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A daughter is helping her mother understand her finances

How to Manage the Finances of Seniors with Physical or Cognitive Limitations

By Jeremy Grant
Owner of Home Instead Brantford

Are your elderly parents finding it hard to manage their finances due to physical or cognitive limitations? Balancing the books can be challenging for the best of us, and it can be even more difficult when your loved ones are doing it alone. But luckily, they have you! While Home Instead cannot help with managing your senior's finances, we can provide you with helpful tips for your seniors.

Tips to Help Your Elderly Parents with Their Banking Needs

Managing finances can be tough for anyone, but it can be even more challenging for those who face physical and cognitive limitations. When your loved ones struggle with mobility issues, memory problems, or long-term health conditions, organizing their expenses and making sound financial decisions can be an impossible task. However, with these five tips, you can help ensure that their money is managed safely, securely, and in their best interests.

  1. Simplify their finances: Help your senior consolidate their accounts and automate their bills for easy online payments. This can help reduce the amount of paperwork they will need to handle on a regular basis.
  2. Organize important documents: Helping your senior get organized can prolong their independence. It can be a tremendous help for all their important financial and personal documents to be neatly arranged and in an easily accessible location.
  3. Technology can help: Your elderly parent is likely not very tech-savvy, but you can still use apps and online banking services to assist them. By setting up automatic reminders, alerts, and notifications, you can stay on top of their finances even when you're not physically with them.
  4. Plan for the future: If your senior loved one is experiencing physical or cognitive decline, it's crucial to get their legal affairs in order as soon as possible. This means taking steps to ensure that you can manage their finances if they become unable to do so. Some necessary steps may include creating a will or trust, setting up a power of attorney, and making arrangements for long-term care.
  5. Seek professional help: If your parents are struggling with their finances, it may be a sign that they need professional assistance in other areas of their life. Enlisting the services of a professional caregiver or in-home specialty care can help ensure that they have the support they need to manage everyday tasks and stay safe.

Provide Financial Guidance for Your Senior—We Provide Home Care

An aging parent who is dealing with cognitive and physical limitations can have a hard time keeping track of important tasks. While this may be a difficult time in your senior's life, it doesn't have to be! Home Instead cannot offer financial guidance, but we can provide other home care services so you can focus on helping your family, especially your seniors.

We strive to provide all the necessary assistance for the best quality of life, such as companionship, senior safety, cooking, medication reminders, personal care assistance, light housekeeping, respite care, Alzheimer's care, and more. Our personal support workers are highly skilled and expertly trained to be the support your senior needs—when they need a hand or a friend. Connect with us to learn more about our suite of services that can be helpful for your family.

Call us at (519) 752-4663 to schedule a no-obligation, in-home consultation. Learn more about the compassionate, quality senior care we deliver every day to families in {{AREAS SERVED}}.

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