This week, I will be talking about how to help your parents with money matters. This is an area near and dear to my heart because as parents get older they are more likely to experience identity theft. It is a growing trend in this nation. 50+ individuals experience more of this than ever before. To help combat this trend, let's talk about what information you should have to help your parents feel safer in their home and with their money.
Tips to help your parents with money matters
- Gather all the credit cards together and keep them in a safe place. Using business card holders, add all the credit cards into it and store it in a safe deposit box or other fireproof safe.
- Make a list of all the credit cards they have. Open accounts and paid off accounts. And, store in another place outside of the home.
- Gather all the online finances log in information and agent contact information. Store it in a safe place. Include information like the address, phone number, name of the agent, email address, login information, website address, etc... Any information that will help you get full access to their account if you ever need it. And be sure to update this sheet ever 6 months or so.
- Make a list of all the bills your parents have. This will give you a better picture of the bills they are dealing with. I created a what to keep in your bill paying station that will help you gather all you need for paying your parents bills or helping them stay organized. Check it out by clicking on the image below.
- Gather all the important documents that your parent may have around the house. Here is a list of all of them. Click on the link below to visit the post about what to keep: Important Documents. It will give you a boat load of documents that you will need to find in your parents. home.
Here are other tips below to help you through this process of gathering your parent's financial information:
Not all parents are willing to share this information with their children. And, that is OK. If they don't want to share this information with you, make sure they have a person you and they can trust to help you gather this information. This person can be a financial advisor, a bookkeeper, or another family member. Stay come if they resist sharing this information with you. Reacting to the resistance will only make the process even more frustrating.
Explain to your parents the different ways thefts can get their information. Here is something I found from the FTC that talks about the different scams that are out there. Feel free to click this link.
I hope this helps you and your parents stay safe. Now it's your turn, what tips do you have for the readers that would help them with their parent's money matters? Please leave a comment below. I would love to hear from you.
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