Early on, a person with dementia may be able to perform basic tasks, like paying bills. However, as the disease worsens, the person may try to hide financial problems or not realize they are losing their ability to handle their finances. People with dementia may also be targets for financial abuse scams, sometimes by a stranger, or even by a family member or friend.
The good news is there are steps you can take to help a person with dementia manage their finances. A few things you can do are:
- Start a conversation about the importance of a monthly budget. Help the person develop a spending plan. If the person is comfortable with computers or a smartphone, share information about secure online budgeting tools, many of which are free.
- Set up automated bill payments. Arrange for utilities, mortgage, rent, and other expenses to be paid through automatic deductions from a bank account. This will ensure that bills are paid correctly and on time.
- Discuss ways to help manage spending. Consider giving the person small amounts of cash to have on hand, reducing the spending limit on credit cards, and canceling unneeded credit and debit cards.
- Take steps to prevent fraud and financial abuse. Consider registering the person for fraud alerts through their bank, credit card company, a national credit bureau, or other credit monitoring service.
Learn more ways you can help a person with dementia manage their finances.
