How to Help Your Senior Loved One from Financial Decline

By editor
In Debit And Credit
Nov 9th, 2018

Getting old is not the only concern for most seniors. Many would agree that our body deteriorates in many ways as we grow old. Sometimes, signs are not visible until they are worst already. A lot of our seniors experience pain as well as various illnesses and sickness. It is one of the common reasons for depression among the senior community. Many elderly feel useless and worthless since they can’t do their daily routine and others think they became a responsibility.

Additionally, they feel like there is no one to talk to and they are just left alone miserable. Seniors need their independence, and they need to feel they are capable and essential too. Therefore, for many, elder care assisted living is their choice for their elderly loved ones. Through this, the senior is free to do whatever he wants as long as he can. The caregiver will monitor and assist him when needed.

Another problem common among seniors worldwide is finances. A lot do not go through proper treatments, medication, and care due to financial concerns. Most of the time, they do not want to ask from relatives for help due to their pride. The best thing you can do as a family member is to guide them through their finances so they will not face a financial decline soon.

Encourage Living Simply

Encourage your senior family member to live a simple life. Help them enjoy and thrive on a simple lifestyle, having what they need. Help them to focus on the quality of life they need instead of all the luxuries since it might lead them to overspend on unnecessary things.

Encourage Budgeting

A lot of people, especially the seniors do not have proper budgeting since they know money comes every month. It is best to help your seniors and teach them on how to budget their needs for the month. If there are extra, encourage them to save it for emergencies, and in case they need more budget for the following months. And since they might no longer have updated information on the price of commodities, it is best to help them with it, so they know how to spend their money and adjust when necessary.

Encourage Advance Planning

Encourage your senior parents to plan ahead of time. However, make sure you sensitively approach them as they may take in negatively. It is best if you help them prepare in the future. We never know what’s going to happen tomorrow since there are many deteriorating illnesses among older people. Sickness like Alzheimer’s and Dementia can cause them to forget many things in the future and not able to make sound decisions.

Encourage Making Living Arrangements

Another thing you can do to help your elder parents manage their finances is helping them choose the best living arrangement for them which is within budget. If they want to live in a retirement home with other seniors, then it is fine but if they prefer to live at home with a caregiver then help them find an affordable and reliable service. If they are still active to do most things for themselves, then aid will do.

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