Tips to Help Elderly Manage Money

In this article we will be discussing and sharing some money management tips for seniors to take into consideration. It is very often that when people get older they will naturally need help when handling some of their financial affairs. Below is a list of top tips that we believe can help ease a huge amount of stress when managing an elderly relative or friends’ money.  

Firstly, evaluate the situation and decide if you need help from an expert. However, this might be easier said than done, you need to choose wisely. You need someone who will be able to answer all your questions such as how quickly to take money from savings and how to invest in your later years, we recommend a financial advisor.

Developing a spending plan is always a good idea. This will help plan your money and limit expenses. Trying out new ways of cutting costs and considering continuing to put some of your income into savings account might be the first step. This can also help you budget greatly, for things like mini breaks or Christmas presents, which can help you avoid a large, sudden withdrawal from your investments.

A Joint Account.  Create a Joint Account, this way you are adding someone else to check over the account, this way you can both withdraw and deposit money and write cheques. This allows for some independence and control, whilst being able to keep an eye on things, pay bills, and handle some financial affairs.

Use direct debits to pay the bills.  This is a cheaper way to pay your bills and ensures all your essential bills are paid.

Use credit cards with caution. Credit cards are the devil…accumulating debt can be very costly. Before you make a purchase using a credit card, ask yourself if you have the funds available for when the statement arrives to avoid costly interest charges.

We hope you find these money managing tips helpful. To make a suggestion for a future topic, please write to me at [email protected] or by post to Home Instead, Haywood House, Hydra Business Park, Nether Lane, Ecclesfield, Sheffield, S35 9ZX. Alternatively, you can also call me on 0114 246 9666.

A group of Home Instead CAREGivers talking
Family welcoming a Home Instead care manager into their home