10 Signs Your Parent Is Struggling Financially
By Stephanie Miles, Caring.com senior editor
Your parents assure you that their bank balance is in fine shape. But is it really true -- or are you worried they're actually just scraping by?
Even if your parents haven't shared the details of their financial situation, there can be tell-tale warning signs that they're feeling the need to cut back on their expenses. Home Instead Senior Care, an elder care provider, has compiled a list of signs that may indicate your parents are in need of financial help.
Here are the warning signs to look out for, according to Home Instead:
- Is your seniors' home too warm in the summer and too cold in the winter?
- Is the lawn not getting mowed and is the sidewalk not getting cleared in inclement weather?
- Are they complaining about not being able to afford medications?
- Are home repairs not getting made?
- Is there a shortage of food in the house?
- Are doctor’s appointments being skipped?
- Are they staying home more and becoming isolated?
- Are they cutting out entertainment?
- Do they eat out less?
- Have they cancelled a vacation?
Seniors who are worried about money are more apt to fall for fraudulent sweepstakes, bogus investment offers, and other scams -- so if your parent is showing any of these warning signs, it's important to talk to them to find out what's going on and how you can help before they fall deeper into debt. Home Instead suggests contacting your local Area Agency on Aging, which offers assistance with food and gas expenses. There are other ways you can help your parent stretch their resources, including:
- Help them start a vegetable garden in their yard for a cheap source of healthy food.
- Take them to a Certified Financial Planner to make sure they're budgeting correctly and not making poor financial decisions.
- Help set up carpools to regular appointments or social events to save on gas.
It's never easy to talk to your parents about money -- especially when you suspect they may be struggling -- but if they're showing any of the warning signs of money problems, it's important to help them address the situation sooner rather than later.
Photo by Marcin Moryc/Big Stock Photo
This is a pretty good general list of things to look out for. I think something you could add to the list is , "Stops buying apps on an iPhone/iPad". I know I spend a ton of money on those! There are surprisingly a lot of senior care franchise, http://www.startuphomecare.com, apps available though. You might want to take a look at some of them!
Thanks for identifying some of the indicators that parents may be struggling financially. I had never considered canceling eating out as a sign of distress, but it really makes sense. There are so many things to keep track of when taking care of senior adult home health care services for loved ones. Even if they are fairly independent, it is important to pay attention to these indicators.
There seems to be a financial problem in the <a href="http://preferrednannies.com">elder care</a> world. To me, people are charging families too much money for non medical elder care, and its a shame. A lot of the time, that money comes out of the pocket of the elderly, that is another reason why the elderly may be short on funds.
extremely helpful.... so many new ideas that I hadn't thought of, but would help in watching out for signs of elderly financial woes. Thank you....Leslie