After retirement, seniors living on a fixed budget must be prepared to adjust their finances accordingly. These 4 tips can help your elderly loved one manage his or her money more effectively and look forward to a strong financial future.
1. Reduce Expenses
It is important for your loved one to take a good, long look at his or her budget to identify if there are unnecessary costs that can be cut. Though some seniors move to smaller houses, money-related changes do not always have to be so drastic. For example, a senior who rarely drives can cut out the costs of car maintenance and registration fees by choosing to use a transportation service instead.
2. Plan for the Unexpected
No one likes to think about future health problems or the loss of a spouse, but these things will eventually happen to most people. A sudden hospitalization or funeral can be detrimental to someone living on fixed income. For this reason, it is important to prepare for the future. Talk about potential financial events with your loved one and discuss ways to save money like hiring a Jefferson County home care agency rather than paying for a long-term hospital stay while recovering from a minor injury.
3. Prevent Scams
Nefarious criminal activity can soak up all of a senior’s funds. Financial abuse of the elderly is surprisingly common, and it can even take the form of a family member or friend making financial decisions that are not in the senior’s best interest. Seniors should be aware of common financial scams such as people selling unnecessary medical equipment and services, and families and caregivers in Jefferson County should watch out for signs of financial abuse such as a senior not knowing about a major withdrawal.
4. Document Financial Decisions
Certain health conditions make it difficult for seniors to manage their finances without assistance, which is especially common for seniors with degenerative diseases like dementia. Your loved one should appoint someone to be in charge of his or her finances and document the decision in writing to be sure his or her finances are secure.
Even if your loved one’s finances are in order, he or she may be facing other challenges throughout the day due to changes in health. If your loved one needs help managing day-to-day activities, turn to Home Care Assistance. Our caregivers can assist with bathing, grooming, cooking, exercise, and much more. For more information on the live-in and respite care Jefferson County families trust, call one of our experienced Care Managers at (303) 987-5992 to schedule a free in-home consultation.