Keeping on top of finances is much different once you’re retired, and can become more complicated than one expects. About one in three senior households are out of money, or in debt after paying monthly bills. and if you’re trying to help seniors manage their finances as a primary family caregiver, there are some additional roadblocks. Many older adults are reluctant to relinquish control of their sensitive financial information.
Fortunately, there are a few things that can help. We recommend looking into the following tools:
- BudgetPulse (a program that creates a budget and tracks spending each month)
- Budget Simple (free online budgeting tool)
- Economic Checkup (offer calculators for budgeting and have info on government resources)
- Mint.Com (links to your accounts to track spending and expenses)
- Personal Capital (tracks earnings and losses in investment accounts)
- PocketGuard (tracks spending, and gives you a snapshot of available funds)
- Prism (has a simple design)
- You Need A Budget (not free, and also provides classes, podcasts and videos
In addition to these helpful tools, if an older adult truly needs help with financial management but refuses to accept your help, try speaking with a trusted professional. This could be the person’s financial advisor or even primary care physician, as a check-up may reveal cognitive or other concerns that warrant further exploration. The doctor or other trusted source may also carry more weight when it comes to advising the senior to accept help with finances for their own benefit.
After all, financial health is just as important as physical health!
An in-home care provider, like Endeavor In-Home Care, can also help in a variety of ways – from transportation to medical or other appointments, to taking care of household chores, meals, and errands while allowing seniors and their loved ones to focus on matters that need to be addressed or simply to spend more quality time together. Our caregivers also serve as great companions to allow an older adult the opportunity to talk freely and openly about whatever is on their mind.
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