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Tag Archives: paying parents bills

Should You Automate Your Parents’ Bill Paying?

Handwriting checks is time consuming. Many of us no longer write checks to pay our own bills. If you are helping a parent or an older loved-one with bill paying, he or she may be resistant to newer methods. Paper checks are familiar to many seniors and make them feel safe. Should you transition your […]

The Convenience Bank Account – An Alternative to Joint Accounts

For seniors, a “convenience account” would be the perfect alternative to a joint checking account. I learned about “convenience accounts” in a 2011 New York Times article. With these accounts, another person, such as an adult child, has authority to access the account and to make deposit and withdrawals on behalf of the account owner. These accounts […]

A New Tool to Protect Mom from Telemarketers

Last August I wrote about managing your loved one’s financial affairs from a distance (When you can’t Be There: Managing Money from Afar). Since then, I have learned of a new tool that can help adult children and their parents manage spending money. The True Link pre-paid VISA debit card is designed specifically for seniors […]

Five Ways to Help Your Parents Keep Their Financial House in Order

Many times our parents don’t need (or want!) someone to completely take over their checkbook. Sometimes all they need is a little help. If they are willing to share information with you, here are five ways you can provide assistance while helping your senior maintain independence. Review the incoming mail with your parents. Many times […]

Avoid Making a Mess of Your Parents’ Finances – Part II

Messes are sometimes what results when well-meaning adult children take over their parents’ checkbooks. In my last blog, I gave three best practices for paying elders’ bill. In this post, I offer three more: Keep your money separate. If you have a joint account, deposit only your parent’s money into it, and pay only your […]

Avoid Making a Mess of Your Parents’ Finances – Part I

As our parents age, we may find ourselves taking over their checkbooks. Their bills need to be paid even when they can no longer write checks themselves. In my work as a daily money manager I have seen many interesting arrangements. Although they mean well, adult children sometimes handle their parents’ daily finances in ways […]