One concern when caring for your elderly loved one is how well he or she stays on top of paying bills and other money management.This can be especially important if your loved one lives on a fixed income. Consider the following 5 tips to help your loved one better manage his or her finances, brought to you by the staff at Home Care Assistance Waterloo.
1. Watch for Signs of Neglect
If your loved one has unexplained money transfers in large amounts, unopened mail piled up on the counter, or is receiving telephone messages from bill collectors, he or she may be having trouble taking care of finances. This may be due to a dwindling bank account or perhaps a change in his or her mental health. It may be time to sit down together and have a talk.
2. Speak to Your Senior Loved One
Talking to your loved one about his or her finances is all about the approach. Be up front about what you have noticed, but do it in a manner that is not accusatory. Instead, offer your assistance and see if you can find a solution together to better manage the finances.
3. Determine How Much Help Is Needed
After talking, you may learn your loved one simply needs help each month in sending checks out to the appropriate places, or you may also discover your loved one has mismanaged his or her money. In the latter case, allotting your loved one a monthly allowance to spend any way he or she wants after the bills are paid may be the solution.
4. Set Up Automatic Payments for Monthly Bills
If your loved one has trouble writing out checks, you can set him or her up with automatic payments for monthly bills. There are also third-party bill paying services that can take care of this. Automatic bill payment can relieve your loved one of the task and end your worries about whether or not his or her bills are being paid.
5. Hire a Money Manager
If it is not possible for you or other family members to help your loved one with his or her finances, or the situation has become too overwhelming for everyone, you also have the option of hiring a money manager. Many money management companies actually specialize in helping the elderly with their finances, and they can help with balancing checkbooks, writing checks, and keeping track of deposits.
Even if your loved one’s finances are in order, he or she may be facing other challenges throughout the day due to changes in health. Whether your loved one needs physical or mental assistance, Home Care Assistance can help. We offer live-in and hourly care in Waterloo, and our caregivers can assist your loved one with a variety of daily tasks, including grocery shopping, transportation for errands, and medication reminders. To find out more about our senior care services, call a qualified Care Manager today at (519) 590-2792 to schedule a free in-home consultation.