Your parents have always been there for you helping you through thick and thin and solving issues whenever you had them. During your early years, they were taking care of you and guiding you through the most critical moments of your life. Now, they are old and need you to help them make decisions regarding their lives. One of the main issues that senior citizens find themselves in have to do with managing their money. You want to help your aging parents with their finances, so you need to inform yourself about what this implies.
The first thing you need to know about helping your aging parents managing their money is their current financial situation. You should ask them about any retirement plan that they might be enrolled in as well as any other source of income that they have. You should sit with your parents and inform them of their financial situation. They would want to know what it is happening with their money, so you want to include them in any type of decision that you make regarding their finances. This will make them feel helpful, and they will not resent you for managing their finances.
This is important information because you want to make sure that they are living within their financial situation. You want to make sure that their savings or income will provide them a good life. As senior citizens, they need to be comfortable. You also have to think about any emergency they could find on the way, so you have to inform yourself about their financial situation before doing anything else.
Once you have the records that give you this information, you need to make a life plan for your aging parents. This should include a budget that details each one of their expenses. You should include information such as rent, food, medical expenses, and any other monthly expense that they have. This will allow you to have a better idea of how much money they need every month.
You have to evaluate certain information when you are writing down their budget. Ask them if they are happy with their current living situation. You want to make sure that they are satisfied with their life, so this should be a priority for you. If they live on their own, you should make sure that they are living under adequate circumstances. If they complain about anything in particular, you should make any necessary change before proceeding to any other change in managing their finances.
Even if you make necessary changes, you might want to consider secured environments for the future. There are many senior’s home that will provide your aging parents with the necessary care they need once they are unable to live by themselves. Even if that is not the case at the moment, you want to evaluate them for the future. You should think that their safety is on your hands, and it is up to you to move them to a safe environment when the time comes.
Once you sort this out, make sure that their daily and weekly needs are met. For example, many aging parents are unable to drive or walk for that matter. Ask yourself and them what would make their lives easier. Things such as getting groceries delivered can be extremely important changes they have to make. Money will play a role in this, so you need to add this in your budget.
Take in advantage that many aging parents do not want to lose their independence. You should make sure to arrange transportation options in order to help them move around town without feeling forced to call you every time they need or want to. Depending on their health and mental state, they could walk or drive themselves. However, you need to make sure that they are aware of the different options they have before doing this. You should stress the fact that money will be use for this type of services too, so they know where their money is going.
Something that will take a big part of your parents’ income is medical expenses. Senior citizens start presenting health issues even if they are overall healthy. You want to make sure that you are covering this expenses properly based on their monthly income. You also have to remember that emergencies happen, so you also want to save them money in case you have to face one.
Overall, it will take you some time and effort to help your aging parents with their finances. There are many steps you can take in order to manage their money in a way that it can cover each one of their needs, so you should be sure to consider each one of them.
Guest post by: Debt Consolidation USA