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Teach Your Older Parents About Money

Teach Your Older Parents About Money

Just how we get used to the old version of something and we’re skeptical about updating it, our parents share the same view when it comes to handling 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. So, tell them that they don’t need to go to banks any more thanks to net banking/mobile banking

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

  • Pay bills and recharge your mobile bill online
  • Transfer money anywhere anytime
  • Check your mini statement and account balance for free
  • 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 serve as a wallet to make payments via your phones. 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

  • Get a cashback and discounts
  • Go cashless meaning you don’t need to carry your wallet to places
  • Easily add money to your wallet from your banks (via net banking, credit card or debit cards for free). But remember to do the reverse you will get charged.
  • Make unlimited transactions without any charge So for small transactions use digital wallets instead of netbanking because banks apply charges. But to transfer big amounts it is safer to use net banking.

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

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 

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 no longer worth anything. The process though tedious is worth it because:

  • Demat shares are easy and convenient to handle
  • You won’t face the problem of losing investment certificates or receiving forged certificates
  • Transferring, selling and buying securities becomes easy
  • You receive bonus shares and share splits automatically into your demat account

5. Tell them about automatic bill payments

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.

Nowadays 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 a 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.

Now that you know what all you need to teach your parents, go make your connection with them WIFI strong!

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