As our loved one's age, it becomes increasingly important to monitor their well-being in various aspects of life, including their finances. It’s not uncommon for seniors to struggle with financial management. For seniors experiencing cognitive decline or physical limitations, staying on top of finances can become a real challenge.
Recognizing the signs that your senior loved one may need help with their finances is crucial for their financial stability and overall well-being. In this article, we’ll explore some red flags that could indicate your loved one is having difficulty managing their finances and discuss some practical ways to offer support.
Spot the Signs
While everyone’s financial situation is unique, looking out for signs that your loved one is struggling can help you determine when intervention may be needed. Spotting unpaid bills, unopened mail, or overdue notices at your loved one’s house may indicate that they’re having difficulty keeping track of their financial obligations.
You may also notice unusual spending patterns or strange purchases that are out of character for your loved one. If your loved one is expressing concerns about budgeting or affording their basic needs, this could be another sign they’re having trouble managing their finances effectively.
Consider Senior Living Options
Problems with financial management may indicate memory problems or other age-related issues. For example, AgingCare recommends evaluating your loved one’s health and functional abilities when you visit, looking for signs that they may need assisted living care.
If you think your loved one needs care 24/7, start looking around online for nursing homes in your area. The earlier you start looking, the more time you’ll have to compare facility pricing, payment options, reviews, and amenities. For example, Frasier offers a variety of care options, from independent living to skilled nursing care, to meet the needs of seniors with varying care needs.
Start a Conversation About Money
When you notice signs that your loved one may be having financial trouble, it’s time to broach the subject. Conversations about money can be uncomfortable but do not delay, especially if your loved one is showing signs of cognitive decline. As early as possible, start asking questions to get a clearer picture of your loved one’s finances. For example, ask where they keep their financial documents, how much debt they owe, who serves as their financial advisors, and what planning they’ve done for the long term.
Seek Guidance from a Financial Advisor
If you don’t feel comfortable offering financial advice to your loved one or are unsure how to best move forward with their financial situation, don’t hesitate to speak to a professional. A certified financial advisor (CFA) will create a financial plan that aligns with your loved one’s immediate and long-term financial goals. A financial advisor can also help your loved one avoid financial scams and exploitation.
Consider looking for a financial advisor who specializes in senior finances, as these professionals will better understand planning for living on a fixed income, budgeting for long-term care, and investing in retirement accounts.
Set Up Automated Systems
Thanks to innovations in financial technology, managing money can be largely automated. Set up automated systems so your loved one has fewer financial matters to keep track of. For example, Clever Girl Finance explains that you can automate bill payments and contributions to savings and investment accounts. Start by signing your loved one up for automatic debits from creditors and service providers. For providers that don’t offer this option, set up bill payments with your loved one’s bank.
Supporting a senior with money management requires a great deal of patience, compassion, and open communication. Remember that each situation is unique, and the level of support required by your loved one may vary from help paying monthly bills to long-term care in a skilled nursing facility. By keeping an eye out for potential financial struggles and acting promptly when you notice a need for support, you can ensure your loved one maintains a high quality of life.
Dignity Care is a homegrown business in Boulder.In the 1990s, Mary Kirk, a registered dietitian, began caregiving for family and relatives. Her husband, Ged, offered a companion travel service for the elderly and disabled. Together they established Dignity Care, LLC in 1997 as a home care business with just two caregivers and a home office.As demand for home care service increased, Mary recruited additional caregivers, but always with an emphasis on the compassionate, respectful, personalized care that was Dignity Cares trademark. Mary created her own approach to senior home care, unique in this area.With this dedication and passion to provide the best caregivers in the Boulder County region, Dignity Care has continued to grow and in 2009 became licensed as a Class A home care provider. We specialize in using Certified Nursing Assistants on our teams so we can bring you the skill and experience you deserve, if you have any questions, please call us at 303-444-4040.
Too many seniors grapple with isolation and depression, but these are not a normal part of growing older. They are treatable medical illnesses, much like heart disease or diabetes. Depression is a serious illness affecting approximately 15 out of every 100 adults over age 65 in the United States.Seniors experiencing feelings of depression and isolation have a higher risk of hospital admissions, as well as a higher risk for being scammed. Not to mention it makes for a miserable life.So, what can you do? Helping seniors stay healthy means more than ensuring they get good physical care. Individuals living alone miss out on the stimulation of interactions with others on a regular basis. Our caregivers serve that dual purpose of providing physical care and social connection. We enjoy our clients, building a relationship with them, and sharing the highs and lows of their days. Caregivers can laugh with their clients and be an empathetic ear. We make sure our clients are getting out of the house and attending events and activities that interest them.Hiring a caregiver to help out, even for a couple of hours each week, brings conversation and spark along with the physical help. Caregivers are a good antidote for depression. If you have any questions, please call us at 303-444-4040.
Hot summer days are a good time for everyone to think about staying hydrated. For older adults the topic of hydration is a year-round discussion that never goes away. Its a serious issue for most seniors but doesnt get resolved because it needs to be addressed every day and cant be solved with a pill.Seniors have a very high risk for dehydration, which is one of the most frequent causes of hospitalization after the age of 65. They have a greater risk of dehydration for many reasons, including the fact that as we age, our kidneys become less efficient at conserving fluids, our sense of thirst weakens, and we are less able to adjust to changes in temperature. Some medications like diuretics, sedatives, and laxatives can also cause increased fluid loss.Dehydration can cause temporary symptoms that mimic symptoms of Alzheimers. If dementia-like symptoms seem to appear suddenly, it could be dehydration which is easily curable.Symptoms of dehydration range from minor to severe and include persistent fatigue, muscle weakness, headaches, dizziness, nausea, forgetfulness, confusion, lethargy, increased heart rate, sunken eyes, dry mouth, dark colored urine. Urine should be clear to pale yellow. I tell my clients that if their urine is darker than pale yellow, they should head straight to the kitchen from the bathroom and drink a full glass of water. Keeping a glass of water beside you all day to sip on rarely results in someone drinking enough fluids. Its more effective to drink the entire glass, even if its a small glass. Seniors cant rely on their sense of thirst to tell them when to drink water. Scheduling a glass at each meal and/or after a bathroom visit, making sure to drink the full glass, is the best way to make sure youve gotten your full daily amount.If you have any questions, please call us at 303-444-4040.
Frasier is an independent not-for-profit, mission-driven senior living community. We offer a wide range of comfortable apartments with different floor plans, many with panoramic views of the Flatirons in our independent living buildings, The Peaks, and The Prairies. Frasier is a Life Plan Community offering the full continuum of care.