How to Help an Elderly Family Member Manage Their Finances

manage finances of elderly parents

As our parents age, their financial needs may become different. How do you help manage their finances?

They may have passive or fixed income, and concerns on how to pay for daily and medical expenses may be present.

 

manage finances of elderly parents

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Another problem here is that older people may be more susceptible to scam artists, or people who may take advantage of them. This said, adult children may need to take it upon themselves to manage their senior parents’ finances. Or, at least, to help out.

Here are some tips that you can follow to help you deal with your elderly family member’s finances.

How to Help an Elderly Family Member Manage Their Finances

1. Start it slow. There are many factors that may make it difficult for your elderly parent to manage their finances at this age. Where once they may be organized and mentally sharp, it’s totally different now. They may be forgetful, clumsy, and struggling, in general. These cognitive difficulties make it hard for them to manage their finances the same way they did when they were younger.

As their adult children, it’s up to you to bring up the conversation on how they are when it comes to their personal finances. This is especially true if you observe any struggle, such as overdue bills, money lying around, as well as debts.

You don’t need to have a full-on interrogation, but it’s best to ease them into the conversation. If you come from a place of concern, choosing your words carefully, and being sensitive, your parent will sense this and will have a better chance at answering your queries truthfully.

2. Assess the situation. It may also help to further observe and investigate. Do you see unopened bills stacked up anywhere? Are they still able to provide for their own groceries and medication? How are their spending habits? Can they still transact on their own?

If you notice any difficulties, you can consider discussing ways on how to help them be on top of their finances.

3. Create a plan. You don’t have to step in and do it all right away. You must determine how much assistance they need by observing and talking to them. You also have to keep in mind to be sensitive enough to allow them to have their own sense of dignity and independence.

If you suspect your loved one has Alzheimer’s, then you may need to take on a more active role. In extreme cases, however, you may file for a power of attorney, so that you have the authority to manage your parents’ finances for them.


For help with caring for your elderly parent, Blessed Home is here. Talk to us today!

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