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Tips for Helping an Elderly Loved One Manage Debt

When you help your senior loved one manage debt, you can help him or her avoid unnecessary purchases and save money for emergency situations such as medical issues or the need for in-home care Lancaster seniors rely on. Following these tips may help make this debt management easier.

Set Up Joint Accounts 

When you set up joint accounts, you can help manage your loved one’s finances. This gives you access to his or her purchases, ensuring he or she is not wasting money on unnecessary items. Even though keeping your loved one on the account as a joint user gives him or her some form of independence, it also allows you to make sure bills are being paid. 

Get Help from Family

You may need to enlist the help of other family members when helping your loved one manage debt. By doing this, you can assign each person a specific duty. For example, one of your family members may help out around the home by cleaning, which can prevent the need for hiring an outside cleaning service. Another family member could contribute to a medical bill or groceries each month. This can help reduce debt without compromising your loved one’s needs. 

Create a Budget 

When you help your loved one create a budget, he or she can determine what amount of money needs to be spent on bills and other items or services each month. This may include:

• Medication
• Groceries 
• Outings
• Shopping
• Insurance
• Social activities 

A budget can ensure your loved one is paying current bills and any other debts, but it also allows some funds to go to bingo, aerobics classes, or any other social outing that costs money. Your loved one can also save money for hiring a Lancaster caregiver to help around the house, which could be costly. 

Monitor Credit Report 

Some seniors are not likely to check their credit reports, which is why they are more likely to become victims of identity theft. This why you should monitor your loved one’s credit report on a regular basis. You can do this by:

• Ordering a copy of the report

• Hiring a credit management company to monitor your loved one’s credit 

• Place alerts on his or her personal accounts 

Avoiding Scams 

Scammers are known to target seniors with mail correspondences and phone calls, hoping to gain access to their financial accounts and information. You may need to monitor your loved one’s mail and phone calls to prevent him or her from being scammed and climbing further into debt.

If your concerned about your loved one’s finances, safety, and wellbeing, Home Care Assistance can help. Our Lancaster hourly caregivers are expertly trained to help promote senior safety and a high quality of life. Having a caregiver in the home can alert you if there are signs your loved one is at risk of getting into serious debt. Learn more about how we can help by calling one of our Care Managers at (717) 540-4663.