Helping Older Adults with Finances

Dealing with finances can be stressful at any age. However, this task can become especially difficult for some older adults for a variety of reasons. It is helpful if the person has a trusted loved one to assist them with organizing their money and making financial decisions, like the providers of home care in Southfield, Michigan.

From VisitingHelpers, a reliable Michigan home care, below are some things to consider when helping older adults with their finances.

How to Tell Someone Might Need Home Care Assistance

Some older adults will begin to show signs that they might be starting to require assistance when dealing with the paperwork and decision-making involved in finances. Some things to watch out for include:

• Piles of bills and other important-looking mail going unopened
• Complaints of not being able to see as well, especially if they are still wearing their prescribed glasses or contact lenses
• Memory problems that may manifest in the form of repeating stories and not being able to think of words that the person used to find with ease
• A sudden and unexplained change in spending habits, such as making large purchases uncharacteristic of the person

When these situations start to arise, it is essential to talk to your loved ones about ways that you can assist them with their finances. If they are showing signs of Dementia, it is especially important to have this conversation sooner rather than later. We offer home care services that are tailored to meet the needs of your loved ones.

Ways to Help Your Loved One

There are many ways you can help your loved one, and your level of involvement will depend on how much assistance the person wants or needs. One way to assist is by looking through their mail regularly and paying bills on time to avoid late fees and accruing interest. If you see that mail is not being collected or opened regularly, it might be time to step in.

Another way to help is by talking to them about financial scams. Unfortunately, many scams are targeted at older adults because of the perception that they are more gullible and less technologically inclined. Education can go a long way toward being able to advocate for themselves and avoid falling for a scam.

You can also assist your loved one with their finances by helping them create and maintain a budget. If you have a good idea of their income and budget, you can gauge whether or not the person needs to make any changes in their spending habits. Most people can benefit from having a budget and keeping better tracking of their spending.

Lastly, it can be a good idea to get other family members involved in financial decision-making, especially when big changes are ahead. For example, it may also be beneficial to sell a business if your loved one can no longer maintain the business. Get an idea of the value of the company beforehand by working with a financial professional. At the very least, getting family members involved can help prevent accusations that someone is mismanaging the older person’s money for their own financial gain.

Keep in mind that if you need external help with your finances, you can work with professionals like VisitingHelpers, who can lend a helping hand. We also offer companion care for your loved ones at home.

Consider these things when helping an older loved one with their finances. If you need a break from your caregiving responsibilities, take advantage of our respite care.