January 28, 2013
Do your Parents Need a Financial Intervention?
Could your parents be in over their heads financially? Learn how to determine when there is trouble, and how you can step in to help.
People used to managing their own finances will sometimes hesitate to ask for help – or not realize they need it. Watch for warning signs your parents are in over their heads, for example:
- Unpaid bills, late payment notices or utility shut-off warnings.
- Calls from creditors or collection agencies.
- Choosing between filling prescriptions or buying food.
- Unnecessary home improvements; or signs they can't afford needed repairs.
Offer to help your parents get organized by:
- Creating a detailed budget so they always know how much money comes in and goes out.
- Creating files for important paperwork like loans, medical bills, utilities, bank and credit card accounts, and legal documents.
- Helping with tax preparation.
Bottom line: Don't be afraid to offer help. Your parents have helped you all your life.
Email to a friend