5 top tips to help you manage your finances
People in the early stages of dementia may begin to struggle with the day to day management of their finances. As the condition progresses it is likely to affect memory and the capacity to make financial decisions.
There are several initial steps that you can take to simplify dealing with your finances and to allow your family members to assist you.
Review which state benefits you may be entitled to
Ensure that you are receiving the maximum benefits allowable, for example Attendance Allowance. This will assist you should you require an assessment by the Local Authority regarding contributions to your care fees.
Set up direct debits and standing orders
This ensures that regular bills are paid on time, without you having to worry about them.
Replace a PIN number with a chip and signature card
If you are struggling to remember a PIN number then it may be possible to organise a chip and signature bank card, which allows you to sign for goods and services rather than entering a PIN and to withdraw cash directly from the cashier.
Give a ‘Third Party Mandate’ or set up a joint account
You could give a trusted friend or family member a ‘Third Party Mandate’ on your account or set up a joint account with them to allow them to deal with the day to day management.
Plan for the future
Both Third Party Mandates and joint accounts will cease to be effective if you lose capacity to manage your affairs.
Powers of Attorney give your chosen attorney or attorneys the legal power to assist you with your finances and to make decisions on your behalf if you are unable to make them yourself. It is important to set up a Power of Attorney early so that you can give your full and informed consent.