Thursday, 29 November 2012

Worst Signs That Your Parent's Finances Are Off Track

Financial problems can easily stem from the most trivial decisions that just go slightly wrong. And if you do not handle them properly, you can end up in one of the worst crisis of your life. This is especially true for older adults who do not really like talking about these problems to others.

According to a poll, 29% of America’s population is over 50 years of age. These people need your help because there are high chances that their monthly payments of loans and credit card bills are accumulating. They may be involved in debts, but might not be so keen on sharing.

If you have any elderly loved ones, then do monitor their homes for the warning signs given below.

1.     Unread Mail

Snoop through the concerned individual’s mail. If there is a huge pile of mail, browse through the pile, and if there are letters from credit Money Problem of Oldage peoplecard companies and bills, then you can easily assume that your loved one is having difficulties in managing money. He’ll probably be involved in debts so do seek debt management services.

2.     Mismanagement of Money

Take a peek into their wallet, and see if it is devoid of cash or not. If you search their room, you might even find a bank statement that indicates a minimal amount of money in their account. There may also be checks lying around or mail from pension funds and insurance companies laying round. All this means that the older adult is having trouble in managing his money.

3.     Phone Logs

Go through their phone logs. If they are regular calls from credit companies and banks, it may mean unpaid loan payments and bills. There might even be calls from the gardener or cleaner because their wages have probably not been paid.

4.     Expensive Belongings

Analyze their home and look around for newly purchased items. They might have made costly purchases like furniture, appliances or even a stunning Smartphone. They might even have been involved in a lot of travelling lately or any other expensive activities like a club membership or dining at the most luxurious restaurants on a regular basis.

You really cannot blame them for trying to enjoy their life. They have spent many years giving up their ease for the sake of their family, so they really need adventure and leisure now. But this does not mean that they should start spending lavishly without giving a second thought to the consequences.

5.     Gambling

There are many older adults that love whiling away time at the casino or playing bridge games with their friends. Once or twice over the weekend is pretty much okay, but if they go beyond that, there is a high chance that they will lose the stakes. This can result in extreme financial problems because gambling can easily make an individual broke.

6.     Scams

Older adults are more prone to getting attracted to fancy schemes which are often just a lie. They may spend a lot on these offers, and will probably not get anything in return.

7.     Money Talks

Try to engage the older adult in a conversation about money. If he avoids the talk, then it is a sure sign that he is having trouble in managing his finances. There can also be other signs such as a leak from the pipes, worn off house paint and an out of order furnace which signal money troubles.

8.     Health

When a person is going through troubled times, even the very easy tasks seem to press down on him.  While you can always make the trip to a bank or the ATM machine, an elderly person might not be able to because of leg aches or knee pains. If they have weak eyesight, then the bills will not even be readable. So paying attention to their personal health is really important.

Whether you spot multiple or just one of these signs in an older adult, then he really needs financial help. While you may not be able to afford it, many companies can help him manage money.

Author’s Bio

CJ is an expert in financial matters and offers sound advice to those who have a trouble in managing their budget. She is especially a good resource for people with debt problems. All those who need help can read more about debt consolidation at         http://www.consolidatedcredit.org.

Related Posts

How to pay off your debts?

How can you get out of your debts fast and efficiently?

Five best personal budget tools for financial freedom and debt free life

 

No comments :

Post a Comment