When you think about an older person maintaining his or her independence, you may think about the ability to drive or walk independently. Something you may not think about as often is the ability to manage finances independently. However, the mismanagement of finances due to physical or mental limitations can cause a host of problems. Payment deadlines may be missed, which can affect credit scores or good standing with companies. Someone losing their ability to manage their money may give money away to the wrong organizations, such as scammers. Poor management of sensitive financial information could lead to identity theft.
Here are some signs that an older family member may not be able to manage their money any longer:
- There’s a lot of unopened mail around the house, including bills.
- Your family member gets calls from creditors.
- You hear complaints about not having enough money. This is a common complaint for many people, but watch out for newer or more frequent complaints.
- You learn about unexpected, expensive purchases.
- Your family member is having mental or physical trouble in other aspects of life that were once easy to manage. Those same difficulties could affect their ability to manage and pay bills on time as well.
- There’s been another major life change recently. This could be a death of a partner, job loss or retirement, or health issue. Although these changes don’t always trigger problems with money management, they do in some cases.
- Your family member is applying for credit cards or loans unexpectedly.
At Secure Aging, our number-one goal is to help seniors with careful financial management. We can help guide you through this initial conversation with your loved one, to help him or her maintain dignity. We do not take complete control of our clients’ funds—all decisions are made with our clients. By using Secure Aging for money management, you stay in your role of son/daughter, sibling, or grandchild, without taking on the more complicated, delicate role of money manager. If you think an older adult in your family needs help with financial management, give Secure Aging a call.
Call Secure Aging to Find Out How We Can Help Seniors With Financial Management
At Secure Aging, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect and preserve our client’s independence and dignity through careful and thoughtful financial and care management. As our clients age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Call us at 941-761-9338, or visit us online at www.secureaging.com.