When you were a child, your parents were in charge of the household budget. From balancing the checkbook to paying the bills, the monthly goal was to stay on track financially. However, for some adults, the roles are now reversed. If your parents have moved into a senior living environment, and you're concerned about their ability to manage their money, you may want to help them with their finances for the following reasons.

Why Should You Manage Your Parents’ Finances?

1. Stay on Top of Bills

Have an open discussion with your parents about why they might need assistance. If you've noticed that bills aren't being paid on time or creditors are calling, find out why. Hear them out and then offer help so they can avoid these scenarios. Gently explain that they provided for you as a child, and it's the least you can do to return the favor.

2. Protect Against Scams

Unfortunately, the elderly are highly vulnerable to scams. From credit card misuse to fake, overseas lotteries, the schemes are wide-ranging and sneaky. Warn them about companies that request access to their bank account information, and tell them to reach out to you before responding to flyers, emails, or calls they receive at their senior living facility. Remind them never to provide financial details to anyone, no matter how convincing the person may sound.

3. Prevent Shady Investments

Your parents may have mutual funds, annuities, stocks, and bonds. As they get older, you must stay on top of these investments to prevent unauthorized withdrawals and management fee overcharging. Ask your parents to let you know if they're receiving calls from their broker or financial advisor about any changes. With their permission, sign on as the initial contact so you can also receive investment statements and other pertinent documents.

The love you have for your parents extends beyond protecting them from financial predators. If you’re looking for an enriched housing facility where they can stay safe and thrive in a community of their peers, contact The Northfield a Family Service Communities in Fairport, NY. Their professional, certified, and compassionate staff has the training to identify any usual behaviors or concerns. With competitive rental rates and ample square footage, your loved one will also have access to an environment that exceeds traditional senior living standards. To arrange a tour, call (585) 377-1810 or reach out online.