A lot of elderly people prefer to stay in their own home rather than move into residential care. This is something that research by the Live In Care Hub (www.liveincarehub.co.uk), in their Better At Home Report, has proven. If your loved one stays in their home, one thing you should help them to do is budget. After all, the cost of living is not getting any cheaper, and with a limited amount of money coming in, you need to make sure they have a handle over their funds. With that being said, continue reading to find out more…
Broaching the subject
Often, the most difficult part of sorting out an elderly person’s finances is broaching the subject with them. After all, you do not want to risk offending them. It is a challenging discussion to have. After all, your parents spent years working hard for their cash, and so it is difficult to find yourself in a position whereby you are going to be telling your parents how to use this money. This is why you need to carefully consider how you are going to bring up the discussion. You must avoid being condescending or critical. You must show that you have their best interests at heart. Teamwork and communication is everything. It should not come across as a hostile takeover.
Prepare an expense worksheet
Once you and your parents have had a discussion, you should prepare a worksheet that details all of their expenses. Don’t do this without their permission and don’t do this before your conversation, as it can feel like you are stepping on their toes. Instead, it is something you can sort out together. By having full clarity regarding the expenses, you will be able to determine whether there are any areas that need to be cut back.
Now, you need to look for different ways to reduce your parent’s expenses. Of course, simply cancelling some subscriptions and such like can be a feasible option. It is also worth getting in touch with your parent’s utility companies to see whether they can move onto a cheaper tariff. If they are not on a fixed rate at the moment, this is definitely something to consider because it will enable your parents to budget properly.
Find out whether there are any financial resources that they can make the most of
Last but not least, you need to make sure that your parents are taking advantage of all financial benefits they are eligible for. You will need to do a bit of digging online to see what is offered in your area and what is applicable to your parents based on their financial position.
Hopefully, you now feel more prepared to discuss finances with your ageing parents. There is no denying that this is one of the most difficult elements when it comes to managing your parent’s or family member’s affairs as they get older. However, with the advice that has been mentioned, you should be able to get everything in order for them.