All seniors need to perform financial checkups just as regularly as physical ones. Preventative care for your wallet allows us to sleep better at night, buy what we truly need, and maintain the things that matter to us. Here are six signs your money situation is turning south.
1. Savings deplete quickly.
Not having any savings is certainly a sign, but savings that barely last a month can be troubling, too. It means that we need every penny we get in order to stay afloat.
2. Someone you didn’t authorize is butting in.
It’s not unusual for scammers and con artists to creep closer toward our finances as we get older. Now is the time to assign a trusted family member to help control finances. This way, it’s harder for someone else to slink in and help themselves.
3. Mail goes unopened.
Would opening every bill ruin your day? If so, we need a financial tune up. Get together with a financial advisor, power of attorney, or other trustworthy person and do a complete assessment of everything you owe.
4. You are paying bills with a credit card.
Having to pay for things like utilities and food with a credit card means serious changes need to occur. Perhaps it’s time to figure out a less expensive living situation, or stop giving others money.
5. The math seems challenging.
Even seniors without dementia have more trouble with math as they age. The reason this is a warning sign is that yet again, it leaves room for scammers to come and pull the wool over your eyes. If you’re unsure of the math, speak up and get help.
6. You cannot afford a small emergency.
Most people can’t afford big emergencies, like a new transmission or last-minute trip across the country. But what about small ones, like having the dishwasher repaired? If even that sounds like too much, it’s time to take a closer look at spending.