4 Ways Seniors Can Stay Financially Organized

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4 Ways Seniors Can Organize Their Financial Information

By Lesa Hardiman, 9:00 am on

After retirement, it can be challenging for seniors to stay financially organized due to factors like having multiple sources of income. However, it is possible for your senior loved one to keep his or her finances in order using a few simple strategies. Birmingham senior home care professionals suggest taking these 4 steps.

1. Decide on a Suitable Filing System

The first thing many people do to get organized is buying a filing cabinet. However, this may not be the best method for your loved one. For example, a simple manila envelope may be all he or she needs to store documents, or he or she may prefer to store them electronically by scanning them into a computer. Spend some time exploring the available organization options, and pick one your loved one can keep up with in the long run.

2. Schedule Financial Reminders

Due dates and meetings with financial planners can creep up without warning. Your loved one can avoid missing a payment or appointment by scheduling alarms to alert him or her to upcoming dates. Your loved one should also make sure to schedule a weekly financial checkup when he or she can go over accounts. This way, being busy or having a memory lapse will not interfere with his or her finances.

3. Compile Account Information

By the time people reach their golden years, they have accumulated many accounts, savings cards, and other financial data. However, trying to find out an account number or the name of a mortgage manager can be a major problem when in a hurry. Gather your loved one’s financial information and put it in one place. Whether your loved one uses a spiral notebook or online software is his or her choice, but this simple action can shave hours off of monthly financial tasks.

4. Designate a Financial Caregiver

Getting organized can work wonders for your loved one’s finances, but it can all fall apart if he or she gets ill and there is no one to keep up the organization. Therefore, it is important for your loved one to designate someone trustworthy to manage finances until he or she recovers. Make sure your loved one gets the decision in writing, and let his or her Birmingham caregiver know about the organizational system he or she has implemented.

To learn more about financial management in the golden years, reach out to Home Care Assistance. Our expertly trained caregivers are bonded and insured, all of our senior care services come with a 100% satisfaction guarantee, and there are no hidden fees in our contracts. For more information on the live-in and respite care Birmingham families trust, call 616-243-0835 today to request a complimentary in-home consultation.