As people age, it becomes more and more challenging to keep track of daily finances. This is due to physical or mental disabilities related to aging. As a result, some bills are not paid in a timely manner.
In This Article:
Overview of Daily Money Management For Seniors
Tasks Included in Daily Money Management
Effective Money Management Tips
When this happens, it is very important to find someone who is very reliable and trust-worthy, preferably, children or other close family members to help seniors with daily finances.
It is key to have an organized daily money management program, which includes developing a personal budget and a spending plan, to be in place.
What does daily money management include?
- Daily budgeting and keeping track of all expenses
- Paying bills on time
- Balancing checkbooks
- Making deposits
- Organizing and preparing financial records
- Review checkbooks, bank statements and cancelled checks, if applicable.
- Review all outgoing bill payments and be sure to check for any duplicate ones.
- Double check that all deposits are credited to the right account.
- Keep track of all forms of income and keep a record.
- Make sure that all government benefits are received
- Review all the donations, especially those unusual large amounts to any non-profit organizations.
- Check payments to persons that are unknown to you as this might be a possible sign for any scams or exploitation.
There are a lot of daily Money Management Programs out there designed to assist seniors. This service should be considered when a family member or a trusted friend is not available to help with the day-to-day financial needs.
Be sure to check your local listings for agencies and non-profit organizations that offer this kind of service. Some agencies may provide daily management services for free; others charge a minimal fee based on financial status, while a few on a sliding scale or flat fee.
Before choosing an organization or agency, make sure that it has a good reputation. It will be wise to ask family, friends, neighbors, your Local Agency on aging for recommendations.
Before signing-up with the program, make sure you know the following:
- The cost service
- What to expect from the program like the duties and responsibilities of the person assigned to help
- Employee Training and Quality Assurance Programs
- Name of the person you can contact for any questions or concerns.
It is very important for the senior to feel very safe and comfortable with the program before making the final decision.
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About the Author: Catharine D. Allado is a Senior Care Expert and the COO of SeniorCareHomes.com – A trusted and comprehensive online directory of Senior Care Homes such as Assisted Living, Nursing Homes and other types of Senior Housing in California, Florida, New York, Arizona and the rest of the United States. SeniorCareHomes.com also provides FREE Assisted Living options to help seniors and families find the best Senior Housing on the planet!
Other Articles Related To Senior Finances
- Money Saving Tips For Seniors
- Estate Planning
- Is Reverse Mortgage Right For You?
- How to Maximize Social Security Benefits
- Legal Planning Tips For Aging Relative
- How To Avoid Elder Financial Abuse
Other SeniorCareHomes.com Helpful Links:
- Seniors Online Community & Discussion Forum
- Senior Care Facility Search
- Senior Facility Registration
Catharine “Kate” is a Certified Administrator for Residential Care Facilities for the Elderly (RCFE) and an Expert Senior Care Advisor. Kate’s grandmother battled Alzheimer’s Disease and Kate personally understands what millions of families are going through. Kate and her team are very passionate in empowering Seniors and their families by providing them with the Best Available Senior Care Options based on Senior’s care needs, preferred location and family’s budget.
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