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5 Signs an Elderly Loved One Needs Help Managing Finances

Keeping an accurate record of finances can be difficult at any age. However, as your loved one ages, conditions such as memory loss can make it increasingly challenging. Harrisburg elder care professionals suggest watching for the following signs your senior loved one may need help managing his or her finances. 

1. Sudden Increase in Purchases 

One sign your loved one is not being responsible with his or her finances is a change in shopping habits. Perhaps he or she receives dozens of packages containing items purchased online or via home shopping channels, or maybe he or she is suddenly spending money on unaffordable and extravagant items. If your loved one has ordered jewelry worth thousands of dollars but cannot afford to buy food, you may need to intervene. 

2. Unopened Mail 

It’s not unusual to see a little unopened mail lying around on a counter or desk, but if it starts to pile up, it could be a warning sign. Sift through your loved one’s mail to see if it contains bills for utilities, mortgages, credit cards, or tax payments. If you see multiple bills or multiple pieces of mail from the same creditor, there is a chance they are not being paid. 

3. Failure to Keep Up with Day-to-Day Activities 

Even if you do not have access to your loved one’s financial information or do not see any obvious signs of financial trouble, take a look at how he or she handles regular daily tasks. If your loved one is falling behind on things like hygiene, housekeeping, cooking, and taking care of pets or plants, it could mean he or she is also behind on financial matters. 

4. Creditors Calling 

If you check your loved one’s recent calls or voicemail and see several out of area or unfamiliar numbers, he or she may be receiving calls from creditors. This typically happens when bills fall several months behind and can have consequences if not addressed. 

5. Signs of Fraud 

When it comes to scams, seniors are a huge target. From repairmen taking money to do a job and not completing it to donations to fraudulent charities and phony investments, there are countless ways for someone to take advantage of your loved one. If you see any sign of this happening, step up and get involved immediately. Contact your local authorities to prevent it from happening again.

If you are a caregiver and want more tips on helping your loved one manage his or her finances, reach out to Home Care Assistance. Our dedicated caregivers can help your loved one manage daily tasks and also provide transportation to medical appointments. We provide reliable respite and hourly care, and we also provide specialized dementia, Parkinson’s, and Alzheimer’s home care Harrisburg, PA, families can count on. Contact a reliable Care Manager at (717) 540-4663 to learn more about our services and schedule a free consultation.