How often do your monitor your dad’s bank accounts? Many adult children don’t check their parents’ accounts at all. You should be checking your dad’s accounts every day and here’s why.
Financial Abuse is Prevalent
Based on the Bureau of Justice Statistics, 2.6 million people aged 65 or older have had their identities stolen. In the U.S., 1 out of every 10 seniors has experienced some form of financial fraud. Financial fraud may be a phone or mail scam, an email, or a TV scam. Financial abuse may also be committed by people like friends, investors, family members, contractors, and advisors. Most cases of abuse go unreported.
Spending Can Be Out of Control
Many seniors buy things they don’t really need. If you notice your dad is spending hundreds of dollars a month on groceries, he’s likely overspending. Check his fridge, cupboards, and freezer. How much food does he really need? Is he wasting food by not consuming it all by the expiration date? Many seniors will buy a large quantity thinking the lower per pound or per unit cost saves them money. If they’re only using a third of the item and throwing the rest away, they’ve wasted money.
Talk to a caregiver about creating a weekly menu that matches your dad’s budget. Take him shopping for the necessary ingredients and explain to him the best ways to follow the budget. This prevents both overspending and wasted food.
Bills May Not Get Paid on Time
Is your dad paying his bills on time? If you’re checking his account daily, you’ll be able to verify that his phone carrier, Internet provider, cable company, and electric company are paid on time. If you notice a bill isn’t being paid regularly, you can talk to him and find out why.
You should help him set up bill pay and use that to track bills each month. If he still struggles, a financial power of attorney should be set up to help your dad manage his money. That person should be someone good at handling money and who you know your dad can trust.
If you try to handle your dad’s finances and also his care, you’re bound to burn out. That’s why it’s so beneficial to have a senior care professional working as your partner. While you focus on finances, you’ll be less stressed knowing your dad’s emotional and physical care needs are covered. Call a senior care agency today and learn more about the benefits of home care.
If you or an aging loved-one are considering home health care in San Francisco, CA, call the caring staff at Aviva In-Home Care. Call today: (415) 795-2203
Sources:
https://www.justice.gov/elderjustice/file/896941/download
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