As your elderly loved ages, they may begin to experience an array of both physical and mental health declines. These health declines can negatively affect activities of daily living and in particular, one’s finance management. Finance management is especially important for seniors to ensure they have enough saved to live comfortably, or have a financial plan if assisted living or home care in Massachusetts becomes necessary in the future. The following is a list of helpful tips that can be implemented in order to help your elderly loved one stay on top of their finances as they age.
Set up an Excel Spreadsheet
Helping your elderly loved one create an excel spreadsheet that organizes all of their monthly bills can be a great start to help them manage their finances. This will help keep tracks of monthly bills and payments, as well as any expenses such as grocery shopping.
Unfortunately, some memory loss is a natural part of aging. If your elderly loved one frequently forgets to pay their bills on time, research their automatic payment options. Many companies offer automatic payments that will take the amount owed directly out of your loved one’s bank account the day the payment is due. This way, your loved one won’t have to worry about if they are behind on their bills or try to remember which one’s they’ve already paid. This is also helpful for seniors who may require dementia or Alzheimer’s care in Massachusetts and have difficulty managing their payments.
Use a Financial Planner
While keeping track of small bills and monthly expenses is beneficial to seniors, having a financial planner can help them plan for the future. A professional financial planner will be able to educate your loved one about basic concepts of financial management and can also help make key decision. Having a trusted financial planner can offer both you and your elderly loved one peace of mind. Other items to talk to a financial planner about include living trusts and wills, power of attorney and a financial action plan if health is to suddenly decline.
Talking with an elderly parent about finances can be difficult and it is often a sensitive subject. However, it is a necessary conversation that will affect their happiness and quality of life in the future. For other helpful tips or information about senior care services for your elderly parent or loved one, visit our website at www.homecareassistancemassachusetts.com.