Warning Signs that Care is Needed: Money Problems

No one likes to talk about money. It’s a very personal issue, and everyone has the right to spend their money how they see fit, even if they make some mistakes with it. However, when someone’s finances get off track, it can often be embarrassing and cause the person to hide money-related problems from their loved ones. Cognitive problems and elder fraud can also be reasons that finances become an issue, and they can be difficult to pick up on until money becomes a real problem.

Making certain that an older person is not being taken advantage of by strangers, family, friends, or caregivers is the important issue. Here are some suggestions:

  • Keep an eye out for subtle changes in financial ability.
  • Encourage elderly loved ones to use professional advisors for taxes and investments and not to rely on friends or family who may have a hidden agenda.
  • Know who the elderly person talks to and sees about his or her finances.
  • Make certain taxes are being paid.
  • Sign the person up for automated payments for utilities.
  • Keep tabs on cash usage.
  • Put keepsake jewelry in a lock box or safe and do not leave it out.

While discussing money with loved ones can be awkward, it’s better to make sure their finances are in order now than to learn about a disaster later. If you need help broaching money conversations or would like to know more about warning signs that help at home may be needed, contact Heaven at Home in Denton, TX. We can help get those important conversations going.