Managing your finances

Managing your finances can be challenging when you have dementia. However, there are ways to make it easier. Here are some effective strategies to help you manage your money and keep your finances in order.

Get organised

Start by gathering all your important financial documents. This includes bank statements, bills, insurance policies, and any other financial records. Keep them in a safe and easy-to-find place.

Set up direct debits

Direct debits are a great way to pay your regular bills automatically. This means your bills for things like council tax, gas and electricity will be paid automatically from your bank account each month, so you don’t have to worry about forgetting to pay them.

Simplify your bank accounts

If you have lots of bank accounts, it can get confusing. Where possible try to combine your accounts, this will make it easier to keep track of your money.

Use online banking

Online banking can help you manage your money from home. You can check your balance, pay bills, and transfer money easily using your computer or smartphone. If you’re not sure how to set it up, ask a trusted friend or family member to help you.

Make a simple budget

A budget helps you see where your money is going. Write down how much money you get each month and what you spend it on. This can help you make sure you have enough for your needs.

Get help from someone you trust

Ask a family member or friend you trust to help you with your finances. They can help you pay bills, keep track of spending, and make sure everything is in order.

Set up a lasting power of attorney 

A lasting power of attorney is a legal document that lets you choose someone to make decisions about your money if you can’t. Setting up a lasting power of attorney ensures that your financial affairs will be managed by someone you trust. 

Be aware of scams

Be careful about giving out personal information or money to people you don’t know. Ask a trusted person to help you watch out for anything suspicious.

Managing your finances when you have dementia can be challenging, but these strategies can help you stay in control and reduce stress. Remember, you don’t have to do it alone - there are many resources and people who can help you along the way.

Sources: Age UK, NHS, Alzheimer’s Society