If you’re planning on moving an elderly parent into your home, the last thing you want to do is talk to them about money. It’s easy to remember those years when they provided for you; bought elaborate gifts for your children, or helped you pay your way through college. But, when living with a senior, money becomes a whole different matter and money talks are essential. Before moving your parent into your home, have the money conversation, and make sure that guidelines are set so there is no tension or resentment later on the line because money was never talked about before you changed your living arrangements. It’s not an easy conversation to have, it never is when money’s on the docket – but with these guidelines, you’ll make sure everyone’s on the same page!

1. Bridge the topic gently – ensure that finances are discussed before the move happens, but don’t approach it like finances might change your motivations or your ability to care for your loved one

2. Set the standards – discuss what percentage of the household bills your senior will be responsible for. It might not be fair to ask an elderly parent to pay half of the mortgage and utility bills if there are 4 people in your immediate family, and they are just one; but you can ask them to pay one-fifth, or another number that is agreeable to everyone

3. Keep separate bank accounts, but create a common fund – don’t expect that a senior living with you is going to merge their bank account; having their own finances maintains their sense of independence and purpose. However, you can create a joint fund that all contributors can add to in order to make monthly bill payments easier

Via: Guide for Seniors and Boomers Who Live With Them

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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.