Financial problems can easily spiral out of control if older adults don't tackle them quickly. And if they're tight-lipped about their finances or fearful of losing control over their money, they may be less likely to confide in a caregiver or family member about any money difficulties they may be experiencing -- giving problems time to snowball.
Even if you're not privy to the details of their finances, if you pay attention you'll see early indications that problems are brewing. Here are some of the warning signs that their finances are off track:
1. Mail is piling up unopened in their house.
Take a look around the kitchen or mail area. Are there stacks of unsorted mail? What about piles of statements from mortgage or credit card companies, utilities, notices from the Internal Revenue Service, or other unopened envelopes that appear to be bills?
As people get older, the monthly chores of paying bills may become mentally or physically overwhelming, especially if money is tight because they're on a fixed income or if they're slowing down physically. Stacks of unopened mail -- especially bills -- can be an important warning sign that something is amiss.
2. They seem to be mishandling money or forgetful about cash.
When you're out to eat, does the person you're caring for open his wallet, only to be surprised that he doesn't have enough money to pay for something? Do you see undeposited checks or unopened mail from pension funds, insurance companies, or Social Security hiding in piles of paperwork or lost amid household clutter?
These can both be early signs that he isn't paying close attention to his money situation. He may be physically unable to make the daily or weekly trips to the ATM or bank branch to deposit checks and take out cash, or he may be getting increasingly forgetful about his day-to-day financial dealings.
3. Creditors are showing up in the phone logs.
The phone offers a quick and easy way to check to see whether creditors are contacting -- or harassing -- the person in your care. Check the caller ID logs and keep track of any increase in phone calls from new numbers that may be bill collectors. You may also notice repeated phone calls from credit card companies or household help, such as gardeners or housecleaners looking for back wages.
I am a healthy 81 year old widow, who lives alone, but has a boyfriend, travels a lot, and leads an active life- HOWEVER am aware that I may need help at some point and so I am sharing info about my finances with my 3 children. And am sending the article to them - hopefully - they will never have to refer to it-
It's a frightening list but one that definitely gives some clues to look for.
My mother-in-law banks online. After brain surgery, she permitted my sister-in-law to check her accounts using her password just to double-check everything looked pretty standard. While my sister-in-law was conscious of her mother's desire to live independently and handle her own finances, having the ability to take a look every once-in-awhile was really comforting to the family.
My In laws run out of food money every month. I'm not sure if their fixed income is simply not enough or if they are mishandling it. It is very frustrating to not be able to see into their finances to know what kind of help they really need - more money or planning help.