Date: February 12, 2019


Author: Beth Sager

Category:

Managing your money isn’t easy at any age, but as you get older, it can become even more difficult. From paying your bills to ensuring your money is safe from fraud, this is one area of a senior’s life that needs careful consideration before an issue arises. Luckily, there are services and programs that can be of assistance.

Money Management Programs

When it comes to senior money management, the paperwork alone can start to feel overwhelming. This is especially true if someone is suffering from physical or mental conditions that tax their physical abilities or reduce their cognitive abilities. Add in the mountains of confusing medical bills, and insurance statements, and you have a recipe for disaster. With that in mind, there is a new type of money management assistance called daily money management for seniors.

Daily money management covers a wide range of services that include things such as:

  • Bill paying
  • Record keeping
  • Making deposits
  • Checking medical bills

This type of service will even check your medical bills to make sure that Medicare and your insurance is paying their full amount. Finally, someone providing daily money management will also help you assemble the necessary papers to file your income taxes. All of this typically takes place in your home.

Additional Money Management Services for Seniors

Daily money management can be expensive with providers routinely charging between $40 and $80 per hour, so if you’re looking for something a little less expensive, don’t worry, there are other options.

Budgetpulse is a website that allows you to manually upload your financial information so you can make a budget and track your monthly spending. You can also include monthly savings goals. This is a great site for those that don’t want a third-party having access to your financial accounts that then automatically upload your information.

Prism is an app that allows you to track your bills. It also helps you make sure they are paid on time. You have an option to pay your bills through the app or you can pay them as you normally do now.

Mint is a really popular option for elderly money management. It is easy to use and gives you the information you need to stay on top of your finances. It is both a website and an app, so you can use it on your desktop, tablet, or even your phone. Mint will track your spending and sends you alerts if you’ve gone over your budget. It keeps all of your bills and accounts in one place, so you don’t forget something. It will also send you an alert when one of your bills is coming due.

In addition, there is an AARP money management program that provides money management for people with disabilities and low-income seniors. This is a free service. Contact AARP to see how volunteers may be able to help.

There are plenty of options out there for seniors that may be dealing with money management problems. No one should feel they can’t get the help they need. Just keep in mind that in the end, the best money management program is the one that you’re most comfortable with.

Date: February 12, 2019

Author: Beth Sager

Category:

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