Keeping track of your finances can be difficult, but it can be even harder when your parents ask for help or if they need it but won't ask, according to Scoop San Diego.
A lot of people are very independent and don't like giving up control over issues in their lives, this can be especially true with finances, according to Scoop San Diego. Some get upset when their own children try to get involved.
Don't let this discourage you. Try to get familiar with your parents' medical, financial, and legal records while things are going well. This way, you'll be able to see the signs when things get bad, according to Scoop San Diego.
Signs your parents might be having financial issues include:
- Late payment notices, utility shut off warnings, and unpaid bills.
- Calls or letters from collectors and collection agencies.
- They've had to decide whether to get prescriptions filled or buy food or pay utilities.
- Signs they might be targets of telemarketing or get-rich-quick schemes.
- They can't afford needed home repairs or they get unnecessary improvements on their home.
- Out of the ordinary lavish spending on vacations, cars, or other high priced items.
You can help your parents with their financial issues by helping them set up automatic bill payments on their monthly bills so they don't have late fees, according to Scoop San Diego. Before doing this, make sure the account is always funded. Also, help your parents make a detailed budget so they always know how much money is coming in and going out.