David Henry Disraeli Explains How to Help Manage Your Elderly Parents’ Finances

David Henry Disraeli Explains How to Help Manage Your Elderly Parents’ Finances

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David Henry Disraeli Austin TX

David Henry Disraeli of Austin, TX is an author, educator, and financial advisor. With over three decades of experience in writing and financial planning, he has authored his book titled “What to Do with Your Aging Parents” available on Amazon.com. In the article below, Mr. Disraeli explains senior care financial planning, how to assist your aging parents with managing expenses, and assisting parents with ongoing expenses.

As our parents grow old, we take on a greater responsibility to help with aspects of their lives that they struggle to maintain. For many, this means helping to manage their medications and healthcare or stopping by to do household chores. Yet, what shouldn’t go unattended is their finances. Post-retirement, your parents must be careful to avoid overspending and they’ll need your help explains David Henry Disraeli of Austin, TX.

Even if your elderly parents have carefully planned for retirement, they’ll need help managing their finances. As we age, it becomes easier to forget payments, lose important documents, and fall victim to fraudulent bad actors. To help you avoid these problems, David Henry Disraeli explains some steps to help better manage your parents’ finances and guarantee their comfort.

Start the Conversation Early with Honesty and Sincerity

David Henry Disraeli of Austin, TX says that the first step is to have an honest conversation with your parents about their finances. It can be difficult to broach the topic, but it’s important to have a plan in place in case of an unexpected event. If your parents are resistant to the idea, try to be understanding. They may be worried about losing their independence or feeling like a burden to you.

The best way to approach the conversation is with honesty and sincerity. David Henry Disraeli says you should let them know that you just want to help and that you’re not trying to take over their finances. You can say something like, “I know you’ve always been very independent, but I just want to make sure that your finances are in order. I’ll help you with anything you need.”

David Henry Disraeli Austin TXAssess Their Current Financial Situation

Before you can help your parents manage their finances, you’ll have to assess their current situation. This includes looking at their income, expenses, debts, and assets. You’ll also want to check on their insurance coverage and make sure that they have a will in place explains David Henry Disraeli of Austin, TX.

After covering all of the basics, you can then make sure their bills are paid and they have enough money to cover their expenses. Start by looking at their bank statements and credit card bills to get an idea of their monthly expenses. It’s also a good idea to check their credit report to see if there are any red flags, such as late payments or high balances explains David Henry Disraeli.

Once you have a good understanding of their current financial situation, you can start working on a plan to help them manage their finances.

Help Them Create a Budget

Once you know where your parents’ money is going each month, you can help them create a budget. David Henry Disraeli of Austin, TX explains that this will allow you to see if they’re spending more than they can afford and help you make adjustments to ensure that their bills are paid, and they have enough money to cover their monthly costs.
When creating a budget, you’ll want to consider any income, such as social security payments or 401K dividends, as well as their outstanding debts and general living expenses. You can use a budgeting app or spreadsheet to track this information and create a comprehensive overview.

If your parents are having trouble sticking to their budget, there are a few things you can do to help. You can set up automatic payments for their bills and teach them to use apps that can track their spending. You can also offer to pay for certain expenses, such as groceries or utilities explains David Henry Disraeli.

Protect Their Money from Fraud

Unfortunately, seniors are often targeted by fraudsters. They may receive calls or emails from scammers trying to steal their money. It’s important to help your parents protect their money from these bad actors says David Henry Disraeli of Austin, TX. You can start by helping them create strong passwords for their online accounts. You can also set up two-factor authentication to help protect their accounts from being hacked.

It’s also a good idea to have your parents add you as a joint account holder on their bank accounts. This will allow you to monitor their account activity and make sure their money is being used appropriately.

You can also help your parents protect their money by teaching them how to spot a scam. This includes being on the lookout for red flags, such as unsolicited offers, pressure to make a decision or requests for personal information explains David Henry Disraeli of Austin, TX.

The Bottom Line

As our parents age, it’s important to make sure their finances are in order. You can help them by having an honest conversation about their finances, assessing their current financial situation, helping them create a budget, making sure their bills are paid, and protecting their money from fraud. With patience and cooperation, you can guarantee that your parents live in financial comfort according to David Henry Disraeli.