Here are some tips and tricks for managing that budget like a pro. If you need help, don’t have time, or stink at managing a budget, that’s where we, at LIV More, come in. We offer money management services, as well as concierge (helper) and transportation services.
Taking on a second budget can feel like a heavy burden, so before you talk with your loved ones about taking something like this one, make sure you have a clear understanding of our own financial realities, budget, and management system.
UNDERSTAND YOUR RESPONSIBILITIES
It is important to gain an understanding of your responsibilities while dealing with aging parent’s finances, whether you’re just helping to manage their budget or taking on a Financial Power of Attorney.
Below are links to some guides from the Consumer Financial Protection Bureau that may be helpful:
TALK ABOUT FINANCES EARLY AND OFTEN
Have open and honest conversations regularly and give your aging parents time to consider how they want to maintain control of their finances in the future. It may feel awkward to have these conversations but planning is a way to make sure that a trusted person makes decisions if/when he or she no longer can. Have conversations about goals, what they want to save for, what’s important to them and come up with a system that they can easily access to see financial reports, how their money is being managed and spent. If you need help with something like this, we are here for you!
BUDGETING FOR FUTURE LIVING EXPENSES
Whether you’re planning for assisted living or exploring other options for care, decisions often come before you and your loved one may be ready. Help parents gain confidence in their finances and future by working with them to document assets and prepare a budget that ensures they will receive the care and support they want!
KEEP YOUR PARENTS IN THE KNOW
A couple of years ago financial abuse was one of the top 10 consumer scams targeting seniors, so it’s important to talk with your loved ones about red flags to help them stay protected from exploitation. This is also something LIV More can help with!
The Center of Excellence on Elder Abuse advises being cautious when winning or receiving prizes, loans or investments that sound too good to be true…
At LIV More, we do background checks and would be happy to meet with you and your family or caregiver at any time.
MAKE IT EASIER ON YOURSELF
Managing 2 budgets doesn’t have to mean twice the work, and there are many tools that exist to help simplify the budgeting process.
At LIV More our mission is to profoundly improve our quality of life. Whether that’s for you or your loved one we’re here for you.
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