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Helping your older loved one manage their finances

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When your loved ones grow older chances are you’ll find yourself stepping in to help support them and guide them. This can feel a little odd at first. After all, it’s likely that these are the people who raised you, watched you grow into your adult and have supported you throughout your life. However, as people age, they can start to experience difficulties or challenges with managing their day to day life – whether that’s through health issues, changes in mental health or simply finding it difficult to keep up with changes and the general modernisation of the world. Now, there are countless areas that you might find yourself helping with, but finances may be one of them. Here are some tips and tricks that can help you to help your elderly loved one manage their finances.

Establish Boundaries

First and foremost, it’s important to make sure that you and your loved one are comfortable with you helping with their financial management. Finances are a private matter and your loved one may be completely fine managing their money on their own. Make sure that you’re clear with what their boundaries are and what they are comfortable and happy with you being involved with. Some elderly individuals will just need a little assistance, such as reverting their bills to paper format rather than electronic format. Some will need complete assistance. Just make sure that your loved one is comfortable and happy with your help.

Helping to Budget

Your loved one may need some help with budgeting. The cost of living is rapidly changing at the moment, with energy bills and fuel bills, in particular, skyrocketing. To determine your loved one’s budget, you will require information regarding how much money they have available to them (through pensions or savings) and how much their outgoings amount to. You can then help to determine how much disposable they have available to them each month and this can manage their spending, preventing them from getting into debt.

Investing

Your loved one may want to make some investments with their money. This can be great. Generally, it’s best to help them find a financial adviser or wealth management company who can guide them in the right direction. You can also introduce them to the best investment apps to monitor their investments.

Life Insurance and Funeral Plans

Many elderly individuals decide to take out life insurance and funeral plans. This will ensure that their family aren’t hit with costs when they pass away and that any dependents they may still have are covered. It’s useful to help with this decision, as there are so many different options available on the market. You want to make sure that the plans cover everything your loved one needs, as well as getting the best value for their money.

These are just a few financial areas that your loved one needs to consider and where you can help them. Give them some consideration and discuss your loved one’s options with them.

Photo by Visual Stories || Micheile on Unsplash

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