![]() You might also need an attorney to help you protect your finances in the future with a durable power of attorney, will or trust. ![]() A financial planner can look at your finances, help you organize them and help you with investments. Hire Financial Professionals When Neededįinancial professionals can help you get your finances under control and make financial decisions for your future. You can often connect your credit cards and bank accounts with the apps to automatically import data to keep accurate financial records. This cuts down on paperwork because the records are digital. Budgeting apps help you track your expenses and payments with easy access from anywhere. Use Apps or Softwareįinancial apps and software make it easier to track your money. You might also need a safe deposit box for important documents and assets. Some people prefer to use binders for their financial statements. As you receive new documents, add them to the files. Create separate file folders for each type of document and account to keep things organized. ![]() A filing cabinet works well for general financial documents. You also need an organizational system for all your financial documents. You might have to make some adjustments or get more strict with your spending habits. Monitor your spending each month to make sure you're sticking with the budget. The remaining money can go toward discretionary spending. If you receive income more than once per month, decide which bills will be paid each time. List all monthly expenses, including the amount and the due date. Calculate the total amount coming in each month, as well as when that money is received. If you don't already have a written budget, use the financial statements to create one. Keeping this information in a safe place prevents it from being compromised while also keeping it easily accessible. This gives you easy access to the accounts, either online or by calling the company. ![]() You'll also want to document all the account numbers and login information. This can help you track down all the financial information you need. If you have access to the bank statements, you can look back several months to see the payments that came out of the account. All sources of income, such as paychecks or retirement funds.Gather documents for all types of finances, including: To get organized, you need all account and balance information for each financial account and record. Explore steps to help with organizing finances for older adults. Getting finances organized for older adults can make it easier to track the funds to prevent financial problems or for a trusted loved one to help manage money. Memory difficulties and dementia can also make managing finances more challenging with age. Older adults are often vulnerable to financial abuse and scams. ![]()
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