Successful Ways to Help Your Parents With Money Management

When was the last time you looked at your parents’ finances? Have you looked at them recently? Are your parents paying their bills on time, or are they falling behind? They may not know how to ask you for help, yet they want someone helping them.

An AARP Foundation study found that around 8 out of 10 adults age 50 or older struggle with finances. Decreasing pensions, higher medical expenses, and If your parents have a hard time paying their bills, it’s time to sit down and figure out how to help them.

Set Up Shared Account Access

Home Care Albany, MN: Seniors and Money Management

Take time to set up your parents with online banking. Online banking will save them time, as you can arrange to have their bills paid on time automatically. You still need to make sure there is money in the account to cover these bills.

Ask your parents for permission to go in each month and double-check. Make sure that there is enough money in the account to cover the payment. They may find themselves relieved to have the help. Even if you live hours away, online banking makes it easy to keep tabs on their expenses and income.

Find Ways to Save

Go through your parents’ bills and find ways for them to save money. If they have cable television and only watch a few channels, it may be cheaper to cancel the cable TV service and use a streaming service instead.

Look for senior discounts on their newspaper subscription. Some cities offer discounted rates on property and school taxes. You’ll also find deals on everything from vacations to prescription medications if you sign them up for an AARP membership.

Consider Downsizing

Your parents may be okay with the idea of downsizing. Feel them out. Ask questions and see how they react. Make sure you point out the benefits of having a smaller home. They still enjoy their independence and have a home of their own, but they don’t have to worry about the bills that come with a home that’s larger than they need.

A smaller home, especially if it’s new construction, will be well insulated. Lower heating and cooling bills are one of the most significant benefits of downsizing. If they choose a single-story home, they’ll also enjoy not having stairs to climb up and down each day.

You can help your parents with their bills and finances, but what else can’t they do without help? Home care assistance is helpful when it comes to housework, transportation, errands, and meals. Home care assistance services allow your parents to live independently without relying solely on you. Call to learn more.

If you or an aging loved-one are considering Home Care in Albany, MN please contact the caring staff at Alternative Senior Care today. Providing Home Care in Central Minnesota and Surrounding Communities. Call us Today (320) 352-3350

Sources:

https://www.aarp.org/money/budgeting-saving/info-2019/financial-health-survey.html