Welcome to the latest edition of Senior Snippets: the monthly advisory column with the older members of our community in mind, brought to you by Irene Hough of Home Instead in Southport and Crosby
In this edition, we will be sharing information on the importance of seniors managing their money. Some elderly people need a little assistance when it comes to managing financial affairs and others need a full guidance on all of them. Below are some tips –so this doesn’t become too stressful for the person/s managing the elderly relative or friend’s finances.
Seek financial help from an expert, a financial advisor could assist in answering - questions such as how quickly to take money from savings and how to invest in the future.
What about a spending plan? Planning and limiting expenses is important. Consider ways to cut costs and possibly put some of your income into savings. This will help with budgeting for things like holiday gifts and mini breaks, whilst avoiding sudden withdrawals from your investments.
Create a Joint Account. Your elderly parent or relative can add someone as a joint account holder where you both can withdraw and deposit money. It allows for some independence and control, and permits you to keep an eye on things including consistent assistance.
Direct debits to pay your bills. – Usually this can involve some for of discount and gives piece of mind that this is being done.
Make it easier to manage your money and pay the bills. If you’ve accumulated multiple bank and investment accounts and credit cards over the years, decide if you can close one you don’t use or need. This can make managing the other account simpler and less consuming of other needs your relative, friend or parent has.