What are the best finance management strategies for individuals with dementia?

July 4, 2024 - Reading time: 3 minutes

If your loved one is in the early stages of dementia but still can communicate and handle their finances, you can take crucial steps now to secure their future by managing their finances. 

Act fast 

By acting confidently and taking advantage of their current mental state, you can ensure they have adequate support when their condition deteriorates. With your proactive efforts, they can maintain their independence and quality of life for as long as practicable. Don't wait; take action now and establish a secure future for your loved one.

Mental Capacity and Banking Institute

Individuals in the early stages of Dementia still communicate with their close ones and handle their finances with the assistance of banking institutions. It is highly vital to take the necessary actions during this period when their cognitive abilities are relatively strong. Being proactive in addressing these matters can offer a sense of assurance and reduce anxiety regarding financial security.

Refer to more tips on how to manage finances for people with dementia:

• Find out what your main expenses are.
• Sort out all the direct debits: what are necessary and unnecessary?
• Sort outstanding finance i.e., Car Finance 
• Subscriptions and memberships
• Change your bank card to Touch and Pay instead of chip and PIN. 
• Set up a daily or weekly spending limit and alert large spending. This security feature might prevent unauthorised card access and spending.
• Consider registering a power of attorney to manage your finances. A person who can help you make decisions about your Energy supplier, Broadband provider, Council Tax, Personal Investments, Insurance, Home emergencies (careline), security, and many more.
• Create a Lasting Power of attorney (LPA). You can nominate a family member, friend, or care agency to access your money for your well-being.
• Making a Will - It’s a legal document to act after the death, explaining what happens to your money, property, and possessions after the death. It's better to get advice from a lawyer.
• Apply for available grants.
• Grants vary and depend on your circumstances and the country to which you apply. Make sure you get advice from your health professionals.

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