Signs Your Parents Need Your Help Managing Their Finances

Does it seem like your parents are spending money carelessly? Money talks are undeniably hard to engage in especially with elders like grandparents or parents. But this conversation should be had regardless. In this day and age, many people depend on their significant others or their children to take care of their finances when they can no longer do it themselves. If your parent(s) are experiencing health issues, they will probably need some help with their finances sooner than later. So when can you know your parents need your assistance?

Here are a few warning signs you can watch out for.

1. Bills are piling up

Are there unopen letters or bills lying in the house? Have they missed normal payments such as the water bill or electricity? Parents may never talk about their problems to their children but eviction notices or letters of delayed payments should alert you to talk about finances. These conversations need to be had before the problem escalates into debts.

Chances that they may need help with finances are immense even without them actually speaking about it.

2. Too charitable or overspending

Being charitable usually is definitely a good trait but only if your parents don't overdo it. However, most cases prove that the elderly tend to bite more than they can chew. Spending money more than usual which leaves them with little or no money to fend for themselves, to pay their bills or even buy groceries is a big warning sign to look out for.

3. Mismanagement of funds

Carelessness or forgetfulness may be a problem eventually. In case you find misplaced or uncashed checks lying around the house or if they misplace important documents that they normally would remember such as their passwords may prove that they need outside help handling their finances.

4. Creditors calling

Due to the ever changing internet services the elderly may not understand some of the very many different ways they can be vulnerable. Seniors may fall prey to phone call sales people that ask for credit card numbers and may end up getting bills that they didn't even know about leading to bankruptcy or debts.

It is important to be there for your parents when they need assistance managing their finances so they do not fall prey to fraudsters or fall behind on their bills. But as you offer a helping hand, remember that it is still their money and as long as they remain competent, they have a say on how to spend it. You want to help them retain as much independence and control as possible.