February 23, 2018

Giving Back to Your Parents: Financial Help

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If your parents are struggling financially, you may feel a great responsibility to help them. It’s only natural to want to help your loved ones, and it can be horrible to see your parents finding life difficult. Unfortunately, this is becoming more and more of a reality for elderly people today. With that in mind, let’s take a look at some of the ways you can help them:

  • Get your own finances in order – Before you can help anyone else, you need to get your own finances in order. After all, you can’t assist your parents if you haven’t got control of your own monetary situation. Now is a good time to assess your incomings and outgoings so you can find out where you are spending too much and where savings can be made.
  • Think about moving your parents into a care home – Of course, this is a very sensitive subject. However, if your parents require a lot of assistance, it may be better to move them into a care home. There are plenty of amazing care homes available, as you will discover at https://soaringeagle.org. Not only can this be better financially, but it can be better for your parents’ well being as well. Needless to say, this may not be the right solution for everyone, but it’s certainly worth thinking about.
  • Make a list of priorities – You need to get to grips with the money your parents need, and what they need it for. Start with what is critical, for example, medical care, food, and shelter. This is what really matters. It’s about addressing the needs, not the wants.
  • Speak to your siblings – If you have any brothers or sisters, ask for their assistance. You shouldn’t have to shoulder the burden on your own. Nevertheless, it is better to put your financial plan together first. That way, you can show your brothers and sisters what your parents have and what they need money for. Having everything clear and organised will make it much easier and your siblings will see how they can contribute.
  • Set yourself up as a person of interest – Talk to your parents about being set up on their accounts as a person of interest. This provides you with an informal means of monitoring their finances. You will be alert to any potential issues, for example, large withdrawals for unspecified reasons, utilities, missed mortgage payments, late fees, and so on. For advice regarding mortgage arrears, check out https://www.moneyadviceservice.org.uk.
  • Don’t patronise – Finally, you need to be carefully not to belittle your parents or be patronising. You never know the impact that getting older is going to have on your finances! After all, they no longer have any money coming in, but expenses still continue. Be helpful, but don’t talk to them like they are your children.

Hopefully, you now have a number of approaches you can use when it comes to helping your parents financially. From getting your own finances in order to helping them reduce their own assets, you should be able to improve your parent’s’ monetary situation.  

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