How to Help Seniors Manage Their Finances
Make a list of regular expenditures and debts.
How to Determine Regular Expenditures and Debts
Your loved ones probably have one or more credit or debit cards. They might also have credit accounts with stores, including online shopping sites. You'll need to gather all their credit and other account bills and make a list of all company names and account numbers. Also note whether any automatic payments are made from any bank account or charged to any credit card.
Also, with every piece of property in which they have an interest, there are likely debts and financial responsibilities. These could include not only payments on mortgages, notes, and rents but also taxes and insurance.
Your loved ones may also have arrangements with people who provide regular personal services for them, such as a home care agency or individual caregiver, a house cleaner, or a gardener. If those agreements have not been put in writing, you might want to create simple written contracts in order to avoid any confusion or disputes over pay or responsibilities.
