By Jen Hughes, YWCA McLean County
As we, our parents, and our grandparents age, maintaining an independent lifestyle comes to the forefront of our minds. Many programs and services in our community are aimed directly at seniors to enable an autonomous way of life. Senior community centers offer a multitude of social opportunities, aerobics classes that promote healthy bodies, and volunteer groups that allow the aging generation to use their wisdom and experience for the betterment of their community.
With so many opportunities to foster social, physical, and community health, the financial health of seniors can fall to the wayside. Being able to perform financial tasks such as budgeting and bill paying are essential components to maintaining an independent lifestyle. However, many of these components to managing finances can become harder and harder to understand and execute as we age.
Vicki Hightower, YWCA McLean County’s Senior Director of Adult Services, understands the struggle for seniors to manage money while attempting to maintain an independent lifestyle,
“A lot of seniors weigh their independence on the ability to stay at home and to handle their own finances,” she says. “It is difficult for many to admit they are having issues with things that used to be simple or were done by someone else.”
Budgeting especially can induce anxiety as seniors are forced to make decisions about exactly what they can afford and where to get the money.
Hightower points out, “Some seniors have to decide between medications and food—there may be benefits and assistance available to them, but they are not sure how to find out about them.” Seniors underutilize many governmental food, health insurance, and benefits programs that would assist in these budgeting decisions because they simply do not always know they are eligible for them.
Tasks such as writing checks, paying bills, or organizing financial paperwork can become difficult and confusing. And rightfully so! With so many changes happening within the financial, economic, and government aid sectors, it is difficult to keep track of responsibilities that might have been once relatively straightforward. Furthermore, as technology progresses, many financial processes are becoming “paperless” and only offered online. Making the transition to an online world can be intimidating for those who have not always had technology as a part of their lifestyle.
With so many components that go into keeping track of finances, it is easy to feel overwhelmed. Not knowing where to start can be intimidating and scary as responsibilities pile up. Asking for help can seem like admitting failure; however, that is never the case.
Taking time to talk about and understand finances is the first step to regaining or maintaining an independent lifestyle; but recognizing the need for money management assistance in yourself or your loved ones is crucial. Some financial warning signs caregivers can look for in their senior loved ones include: checks bouncing, bills going unpaid (especially if the bills are paid online), paying bills multiple times, unorganized or ignored financial statements, and large or unnecessary purchases made instead of necessities.
If you are interested in learning more about YWCA McLean County Money Management or for information about how to enroll yourself or a loved one in the program, please contact Adult Services at 309-662-0461. YWCA McLean County Money Management program is available to any adult in need in McLean County. The program offers education about and assistance with budgeting, check writing, and keeping track of many other financial matters. All consultations are conducted by highly trained individuals and services are tailored to each client’s specific needs. If clients are 60 or older and meet specific guidelines, there may be no cost for the program. For those under 60 or who do not meet the guidelines, services are offered at a minimal hourly fee.
Photo credit: mayhewphoto/iStock