Tips For Managing Your Aging Loved One’s Finances

Managing personal finances can be a lifelong struggle for some, especially as we age. If your aging loved one requires assistance with paying bills or managing money, discussing their habits can be a tough topic to broach. The guide below includes several tips you can use to better manage your loved one’s finances and help them understand your desire to ease their burden.

6 Tips For Managing Your Aging Loved One’s Finances

Although it may be tempting to assume everything is okay financially with your aging loved one, the opposite may be true. Be open and honest about your concerns regarding their money management, and use the following tips to help ensure a smooth transition in taking over your aging loved one’s finances.

1. Start the Conversation Early

Regularly checking in with your loved one can warm them up to discussing finances. Familial relationships may make these talks difficult, but slowly approaching the topic can ease them into the transition. Having a finger on the pulse of a senior loved one’s finances can also help you identify when it’s time to step in and take over.

2. Collect Legal and Financial Documents

As seniors age, it’s wise to gather any financial or legal documents in one place where family members know where to find them. Examples of critical documents include:

Bank account numbers
Safe deposit box access
Tax returns
Vehicle titles
Property deeds
Savings bonds
Retirement plan details
Pension documents

Having these documents in one place can also help make estate planning that much easier.

3. Create a Payment Schedule

You probably already have a payment schedule in place for your bills, but implementing the same tactic can help you and your aging loved one keep track of their own bills. Keep your finances separate for clarity’s sake. Set up a physical calendar or reminders as needed to ensure your loved one’s bills are paid on time.

4. Consider Automating Payments

Automating payments can help ensure your aging loved one stays on track. However, you should carefully review statements to ensure nothing has changed and no fraudulent charges were made. If you set up the automatic payments, adding yourself to the account can also help you take action should fraud or mistakes occur.

5. Help Seniors Create a Budget

Creating a budget can help anyone better manage their finances, regardless of age. A budget can also help seniors understand where their money is going and highlight any fraudulent charges they’re unaware of. Establishing a budget can also open up a discussion of what services seniors may no longer need to save more of their income.

6. Involve a Professional

If finances aren’t your thing or you want a neutral set of eyes on the books, hiring a professional can help ensure transparency among family members. Financial advisors and estate planners can help with senior finances. Consider also instituting credit and identity monitoring to ensure your aging loved one doesn’t fall victim to a scam.

When to Talk to Seniors About Their Finances

Certain markers can indicate seniors may be struggling with their finances. For example, unopened mail or final notices are often a dead giveaway. Seniors may also complain of not having any money or ask to borrow money more often than normal. Each of these signs may point to a larger problem requiring a difficult discussion.

Talking to seniors about their finances can strain your relationship if you’re not used to discussing the topic. However, an uncomfortable discussion here and there is preferable to finding out your aging loved one has no money or has fallen victim to a financial scam. Remember to include them in any discussions you have about their finances, and keep compassion and care at the core.

How Companionship Can Help Seniors Stay Safe

Visiting Angels of SE-OKC caregivers are all too familiar with the many pitfalls and scams that await seniors. Our caregivers do what we can to help protect seniors from these circumstances, often communicating our concerns to family members to address a larger discussion of the necessary next steps. We also provide the following resources to help seniors stay safe:

If you’d like to learn more about Visiting Angels of SE-OKC’s senior home care services, contact us to schedule a free consultation. Protecting seniors is only one of the many services we provide to support local seniors. We’re happy to answer your questions and help you find the care and support you or your aging loved one needs.

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