Many issues will usually surface once your parent starts to grow older. One of the concerns that you need to take into consideration is the existence of financial problems that your elderly parent has. According to Brad Klontz Psy.D., CFP, “Problems with money are incredibly common, and are often responses to stressful life events.” No matter how much you try to ignore this situation, you will always be part of his life. Because of this, it is essential that you exert some effort in helping him deal with financial issues. Below are some of the top things that you could do:
- Let Him Open Up
Encourage your parents to open up about his money issues and other related matters. Avoid pressuring him into talking about financial problems. Try to understand that it is not an easy thing for him to admit that he has some debts or obligations. Instead, just remind him that you are thankful for all the years that he has helped you with your finances. Let him know that it is time for you to give back the favor.
“Prioritize reassurance, validation, and emotional connection over rational explanations,” suggests Leslie Kernisan, MD MPH.
- Avoid Misjudging
When your senior parent starts to talk about problems, the best thing to do is to listen to the confessions and stories. Avoid misjudging his deeds. He will feel embarrassed that you are not happy with his financial troubles. Of course, it is only proper to feel sad about the situation, but that does not give you the right to disrespect a parent. Keep in mind that after retirement, your parent no longer has a good source of income.
- Check His Bills
It would seem that giving out cash to your parents is an excellent way to help him solve the problem. However, this can only make the situation worse especially if he does not know how to budget the cash. As an alternative, check his bills and scrutinize them. Look for the items where most of his money goes. Take note that some seniors are the frequent victims of frauds facilitated by other companies. Check for possible overbilling and eliminate all of them.
- Allow Them To Apply For Financial Programs
Fortunately, there are several kinds of programs designed to help seniors overcome their financial needs. Most of these programs are given for free by some non-profit organizations or governmental institutions. All you need to do is to guide your elderly parent in applying for one. Just make sure that you have asked for the consent of your dad or mom before signing up for the programs.
- Welcome Your Parent Into Your Home
“It’s important to understand that feelings of affection aren’t necessary to be a good caregiver,” says Alexis Abramson, Ph.D. An excellent way to help your senior parent save in his monthly expenses is to ask him to live with you. When you do this, his expenses will be consolidated with your household expenses. As such, it is a good way for both of you to save some cash. However, before asking him to move in, be sure to let your partner know about this. There are some benefits and disadvantages when it comes to living with your elderly parent and a new set of family.
Solving the financial problems of your parents may be challenging, but it is something that you need to take care of. Do not be selfish in offering some help and assistance.