Tips for Helping Aging Adults with Dementia Manage Their Finances

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How to Help Older Adults with Dementia Manage Their Money in Waterloo, ON

Dementia has a negative impact on the brain and interferes with a senior’s daily life. As the condition progresses, it may be difficult for older adults to do many tasks, which includes managing their finances. To help an aging loved one with dementia manage his or her finances, use the following tips.

Use an Automated Billing System

With automatic bill payment, seniors with dementia don’t have to worry about missing a payment, and they can prevent loans, utilities, or other services from being suspended or terminated altogether. Continue to monitor your loved one’s accounts to determine if there are any inaccuracies, and make sure he or she is aware of any price increases and reductions that creditors and companies implement.

If your senior loved one has been diagnosed with a serious condition and needs help with tasks like meal prep, transportation, bathing, and grooming, reach out to Home Care Assistance, a leading provider of elder care Waterloo, ON, families can trust. We also offer comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s.

Limit Credit Card Access

In addition to putting limits on your loved one’s credit card accounts, make sure you establish an alert system with the bank to know when he or she is withdrawing funds from the account. Limiting credit card access allows you to monitor your loved one’s finances and determine if he or she is having difficulty making transactions. Some financial institutions know their customers on a first-name basis and will give them special attention. 

Caring for seniors with dementia can be a challenging task. Families who find it difficult to care for their aging loved ones without assistance can benefit greatly from professional respite care. Waterloo, ON, family caregivers who need a break from their caregiving duties can turn to Home Care Assistance. Using our proprietary Balanced Care Method, our respite caregivers can encourage your loved one to eat well, exercise regularly, get plenty of mental and social stimulation, and focus on other lifestyle factors that promote longevity.

Review Credit Reports

During the early stages of dementia, your loved one may want to manage his or her own finances without your assistance. However, you should monitor his or her credit report and accounts on a regular basis to look for signs of elder fraud. Although your parent can do some tasks alone, he or she may still experience disorientation, the inability to recognize common finances, and hallucinations, which increases the odds of being scammed.

Send Mail to a Post Office Box

Maintaining independence can slow the progression of dementia in some seniors, which is why you need to be sensitive when it comes to managing your loved one’s finances. Instead of taking away your loved one’s daily tasks, find ways to simplify his or her responsibilities. For example, you can rent out a post office box and have your loved one’s bills sent to that address. Renting out a PO box allows you to manage most of your loved one’s finances without him or her knowing. Instead, give your parent some of the easier bills to pay, such as those that can be managed using auto bill pay.

Aging in place can present a few challenges for seniors living with dementia. However, they can still live independently at home with the help of professional dementia care. Waterloo families can rely on Home Care Assistance to provide their elderly loved ones with mental and social stimulation, timely medication reminders, assistance with meal prep, and much more. Our caregivers are available around the clock to help your loved one live a happier and healthier life. To create a customized in-home care plan for your aging parent, give us a call at (519) 590-2792 today.