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As a parent, it can be challenging to continually keep every detail of your family’s future in order, like your future vacations, finances, and your bonding time. While family gatherings are extremely important to the well-being of your family unit, so too is making sure that everybody has the means to explore and enjoy activities. Oftentimes, as our loved ones get older, it is easy to lose sight of financial planning and budgeting.
In fact, financial stress is common in adults over the age of 40, and affects 19% of people over the age of 70. Since seniors must cope with more financial pressures than younger people, such as the loss of an income with retirement, it is essential to create a successful coping strategy to handle financial stress. If your loved one is approaching old age, you should develop guidelines that will work to alleviate any pressures for them that stem from money.
Here are 3 ways to help your elderly loved ones better manage their money:
Sometimes, it can be difficult for seniors to realize that their beloved home in which they’ve spent many decades is just too big to maintain as they get older. Downsizing to a smaller property can raise money from splitting the difference in costs. In the long term, this can even help your loved one have an additional income if they are retired, which can be very helpful in easing financial stress.
Consider Alternative Ways to Make Money
A great idea for your elderly loved one that will also help them find a sense of purpose is to consider new income streams. Most seniors have over 40 years of experience in an industry or field—so why not offer this expertise to a growing company? Oftentimes, companies will hire retired individuals part-time who have expert knowledge. You can also suggest a different alternative way of making an income to seniors, like part-time consulting or selling products that are the result of a hobby they enjoy, like painting or writing.
Use Technology to Your Advantage
Even though seniors may not believe you at first, technology makes life much more convenient. Make sure that your elderly loved one puts technology to use for budgeting purposes and managing finances. By registering your parent’s bank account online, you can log in whenever you please and keep track of the numbers. This will ensure that they are getting their Social Security checks on time and that they are not losing any money to extraneous automatic payments.
In order to better assist your aging parents, you can suggest downsizing, alternative income methods, and using technology to relieve them of certain financial stressors that inevitably come with growing old.
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