It can be hard for your parent to admit, but there likely will come a time when help is needed taking care of day-to-day tasks. There are many indicating signs mom or dad needs assistance. The key is spotting these signs so you can get your loved one assistance quickly and gracefully.
The ability, or lack of, to manage one’s finances is one red flag to pay attention to. In fact, studies have shown that up to 29 percent of seniors struggle with managing their money.
Have you noticed your loved one struggling with paying bills? Bigger problems might be at hand. We’ve put together a short guide on how to handle finances for seniors to help identify and deal with this important task.
Signs of Financial Troubles
Consider the following as signs that help may be needed.
Bounced Checks and Overspending
Is mom or dad writing checks they don’t have the funds to support? This is a sign of overspending. Not being able to keep up with balancing the checkbook is a serious problem, and one that needs to be caught and addressed quickly (but delicately.)
Maybe your parent is keeping up with the finances—but just barely. Dealing with finances can be frustrating even when one’s capacity isn’t beginning to decline, so watch carefully for signs that indicate your parent is overwhelmed with the burden of keeping things balanced. Becoming frustrated with dealing with finances is a small sign, but an important one.
Inability to Adapt
Obviously, today’s banking and financial picture is much different from the way it was even a few years ago. While your mom doesn’t have to be computer-savvy, it is important that she be willing to adapt to a world that utilizes computers in banking. If not, you may need to step in and help. Remember to be patient. While common, today’s technology is still foreign to many seniors
How to Suggest Mom or Dad Needs Help With Finances
Noticing the signs that warn you that your parents may be struggling to keep up with their finances is the easy part.
Now that you have acknowledged the need to step in, how do you suggest a solution to your parent? You don’t want to make your parent feel helpless, but you want to help.
One option is offering to “streamline” finances by allowing you to help set up online payments. Sympathize with them about the frustration of monthly bills, and share with them the solution you’ve found in setting up automatic withdrawals.
Tips for Keeping Track of Your Loved One’s Finances
Once you have convinced your loved one that you need to help with balancing the checkbook and paying bills, how can you make sure you keep things in order?
Here are a few tips that may make the process easier.
Set Up Auto-Payments and Online Bill Pay
Automatic bill payment options are great solutions for many people. It eliminates late payments, but also alleviates the pressure of remembering to stay on top of everything.
Don’t take over and leave mom or dad out of the equation. Let your parent cooperate with you to balance the checkbook and stay on top of things. Explain the options in simple terms, and let them make the final decision.
Keep it Separate
While it can be tempting to combine things in the name of “simplifying,” it will often create more of a mess. If you are taking care of your mother’s bills as well as your own, make sure you keep the payments and accounts separate. You will find it is easier to get things done, and faster when you need to find information when finances are maintained separately.
Consider an Accountant
Working with a professional may be a good solution, especially for complex financial situations. Rather than treating your parent as though you don’t feel that they are capable, treat the situation as though they have simply earned the luxury of letting someone else handle things for them. After all, it’s likely true!
Sometimes the little things, like struggling to balance a checkbook, can be indicators that it is time to consider a change. A senior care advisor can help you understand your situation, evaluate your options, and identify the best way to proceed. Perhaps it’s time to think about assisted living? Or maybe your mom or dad just requires some outside assistance.
Working with a complimentary advisor can help you discover the best solution for your family situation. If you would like to discuss your situation with a CareChoice expert, contact us online at ourcarechoice.com, or reach us by phone, (404) 402-1499, today.