Practical Solutions for Challenging Behaviors: Money Management Among the many effects that Alzheimer's disease can have on a loved one's daily life is the inability to manage money. In fact, issues with money may be one of the earliest signs that your loved one has Alzheimer's. The cognitive processes that we need to count change, balance a checkbook or make important financial decisions disappear as Alzheimer's progresses."Although finances can be a touchy subject, it's important to address the possibility of a money problem as early after a diagnosis as possible," says Joanne Rodda-Hubbard, Director of Memory Care at The Kensington in White Plains, NY. "Discussing the challenges that may likely occur can help you and your loved one plan ahead. Once their memory loss gets worse, money issues can be harder to talk about." Warning Signs of Poor Money Management We all make a financial mistake from time to time. However, if you notice that your loved one has one or more issues managing their money, it's important to intervene as soon as possible. According to the National Institute on Aging, a decline in financial skills due to Alzheimer's occurs early and declines quickly. What seems like a simple slip-up now could quickly turn into a financial emergency.Here are a few signs to look out for if you suspect your loved one with Alzheimer's is having trouble with money:● Trouble counting change or making a purchase● Unable to calculate a tip or a discount● Difficulty balancing a checkbook● Can't understand their bank statement or bills● Leaves bills unpaid or unopened around the house● Lots of new purchases on their credit card bill● Strange, new merchandise in their home● Unable to prepare their taxes● Making unwise or irrational decisions about investmentsThese are just a few examples of how a loved one with Alzheimer's disease might misuse their funds or struggle to manage their money. Other alarming behaviors shouldn't be overlooked. Vulnerability to Scams Unfortunately, the challenges that people with Alzheimer's have handling money make them a prime target for fraud and scams. Cognitive decline affects their judgment, which can be dangerous when a scammer is on the phone or at the door.Financial fraud or abuse can take many forms, from identity theft to health care scams. Sadly, even people who know the person with Alzheimer's may take advantage of them. Be on the lookout for signs that your loved one may have been victimized by fraud or financial abuse:● Sudden changes in their bank accounts or savings● Large withdrawals (typically in cash) from accounts or funds● Notices of payments being overdue● Loss of services or utilities● Signs of physical or emotional abuseBeing taken advantage of in this way can be humiliating, and if your loved one realizes that they've been scammed, they may not want to admit it to you. It may be up to you to recognize that the fraud has taken place. How to Help Them Manage Money Between poor money management and the threat of scams, the financial risks are high for someone with Alzheimer's disease. You can help your loved one keep a good hold on their finances, and the sooner you take action, the better off they'll be. The NIH article, "Alzheimer's Disease and Managing Finances," suggests some ways to help protect your loved one's assets and finances:● Be Proactive - Don't wait until a serious mistake has been made to take action. Make plans about handling finances as soon after their diagnosis as possible. This way, your loved one can be involved in the decision-making process. ● Put Affairs in Order - Finalize any trusts and estate plans early on while your loved one still has the capacity to ensure their wishes are met. ● Delegate Responsibility - Decide who should be responsible for making decisions about money once your loved one can no longer do so. ● Make Legal Arrangements - Designate a legal power of attorney for finances. This person will then have the legal authority to interfere or take control of a loved one's finances once they can't manage them themselves. It's better to do with early on with your loved one involved than to wait until it's absolutely necessary. ● Supervise Their Accounts - As their disease progresses, monitor your loved one's bank accounts regularly to make sure they aren't misusing funds. By doing so, you will hopefully be able to intervene before a problem becomes too severe. ● Help Them Cope - In the middle stages of Alzheimer's, it can be hard for your loved one to lose their financial independence. To help them feel more in control, give them a weekly amount of cash to take care of. You can also let them keep a credit card, but lower the spending limit. A Dignified Approach to Memory Care "When it comes to helping a loved one with Alzheimer's handle money, remember to always do so with respect," says Joanne. "Remember that their money problems are stemming from their disease, and refrain from getting angry at them, no matter how frustrating the case may be. Consider taking care of their money as just another component of their daily care."If you could use some help managing your loved one's struggles with money, our team at The Kensington would be happy to help you with new ideas or strategies. Don't hesitate to reach out!" We Promise to Love and Care for Your Family as We Do Our Own Joanne Rodda-Hubbard is just one of the many special people within The Kensington family - people who make life at The Kensington an enriching, fulfilling and enjoyable experience for all residents.The Kensington is an enhanced Assisted Living and Memory Care residence located in the heart of White Plains, NY Here, residents are regarded as members of our own family, so hugs, laughs, companionship and patient support are routine parts of every day. We help our residents feel loved and secure by delivering heartfelt excellence in Assisted Living and Memory Care services in a warm, beautiful environment that offers comfortable elegance and is staffed by loving professionals.We believe the comfort of familiarity is precious, so our enhanced program enables us to offer care beyond what the traditional assisted living community can deliver. We offer a full spectrum of clinical support, rehabilitation, wellness and social engagement activities as well as end-of-life care. No resident needs to move out if their healthcare needs ever change.For those with memory loss, The Kensington offers levels of care in specially designed neighborhoods. Connections is for residents in the early-to-middle stages of memory loss. Haven is for residents in the mid-to-late stages. We understand that memory loss is a family affair, so our multifaceted program is geared to support not only our residents but also those who love them.Click to contact us for further information or call us directly at 914-390-0080.
