Financial Technology which is also known as ‘FinTech’ has been able to provide excellent tools for individuals looking to efficiently handle their personal finances. It refers to the synergy between finance and technology, which is used to improve the delivery of financial services. Currently, two out of five people across 20 major world economies claim to be using at least two FinTech services. The main innovative edge of FinTech lies in offering financial services to people who don’t normally have access to conventional banking and other financial services in the world today.

FinTech is generally believed to be a key factor to a future of increased financial inclusiveness. FinTech services such as money transfers, digital payments, financial management tools, P2P lending, insurance, etc are leading to more financial inclusiveness. FinTech is growing explosively, and it has generally changed the way people think about money and value exchange in real-time. The FinTech Industry is fast coming up with novel solutions, so it’s time you start growing your knowledge, and expertise to keep up with the growing FinTech space.

Here are a few ways that fintech can help you become smarter with money:

• Proximity payments tech allows you to use smartphones through “contactless payments” known as via near field communications (NFC) technologies.
• Smart Savings: It is obvious that the future of personal finance is automation. With technology, seamless ways have been created to save in a quick and efficient manner by automating transfers to your savings account. For Nigerians, Financial Apps like ALAT, Piggyvest, Cowrywise, etc allow you to set your savings goal and determine how much you want to save and for how long. Calculate how much you can afford to save daily, weekly, or monthly and automatically move money into separate savings or investment account.
• Automated budgeting technology is also compelling as it solves a common problem and saves people time. This tech provides smart budgeting tools that help you analyze your spending patterns and habits.
• Borrowing & lending money: obtaining access to funds has become much easier, transparent, and less centralized, and the traditional way of borrowing money from a bank via loans and mortgages is now being connected by options like peer-to-peer lending, decentralized finance (DEFI), and crowdfunding.
• Post-payment allows you to make a purchase online in real-time and receive an invoice for that purchase later, often after the product is delivered to your home.
• FinTech also provides investments apps that allow you to trade stocks directly from your mobile devices with automated services like analytics, reminders, market trends, and many more.

On a final note, Financial Technology will increasingly remove barriers around financial management and central financial systems, empower you to make smarter daily decisions with your money and improve your financial relationships.

Education as you know is the best gift or legacy any good parent can offer to the child re­gardless of his or her status. It is a long-term huge investment for parents that is achievable through proper finan­cial planning. Putting money aside for your children is a great way to prepare them for their future and can also teach them valuable lessons about their managing their own finances.

Let’s look at some practical ways to financially safeguard your Child’s Education:

• Start Saving Early: save on a monthly basis towards the education of your child. The earlier you start saving for your child’s education, the better for your finance. You can as well open an Education fund Account early and start putting a reason­able amount of money for your children’s education such that it must be solely for the financing of your children’s education. An Education Fund is simply a long-term fund set aside to finance your child’s education from when the kids have or haven’t arrived.
• Prepare a Good Budget: Having opened a separate account to finance your child’s education, you should also know your budget and your financial strength. Budget and enroll your child or children for a good school your financial strength can conveniently accommodate.
• Set Your Priorities Right: You need to prioritize your financial obligations properly especially in the area of your children’s education. Under no condition, must it be compro­mised because it is an important priority? You may want to avoid spending on things you can absolutely do without accommodating good savings.
• Look for Good Investment Options: It is important to research options by comparing costs, ex­pected returns, and other benefits that seem to be the most suitable invest­ment to embark on to help secure good returns to finance your child’s or children’s education. You can invest in assets such as real estate, both locally and internationally. Real estate investment is also a great source of wealth creation.

Having to earn and spend is a constant in life, finance remains an integral part of modern-day living for both young and old. As parents begin to age, it is pertinent for children and young ones to begin to help with streamlining how our aged ones earn and spend. This is a loving duty that promotes communal and mutually beneficial stress-free living. Many of your parents’ bills may be stale, past due, or even unnecessary. Parents may even no longer have the steady means needed to pay all their bills. Therefore, doing nothing may likely increase the chances that they might fall into a financial bottleneck in old age. It is wise to start familiarizing yourself with their finances as they approach their retirement age.

In this article, we’ve put together 4 simple ways you can gradually monitor your elderly parent’s finances:

1. Take Inventory and Account For Your Parent’s Assets, Liabilities, Expenses, and Income: begin to take note of your parent’s contacts, account numbers, and the places they store legal documents like birth certificates, insurance policies, deeds, and wills. And ensure all the sensitive documents are properly kept.
2. Evaluate and Help Them Pay Their Bills: make sure you have a list of all assets and expenses before you start paying routine bills. Familiarise yourself with what their monthly expenses look like, from utilities to groceries. Help them see why they no longer need some stuff they may currently be paying for – like full bouquet cable TV.
3. Go Legal and Document When Necessary: start discussing with your parents about naming you as an agent in their power of attorney. This helps you gain the legal authority to make important decisions when your parents are unable to. Also, ask them to provide you with information about how you can gain access/control to their finances in case of emergencies. Document the bills you handle and everything you do on your parent’s behalf. Such details can help show other family members that you’re handling your parents’ affairs very responsibly.
4. Consider hiring a financial Professional: Financial professionals or attorneys can help you avoid common costly financial mistakes in this area. They can also help you make good decisions on how best to get involved in your parents’ finances especially in areas like taxation.

On a final note, understanding your parents’ financial situation is very essential as you consider their long-term care plan. However, don’t try to take care of your parents’ finances all at once especially if they are still handling some bills on their own. Instead, increase your support little by little if it’s needed. Send them gifts, take them on a trip and give them whenever you can. Remember, in the future, you’ll also reap the harvests of your generous acts of giving and supporting your parents now.