Managing finances can be hard for your parents and grandparents. This is especially the case if they suffer from any visual, physical, or mental impairments. In addition, if they’re immigrants, they might not be familiar with the tax and banking procedures or might not have the English abilities to understand them. To prevent your loved ones from being targeted by scammers or spending beyond their means, it is important to help them with their financial and monetary affairs. Otherwise, they might not have the retirement funds they need to sustain their daily living and might get evicted from the apartments. Here are some tips on helping your loved ones to manage their finances!
Assess The Situation
Before you can attempt to help, it’s important to see if your loved ones actually do need help, and the areas they need help in. Some signs will be obvious, such as the electricity being cut off. If you suspect your loved one needs help, you can try to investigate. For example, you can:
- Check for unopened mail and unpaid bills.
- Check your loved one’s credit card and bank statements for any suspicious transactions in case they’ve fallen victim to financial scams.
- Speak to our loved one’s doctors, friends, and family and check for signs of decreasing mental capacity.
- See if your loved one is spending large amounts of money on things they do not need, such as lotteries and home shopping.
Your loved one might admit they need assistance. However, how do you bring up the topic if they insist they can handle their finances by themselves when they clearly need help?
Bringing Up The Subject
Money is a sensitive topic for many of us. If you try to manage your loved ones’ finances without having a proper talk with them, they might get defensive or doubt your intentions to help. Their defensiveness might be due to embarrassment or feeling afraid of losing their independence. Make sure to use a gentle approach and do not forcibly step in. You can bring up some concerns you have, such as noticing them forgetting to pay bills and what could end up happening if bills end up unpaid.
Come up with a plan together over the areas you can help in and involve them in the process instead of trying to take over everything. Make sure to listen to their thoughts and feelings on the matter. Showing them respect will make them more receptive to your help.
Locate Important Documents
It is important to know where important financial documents are so you can help if your loved one faces an emergency. These documents include bank statements, insurance policies, wills, pension records, and more. If your loved one does not have a will or a designated Power of Authority, you should encourage them to find a lawyer and begin the process.
Memory Care at Aston Gardens At The Courtyards
If your loved one suffers from dementia, they will benefit greatly from living at Aston Gardens At The Courtyards. We are a senior living community equipped with a team of professionals experienced in caring for residents with cognitive decline. You can rest assured that your loved one will receive personalized memory care in a safe and supervised environment.