Helping the Elderly with Daily Financial Responsibilities

We all know someone–whether it’s a friend, neighbor, a co-worker, or yourself.  You know–the person who’s constantly stressed out because their aging parent(s) need a lot of help managing their day-to-day finances. The assistance can be needed due to a physical limitation such as macular degeneration or a mental limitation such as dementia. It can also be needed because of a short-term illness or because a spouse has recently passed away. Or maybe the parent just doesn’t have the time or energy to keep up with everything. It puts a lot of stress on the family, doesn’t it? 

I like to joke that for a few years, I wasn’t just part of the sandwich generation, but actually, the Dagwood generation–I had my children and husband to take care of, as well as assisting my Mom, two Grandmas, and an overseas sister with daily financial issues. Lucky for me, Finance is my “thing”–not only do I have a passion for it, but a degree and many years of corporate finance experience as well. Also, I enjoy helping everyone. But that doesn’t
mean I always have the time or the energy for it all.

So what are you to do if you find yourself in this situation? I have a few suggestions that
could help. 

The first is to do the basics–make sure Mom and Dad are signed up for automatic payments whenever available. This should be a free service and usually the service provider can give you information on how to set up the service if it isn’t already being utilized. 

Second, cut down on junk mail and marketing calls as much as possible. There are organizations such as the “Do Not Call” list you can utilize to stop the marketing calls
(unfortunately, non-profit organizations are exempt from it, so you will still receive calls from them).  There are also websites that will allow you to limit the junk mail you receive. There is also a “Credit Card Opt Out” website so that credit card offers stop coming to the house.

Third, get organized! Find a workable model for you and your Mom/Dad so that all bills and
correspondence are collected in the same place. This will save you an enormous amount of time going forward.

Fourth, there are many resources available to help you, including AARP, the National Council on Aging, and the Administration on Aging. Also, keep an eye out for local lectures on topics related to aging parents.

Fifth, if you don’t feel you can manage the situation on your own, hire a Daily Money Manager. These professionals assist people with their day-to-day financial responsibilities, making sure late fees are avoided due to late payments, auditing health care bills and insurance statements, organizing bills and other pertinent information for tax time, etc. 
Of course, make sure they are carefully screened before you share any personal information with them.  You can find more information about the field on the American Association of Daily Money Managers website.

In summary, I am proud and honored to be able to help my Mom after everything she did for me growing up. And I hope my advice helps many of you be more effective helping your
Mom/Dad. It’s not always easy, but I assure you, it really does provide a sense of security for them!

I hope to share more helpful hints and information about this topic in the future.  I would also welcome your questions and comments. Thank you!

Wendy Sheffield

Sheffield Daily Money Management