Senior Specialties - Online: Money Management

   Moderated by Sandra Cherry, PFPAdvantage Plus Caregivers

Money Managment
Have you ever thought you would need assistance with bill paying, understanding a credit card statement, writing a check or balancing your checkbook?

When a person is healthy and capable of making what we think are simple decisions these are some of the things we do on a daily basis. 

  •   Go to mailbox and take out the mail.
  •   Bring the mail in to the house and open it.
  •   Look at the bills/statements received for correct charges/credits.
  •   If there are errors make a phone call to the vendor to get it rectified.
  •   Pay the bill or place it into a filing system to be paid later.
  •   Balance a checkbook.
  •   Review insurance policies or Explanation of Benefits.

 

When a person is confused or has a dementia he/she may go to the mailbox and take out the mail and bring it into the house and place it somewhere and forget about it. Bills/statements do not get reviewed or paid and this is detrimental to his/her financial health.

 

Many seniors discover they can no longer do these things for themselves. When you consider memory issues, arthritis, failing eyesight and hearing there comes a time when help with figuring out insurance forms, balancing a checkbook, understanding credit card statement charges and a lot of other activities you always did may be necessary.

 

Daily-money-management is available for seniors and others who may not be available to handle these activities themselves. Often people live in another area for part of a year and need someone to pay their bills while they are away.

 

A neighbor of mine had several medical issues and would forget to pay his bills and eventually the utility companies would shut off the gas and electricity. With his permission I was able to help him by making phone calls and having the utility companies put his accounts on automatic withdrawal from his checking account. He had no idea that was an option.

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