This will provide you with a good handle on your loved one’s expenditures and help you identify which areas, if any, need to be pared back. The first step most financial planners recommend is filling out an expense worksheet that includes all monthly income and expenses. If your aging loved one is open to using new strategies to reduce their expenses and make their money go further, try implementing some of the following tips. This can be a frustrating thing to accept, but a family caregiver’s only recourse is to gently encourage smarter financial decisions and carefully monitor the situation from afar. At the end of the day, if a resistant elder is still of sound mind and has not fallen victim to undue influence or financial elder abuse, then they have every right to manage their money however they want. The goal is to foster trust, open communication and teamwork, but even the most respectful attempts at discussing finances can result in a parent feeling like the victim of a hostile takeover. Avoid being critical or condescending and emphasize the fact that you have their best interests at heart. Who are we to suggest or dictate how their money should be saved or spent? Broaching this topic is often uncomfortable at first, but your approach can make or break the conversation.
At the heart of the issue is the fact that we didn’t perform the years of hard work needed to earn these funds. For adult children, talking to aging parents about money can be a challenge.
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