Early on, a person with dementia may be able to perform basic tasks, such as paying bills, but they are likely to have problems with more complicated tasks, such as balancing a bank account. As the disease gets worse, they may experience more problems managing their money and may be reluctant to let others know about it. Ways you can help a person with dementia manage their finances while respecting their independence are:
- Start a conversation about the importance of a monthly budget. Help the person develop a spending plan on paper. 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. Offer to go grocery shopping or have items delivered to reduce overspending and ensure the person has what they need at home.
Learn more about helping a person with dementia manage their money.
