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 As people age, it becomes more and more challenging to keep track of daily finances. This is due to physical or mental disabilities related to aging. As a result, some bills are not paid in a timely manner.
In This Article:
Overview of Daily Money Management For Seniors
Tasks Included in Daily Money Management
Effective Money Management Tips
When this happens, it is very important to find someone who is very reliable and trust-worthy, preferably, children or other close family members to help seniors with daily finances.
It is key to have an organized daily money management program, which includes developing a personal budget and a spending plan, to be in place.
What does daily money management include?
- Daily budgeting and keeping track of all expenses
- Paying bills on time
- Balancing checkbooks
- Making deposits
- Organizing and preparing financial records
Here are some reminders:
- Review checkbooks, bank statements and cancelled checks, if applicable.
- Review all outgoing bill payments and be sure to check for any duplicate ones.
- Double check that all deposits are credited to the right account.
- Keep track of all forms of income and keep a record.
- Make sure that all government benefits are received
- Review all the donations, especially those unusual large amounts to any non-profit organizations.
- Check payments to persons that are unknown to you as this might be a possible sign for any scams or exploitation.
There are a lot of daily Money Management Programs out there designed to assist seniors. This service should be considered when a family member or a trusted friend is not available to help with the day-to-day financial needs.
Be sure to check your local listings for agencies and non-profit organizations that offer this kind of service. Some agencies may provide daily management services for free; others charge a minimal fee based on financial status, while a few on a sliding scale or flat fee.
Before choosing an organization or agency, make sure that it has a good reputation. It will be wise to ask family, friends, neighbors, your Local Agency on aging for recommendations.
Before signing-up with the program, make sure you know the following:
- The cost service
- What to expect from the program like the duties and responsibilities of the person assigned to help
- Employee Training and Quality Assurance Programs
- Name of the person you can contact for any questions or concerns.
It is very important for the senior to feel very safe and comfortable with the program before making the final decision.
Copyright © 2008-2010 La Dolce Living, Inc. All Rights Reserved.
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About the Author: Catharine D. Allado- Writes articles for www.ladolceliving.com - the most trusted and comprehensive online directory of care homes in California, Florida and the rest of the United States.
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