Top money management tips for anyone caring for ageing parents
It can come as a shock when the tables turn and your parents, the people who have looked after you your whole life, become the ones who need looking after.
Difficult as it might be to contemplate, there may come a time in your parents’ lives when they are no longer able to make decisions about their own finances. Choosing to step in and take over the management of your loved one’s financial arrangements can be tricky.
Another major shock can be the care costs for an ageing relative. You can soften the blow by being prepared.
Get day-to-day finances in order
You may know about your accounts and your finances, but this is not the case for everyone… if you were no longer able to manage your own affairs, would someone else be able to access, understand and manage your accounts?
Now is a great time to sit down with your loved one and carry out a mini audit of financial accounts and other important records. You may not need these now, but it is of the utmost importance that you know where the important financial documents are in case of an emergency or if your loved one becomes incapacitated.
This will allow you and your siblings to protect the assets of your loved ones when they’re not able to take care of things themselves. There may be concerns as to why you need these documents, be sure to reassure them that you’ll only use the information in an emergency or when they’re not able to.
Invest in a secondary card to ease the day-to-day
Encourage your relatives to get an additional card, such as GuardianCard, so that you can help them out with day-to-day things such as shopping.
With GuardianCard, your relative will be given a card which they can then give to you, to use as a secure debit card on their behalf.
Managing the card and its associated accounts can be done quickly and easily via the GuardianCard app. While the account holder is still able to oversee transactions and apply spending caps on the account themselves, allowing a trusted relative to spend on their behalf reduces the likelihood of them getting scammed.
Get the benefits they’re entitled to
Getting older triggers certain benefits that your loved one is entitled to receive. Some of these apply to over certain ages – such as Discounted and Free travel on public transport
Winter Fuel Payment for over-65s, or free prescriptions for the over-60s in England.
As well as the government-funded benefits, many companies also offer perks that could help your loved ones’ money stretch a little further. They can enjoy discounts at cinemas, museums and heritage sites, concessions on season tickets for sports clubs, and cut-price meals in restaurants. Even if you don’t see a ‘senior’ discount advertised, it never hurts to ask.
Sign up today and experience a full membership for one month, it is a great way to find out if the service works for your family. GuardianCard costs £7.95 a month and you can cancel your membership at any time. Find out more at guardiancard.co.uk