Managing finances - tips for carers

Managing finances can become increasingly difficult for someone with dementia, but with the right strategies, you can help your loved one stay in control and reduce stress. Here are some practical tips for assisting with money management.

Get organised together

Start by helping your loved one gather all their important financial documents, such as bank statements, bills, insurance policies, and other financial records. Keep these documents in a safe and accessible place that both of you can easily find.

Set up direct debits

To ease the burden of paying regular bills, help your loved one set up direct debits. This allows payments for things like council tax, gas, and electricity to be made automatically from their bank account each month, ensuring bills are paid on time and preventing the stress of forgetting.

Simplify their bank accounts

If your loved one has multiple bank accounts, managing them can become confusing. Where possible, help them combine their accounts into one or two, making it easier to keep track of their finances.

Use online banking

Online banking can be a convenient way to help your loved one manage their money from the comfort of home. You can assist them in setting up online banking, which will allow them to check their balance, pay bills, and transfer money using a computer or smartphone. If they’re unsure how to navigate it, be available to guide them through the process.

Create a simple budget together

A budget can help your loved one understand where their money is going and ensure they have enough for their needs. Sit down with them to write down how much money they receive each month and what they spend it on. This can help both of you monitor their spending and adjust if necessary.

Provide help from someone they trust

If managing money becomes too overwhelming, your loved one may benefit from having someone they trust assist them. Offer to help them with paying bills, tracking expenses, and ensuring everything is in order. Alternatively, you can suggest involving another trusted family member or friend if they are more comfortable with that.

Set up a lasting power of attorney

Encourage your loved one to set up a lasting power of attorney. This legal document allows them to designate someone to manage their financial affairs if they are no longer able to make decisions for themselves. Having an lasting power of attorney in place ensures their finances will be handled by someone they trust when needed.

Stay alert to scams

Unfortunately, scams often target vulnerable individuals. Help your loved one stay safe by advising them to be cautious when giving out personal information or money. Assist them in keeping an eye out for suspicious activity, and regularly check for any signs of fraud or scams.

You don’t have to do It alone

Managing finances while caring for someone with dementia can be challenging, but there are resources available to support both you and your loved one. Organisations like Age UK provide helpful guidance and can offer additional support.

By taking these steps together, you can help your loved one stay in control of their finances, easing their concerns and helping them maintain a sense of independence for as long as possible.

Sources: Age UK, NHS, Alzheimer’s Society