Daily Money Management For Seniors – Can You Spell PONZI???

I’m sure it’s not news to you that elderly financial abuse is growing at an alarming rate.

Legitimate firms who offer daily money management for seniors can be a godsend.

No doubt about it, these services allow lots of folks to sleep easier at night.

Late utility payments and lapses in insurance coverage are a thing of the past.  Strained talks with your loved one about their finances are history.  Everything is under control…

Or Is It????

Unscrupulous firms are on the prowl for their next victim.

There have been numerous reports of senior’s money being diverted for the fund manager’s personal use.

What’s even more astonishing to learn is:  These abusers are free to pursue other victims while being investigated!

Who Needs Daily Money Management Anyway?

  • Does arthritis make it difficult for your loved one to write?
  • Are you a caregiver for someone with poor vision?
  • Is your aging parent handling finances for the first time due to the loss of a spouse?

These are only a few examples of where daily money management for seniors could be helpful.

If you haven’t figured it out by now…

Most caregivers already do this for their loved ones!

Some caregivers even admit it’s difficult to manage finances for more than one household!

Who Are The Good Guys In The Daily Money Management Game?

Great News!!!

There are plenty of good guys still in the game!  With so many boomers coming of age this is a growing field.  Check out some of the benefits of daily money management for seniors:

  • Caregiver peace of mind
  • Promotes independence for seniors
  • Protection from scam artists

If you or a loved one need help managing finances and paying bills, there are quite a few options available.  Some elder assistance agencies use volunteers so the services are low cost and sometimes free.

Of course there are professional daily money management services and prices vary by area.

Word Of Advice…

Do your due diligence when selecting someone to handle sensitive financial documents.  Don’t overlook the potential for fraud.

I don’t know about you but I like the idea of someone handling my mom’s finances.  All the errands and doctor’s appointments kept me so busy, some of my own accounts got out of line.  I could have used a daily money manager myself.

I will be looking into this service for my mom.  We have had instances when things were not paid and I was caught off guard and had to pick up the tab.

In my next post, “Elderly Finances – Who Should We Trust With Elderly Finances?”, you’ll discover share some surprising statistics regarding aging and our ability in money matters.

I can’t thank you enough for the comments and emails I’ve received.  Sharing strategies, resources, and stories with other caregivers is what this blog is about.

Using and is the best way to share these blog posts with your friends.  Even if they aren’t caregivers now the information is still useful for future reference.

Until next time,

 

 


 

 

 

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