Entering the twilight years can be a very beautiful thing. Of course, there are some things to be mindful about. Many seniors no longer earn an income, so money management is more important than ever before. Part of proper senior care is helping with the finances. Here are some tips to help seniors with money management.
1. Talk About Scams
Unfortunately, some people will take advantage of seniors for their money. They may be disguised as charities or even a government organization. Tell the senior in your life not to provide their social security number unless absolutely necessary and to talk to someone before making suspicious payments.
2. Plan for Final Expenses
While it’s an unpleasant topic, it’s important to go over plans for a celebration of life when your loved one passes, and how that celebration will be covered. Otherwise, it may fall on you or the other people in their lives.
3. Consider Ways to Save Money
Look for ways to save your loved one’s money by going through their bills with them. They may be paying for channels or services that they don’t need. Senior care can be quite expensive, so it might be nice to talk about an alternative housing situation, such as living with a family member. The money can be spent on more entertaining things, like a vacation, or more responsible things, like a grandchild’s college education.
4. Be Patient
As people get older, they might not have the most positive reaction to getting help with their finances. Try to understand how difficult this can be for them. Be patient. If they still have the ability to manage most things themselves, it’s good to step back until necessary.
Not having an income makes things extremely difficult. Social security simply doesn’t cover everything. Use these tips to help your loved one remain comfortable for as many years as they are blessed with. If you or your elderly loved one need assistance with any aspect of their lives, call BlueDot Cares. We provide many home health care services to make you and your loved one’s lives easier.