Strategies for Managing Finances for Aging Parents

Some signs that your aging parents may need help managing their finances include unopened bills, missed payments, frequent overdrafts, and confusion about their financial situation.

Approach the conversation with empathy and understanding. Ask your parents if they would like your help and assure them that you are not trying to take control of their finances. Offer to help them create a budget and organize their bills.

Create a budget and stick to it. Set up automatic bill payments to avoid missed payments and late fees. Simplify their finances by consolidating accounts and reducing unnecessary expenses. Consider hiring a financial advisor or power of attorney to help manage their finances.

Educate your parents about common scams, such as phishing emails and phone calls from scammers posing as government officials or financial institutions. Encourage them to never give out personal information over the phone or online. Consider setting up fraud alerts on their accounts and monitoring their credit reports regularly.

Contact local senior centers, community organizations, and financial institutions for resources and support. Consider hiring a financial advisor or power of attorney to help manage their finances. Use online tools and apps to simplify bill payments and manage their accounts.