How to Help Your Elderly Parent Manage Financial Issues

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Seniors often manage their own finances well into the golden years. However, you may notice your aging loved one showing signs of having difficulty with this essential task. Stacks of unpaid bills, an unexplained loss of money, and overspending are all potential signs it’s time to step in. Your loved one may also ask for your help trying to plan for long-term care or with figuring out how to live on a fixed budget. Knowing how to help with your loved one’s finances puts you in the perfect position to make sure he or she continues to be financially stable with age.

Identify Which Areas Need Help

Some seniors need someone to completely take over all of their financial responsibilities, and this is common with people in the later stages of dementia. However, other seniors only need assistance with certain parts of their financial planning. For instance, if your loved one has memory loss, he or she may just need someone to make sure bills are paid on time. Alternatively, your parent may only need someone to plan a monthly budget. Tending to only the tasks your loved one needs shows respect for his or her autonomy.

Managing finances is just one of the many daily tasks your loved one may need help with. Aging adults who require assistance with the tasks of daily living can benefit from reliable home care. Richardson, TX, families trust Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent and manage serious illnesses and encourage them to make healthier decisions as they age.

Consider Automating the Finances

Older adults sometimes continue to do things the way they’ve always done, or they may fear embracing change. Show your loved one how to automate bill payments so he or she has one less thing to worry about each month. If your loved one still prefers to pay bills manually, you can also explain how to set up an online account that stores the information for each bill. This way, all your loved one has to do is click on the right spots to pay the bills without having to remember things such as an account number.

Check for Potential Scams and Unnecessary Expenses

Families often find surprises in their loved one’s accounts that shouldn’t be there. In some cases, it’s an innocent mistake. For example, your loved one might have signed up for a subscription service years ago and forgot to cancel it when it was no longer needed. In other instances, it could be related to a scam or fraudulent activity on the account. Carefully go through all of your loved one’s statements to make sure he or she isn’t paying for any unnecessary services and that no one is misusing his or her funds.

Due to personal responsibilities, some families don’t have enough free time to help their loved ones manage their daily tasks. If you’re the primary caregiver for a senior family member and you need respite care, Richardson, Texas, Home Care Assistance is here to help. Our respite caregivers are trained to assist older adults with a wide variety of everyday tasks, including meal prep, physical activity, and personal hygiene. We also provide 24-hour care and specialized care for seniors with Alzheimer’s, dementia, and Parkinson’s.

Request Legal Access to Accounts

When you help your loved one with finances, you may find it easier if you have legal access to the accounts. For instance, you may need to pay a bill your loved one forgot or inquire about the reason for a higher than normal charge. You may also need to perform tasks such as writing checks. Talk to your loved one about giving you access to his or her accounts so you can help out without restrictions that slow down your ability to handle the finances.

Keeping finances in order may be more difficult for seniors living with serious health issues. Living alone at home in the golden years can present a few unique challenges. Trust Richardson homecare professionals to help your senior loved one maintain a higher quality of life while he or she manages an illness and performs the daily tasks of living. To speak with a knowledgeable and friendly Care Manager and schedule a free consultation, call Home Care Assistance today at (469) 573-4213.