Helping Seniors Manage Money and Finances

Managing senior’s finances is an important responsibility for the senior caregivers. Many people think that caregiving only involves helping the elderly people with their day-to-day tasks such as cleaning, cooking, doing the laundry, taking them out for a walk, taking them to the doctor. But, they more often forget about this important responsibility.

Managing the finances of your caretakers is not as easy as it looks. Sometimes it can be a tough task. Ephraim Zagelbaum founder of Personal Health Care, who also manages the budget and the finances of the company, shares his experience with handling his mom’s finances. He claims that this task can be confusing, stressful and overwhelming at times. “At first, I thought that managing my mom’s finances wouldn’t be a difficult task. But, I was wrong so badly!”

If Ephraim Zagelbaum, a business person who in all of his working life manages the company’s budget and also holds a master degree in accounting, feels overwhelmed managing his parent’s money, what about the rest of us? Don’t worry, because, in this article, Zagelbaum will which techniques helped him to get his mom’s and his own finances in order.

Zagelbaum advises that first of all you need to ask the elderly person a few questions regarding their spending habits, their income, and their financial situation. Also, if you are going to be their financial manager, it is important to know all their bank accounts and credit card numbers. You need to be sure if the elderly person has a durable Power Attorney (POA). If not, you will need to become their legal guardian, in order to manage their money.

If you have completed all the steps needed to become a legal guardian, the best solution is to consider hiring a professional money manager. They can help you manage not only your loved one’s money but also your own money.

According to Zagelbaum, there are several types of professionals you could hire:

• Accountants
• Certified Financial Planners
• Daily Money Managers

In Zagelbaum’s opinion, they will give you some general rules that apply to the caretaker and for you. They will help you if you want to become a debt free, pay for any monthly bill or expenses, get property or investment plans, etc.

It is very important to keep in mind that you do not try to take over every aspect of the elderly person lives, but you are just offering your help in certain areas of their life.

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