In This Article:
Why Are Seniors Reluctant To Ask For Help
Warning Signs That A Senior Needs Help Managing Finances
Ways To Help Seniors Manage Finances
In an effort to cope with changes in their health status, many seniors may be reluctant to ask for help, especially when it comes to managing finances, because they feel that it is a sign of weakness. Seniors are very protective of their privacy, so they feel that seeking for assistance may put themselves at risk of losing their independence.
It may be difficult to convince seniors that they need help with managing finances. For most seniors, this is a very sensitive subject and it is important to understand and be sensitive towards them when discussing money matters. Usually, the best time to talk to seniors about assistance with managing finances would be before the need arises. It is better to discuss money matters while the senior is still healthy and active so you can come up with a plan on how you can provide assistance when the time comes.
Observe and watch for these warning signs that will tell you when a senior needs help managing finances to avoid any financial trouble.
1. Monitor Checkbooks and Bank Statements
Looking at a senior’s checkbook or bank account statements may offer some valuable information if you think the senior may need help in managing personal finances.
2. Check Credit Card Statements
Another place that you can look for signs of financial trouble is with credit card statements.
If you think that your senior love one needs help in managing personal finances, it is important that you talk to him or her as soon as possible. Bring up your concerns, suggestions and discuss possible consequences of mismanaged finances.
Be sure to involve your elderly loved one as much as possible in the decision-making. Instead of completely taking over the senior’s finances, it will be easier if you just offer assistance with certain tasks that they need help. For example, if your senior loved one is starting to show memory loss, you can offer to review their account statements with them once or twice a month.
In Conclusion
Listening to what your senior loved one has to say is very important. Remember, conversations that involve finances can be very tough and emotional for seniors. Therefore, it is important for you to address the financing issues early while also understanding and being sensitive towards their feelings and need for independence.
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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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