you who aren’t should definitely learn about this one because it has made life so stress free. Automatic bill payment facility pays your recurring bills on time on your behalf.  By setting up this facility you know your payments will always be made on time, and you won’t have to pay any additional penalty charge for being late.

#6. Tell them about alternative online facilities for bookings, reservations, reward points etc. :

Online TransactionsNowadays there are online alternatives for practically everything. To find out if a particular service is available online or not, just do a quick google search. Online transactions can make your work much easier and it will save lot of time. 

Apart from movie tickets you can also book railway tickets, airline tickets, hotel reservations online months before you travel. You can also open your bank account online. Even to use your reward points collected on your credit/debit cards you no longer need to call your bank or email an application. With Net Banking reward points can be redeemed from your phone or laptop.

WifiNow that you know what all you need to teach your parents it’s time you make your connection with them WIFI strong!

 

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