It means making sure their money habits are safe each day, and making sure there is enough in the bank. It means catching their simple (and not-so-simple) money mistakes, and catching fraud before it happens. It means ensuring money goes to the right people and companies every day, and ensuring that it safely comes from the right people and places when you need it.
It's Coordination. Watching that parents pay their bills on time, monitoring accounts for fraud or mistakes, calling customer service to resolve issues.
It's Contribution. Sending money, collecting money from siblings, paying their bills or for household services.
It’s also a journey. Financial caregiving starts with supporting independent parents from a distance, monitoring for issues and problems. It evolves to co-managing with your parents when it’s helpful, and later to full management when it becomes necessary.
All families are different, but all families take on financial caregiving at some point.
And when that happens, it’s a million little daily tasks, logins, calls, emails, spreadsheets, papers and files that help you manage and protect the daily lives of those we care about.
And it’s about to get a lot easier.