What are some tips for managing my loved one's finances?

By, Nicole Ruggiano, PhD, MSW

Some time ago, I met a caregiver in Jefferson County named Mary who asked:

How do I get my husband to stop giving out our banking information? Sometimes I catch him on the phone talking about our finances and I have no idea who he is talking to or how much information he gave out and it scares me. 

Oftentimes, one of the earliest signs that a loved one is developing dementia is when their difficulty in managing their finances becomes noticeable to others. For example, a person with dementia may be overspending to the point of financial instability. A person with dementia who is unable to manage the task of paying bills could have utilities cut off or large financial fees for late or missing payments. In other cases, like the one Mary was experiencing, a person with dementia may be at increased risk for financial exploitation or identity theft. As a result, many caregivers end up taking on the day-to-day finances for their loved one. Whether you are already managing you're loved one's finances or beginning to suspect that this task may be placed on you in the future, there are some things you should consider. 

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