By the time people reach their 60s or 70s, they may experience challenges with managing their finances, often due to memory loss and cognitive decline. Issues with paying bills could also be related to the physical tasks involved, such as writing checks by hand. Knowing how to gently offer your assistance helps you respect your aging loved one’s independence while protecting his or her financial security.
1. Watch for Signs of Financial Challenges
Seniors may try to hide the issues they’re facing. Take note if your loved one’s utilities suddenly get shut off or you notice his or her mail is stacking up. Seniors with mobility challenges might also need help with their finances, and being unable to manage the activities of daily living is a sign they may also have difficulty managing their money.
Forgetfulness and poorly managed finances may indicate your loved one needs help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of in-home care. Boynton Beach Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.
2. Offer Your Assistance
Unless your loved one is completely incapacitated, he or she still retains control over his or her finances, which means you need to get him or her on board with accepting your help. Find a comfortable time to talk to your loved one about the things you’ve noticed, and ask if you can help with tasks such as making sure bills are paid on time. Your loved one may only let you help with a few things at a time, so consider acceptance of any of your offers of help as a win.
The many tasks involved in helping your loved one handle his or her finances may seem daunting, and the extra worry could take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Boynton Beach families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.
3. Set Up Online Accounts
Online banking makes life much easier for seniors once they get used to it. Setting up online accounts also makes it easier to access them whenever you need to check the balance or make sure a bill got paid. Your loved one also benefits from having personal information stored in the account so he or she doesn’t have to scramble to find his or her credit card number or determine how much is owed on a bill.
4. Automate Bill Paying
Many businesses allow bills to be automatically paid. Check your loved one’s monthly expenses to find recurring ones that can be set up for automatic payments. No longer having to worry about manually paying their insurance or utility bills is very freeing for seniors who often worry about making late payments.
5. Create a Budget
Many seniors need help handling their spending, especially as their retirement accounts begin to dwindle. Your loved one might have plenty of funds available but skimp on things such as groceries because he or she is afraid of running out of money. A budget provides reassurance in either of these scenarios, and your loved one can feel more in control of his or her finances.
6. Get Important Documents in Order
Helping your loved one financially may also include some legal concerns. Find out if your loved one has documents in place, such as a power of attorney, that impact finances. If not, now is the time to set things up so you can help when the time comes. If necessary, talk to a legal professional to find out if you need to be on your loved one’s checking account or have other essential rights to access his or her financial accounts if he or she is unable to do so.
Financial management is a challenge for most people, and it can be even more difficult for aging adults. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted senior care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Home Care Assistance is here to help. Call one of our dedicated Care Managers today at (561) 740-6256 to learn about the high quality of our in-home care services.