Financial worries can lead to physical, mental, and emotional problems for older adults. However, sitting down with your aging loved one and developing strategies for handling his or her finances could greatly reduce his or her stress. The following tips can help your loved one manage his or her finances, lower debt, and reduce the risk of elder scams.
Develop a Budget
Your parent may be the type of person who prefers to see things detailed on paper or in a spreadsheet. When you list all your parent’s monthly bills and income, it’s easier to determine how much money he or she has to spend on various activities, including social activities, hobbies, vacations, and shopping. Developing a budget can prevent your loved one from overspending and help him or her put aside savings for unforeseen costs, including healthcare, medical devices, home improvements, and more. As your loved one’s monthly income and expenses change, you should revise his or her budget.
The many tasks involved in helping your loved one handle his or her finances may seem daunting, and the extra worry can 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. McKinney families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.
Avoid Money Scams
Older adults are often scammed because they experience memory loss and cognitive problems, and thieves view them as easy targets. If it’s a challenge for your loved one to make sound decisions, he or she could become obsessed with money scams such as illegal pyramid schemes or fraudulent sweepstakes. Speak with your parent about telemarketing scams, fraudulent charity programs, and other schemes that target the elderly. Avoiding these types of deception could prevent your loved one’s credit card information and savings from being stolen. You should also check your loved one’s mail and financial accounts each week and monitor his or her Internet usage.
Cognitive issues such as the inability to make sound financial decisions 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 senior home care. McKinney 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.
Use Automatic Bill Pay
To prevent your loved one from missing monthly payments and incurring late fees or reconnection costs, help him or her set up automatic bill pay using his or her bank account. This option is safe, secure, and convenient. Each month, the bank will deduct the expenses, so your loved one won’t have to mail in payments or drive to the companies to pay in person. Seniors with limited transportation options prefer automatic bill pay, and it can be less stressful for family caregivers as well. Monitor your loved one’s monthly payments to avoid bank overdrafts and overpaid bills.
Find Additional Sources of Income
If your loved one relies solely on a pension check, disability benefits, investment dividends, social security payments, or assistance from you and your siblings, look into state and federal programs that offer support to the elderly. Finding grants to pay the mortgage and utility bills or cover the cost of preventive care and medication could provide your parent with financial relief. Some local programs and nonprofit organizations offer discounted or free meals, transportation services, and activities older adults can take advantage of to stay healthy while saving money.
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 in-home 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 Home Care Assistance today at (972) 548-0392 to learn about our high-quality in-home care services.