Signs It’s Time To Manage Your Parents’ Finances

October 18, 2019  |  
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finances elderly parents

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One of the hardest parts of life is realizing that you need to start taking care of your parents. For as long as you’ve lived, they’ve been the ones in charge. Even though you’ve been an adult for quite some time, your parents have always been your parents. They’ve always been there for you. You always felt like somebody was looking after you. So when you see that it is now them who need to be looked after, it can shake you. As your parents get older, there will be a lot of tough conversations you need to have with them—both about what happens when they’re gone, but also about how you’ll manage their wellness while they’re still here, and unable to care for themselves. One big thing you need to watch out for is their finances. As people get older, they can become the victim of financial fraud, or simply become so forgetful that they mismanage their own money. It can be tough to acknowledge, but, here are signs it’s time to manage your parent’s finances.

 

finances elderly parents

Source: AJ_Watt / Getty

They’re forgetting their own purchases

They do not remember making certain purchases. When they go over their credit card statements, they are completely confused about certain items on there. They don’t recall buying that. However, you take a look around their home and there it is—the item on that credit card statement. If they are becoming forgetful about their own purchases, they can be victims of credit card fraud, since they may not think to report an odd-looking purchase on their statement.

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