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Financial Management | Management Strategies

  1. The progression of the disease makes people with Alzheimer's disease more reliant on the caregiver to conduct the business of daily life, like paying bills, and the caregiver must protect their financial interests. It may also leave the caregiver vulnerable to a range of accusations. It is best to plan ahead for problems of this sort, if possible. Put a system in place that documents transactions carefully, in case accusations come up in the future.

  2. Keep in mind that a person who is confused about money is vulnerable to all kinds of request for donations, sweepstakes and dishonest service contractors. The more you can filter out the legitimate from the illegitimate, the safer the person you care for will be.

  3. If the person you care for has serious difficulties managing their finances, it may be wise to get financial power of attorney . This will allow you to ensure that the bills are paid on time and that the money is being handled in the best way possible. However, power of attorney may only be given if the person is competent and fully understands the agreement.

  4. If they are handling their money carelessly, or often misplacing things it may be a good idea to cancel their credit cards to avoid irrational purchases, loss or theft. Also it may be helpful to limit the cash on hand or limit withdrawals to prevent them from giving money to strangers or solicitors.

  5. If the person you care for is consistently losing or misplacing bills, consider getting a private mailbox or change of address to redirect bills, sweepstakes, and other appeals for money that come through the mail.

  6. If the person you care for has trouble keeping track of bills and paying them on time or if they have problems with bank deposits, there are several practical steps you can take. Meet with a personal banker to find out what services the bank offers, and at what cost.

See Also:
About Dementia > Alzheimer's Disease > Agnosia
Symptom Library > Thinking & Judgment > Comprehension/ Understanding
Symptom Library > Behaviour > Delusions and Paranoia
Symptom Library > Personality Changes > Personality Changes
Symptom Library > Memory & Language > Misplacing or Losing Objects
About Dementia > Alzheimer's Disease > Memory
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Last updated January 13, 2019
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