Helping Parents Financially – Part 1

Do your parents need financial help?

In 2020, AARP reported that 32% of adults age 40 to 64 provided financial help to their parents. 42% anticipate doing so in the future. A survey at caring.com revealed that over half of Americans aged 25 or older are claiming senior parents as dependents on their taxes in 2024. Certainly we’re to “Honor our Father and Mother,” but we don’t jeopardize our family’s financial stability to assist them.

Show honest concern before obvious help is needed. Express your desire to know how to do things now, so that if the time comes, you can honor their wishes. Gain their trust by listening carefully without revealing shock, anger, or disappointment. If money is needed, ask them to assemble their financial records for your review. Sort out their income, assets, and liabilities to determine their financial status. Learn what requires immediate attention. Attempt to settle or reduce their medical bills. Then, set up a budget for them. Accessing credit cards and bank accounts allows you to track income, and expenses, and view the payment of bills. If they spend recklessly, don’t enable them with more money, and for help with credit card debt, contact Christian Credit Counselors.

Downsizing can reduce their overhead and may lower property taxes. In some situations, moving them in with you, a sibling, or into a guest house can solve many issues. Pray for wisdom to know when to gain and exercise your power of attorney. Ask God for guidance and serve them in love.

Do you or your parents need compassionate budget coaching? Our coaches will put you on the road to financial freedom. Go to crown.org and click the Get Help Now tab. That’s crown.org.