Planning ahead - Financial planning and support - Strategies to manage finances

Strategies to manage finances
Professional and family support with financial matters
Putting financial supports in place
Preventing exploitation

Without giving up control of your finances, it is a good idea to have a trusted person who can help with some financial tasks, such as balancing your cheque book and making sure to remind you when a bill needs to be paid. It will be an individual decision however on how much or little control you want over your finances. Make sure to get your legal documentation in place. See the Power of Attorney section of the website for more information.

Source: The information above was reprinted with permission from Murray Alzheimer Research and Education Program (MAREP) (2008). Tips & strategies: A 'By Us For Us" Guide. Waterloo, Canada: MAREP.

Frequently asked questions

What are some of the common issues related to finances many people with dementia encounter? Click for answer

As your dementia progresses, you may find that dealing with money matters becomes more difficult. Some concerns that you may encounter include:

over or underpaying bills
difficulty tracking finances
managing investments
preparing taxes

Source: List adapted with permission from Alzheimer Society of Ontario. (n.d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Toronto, Canada: Alzheimer Society of Ontario.

What are the strategies to manage finances and avoid these common issues? Click for answer

Consider the following strategies to manage your finances.

Paying bills

You can ask someone close to you to remind you to pay your bills, or redirect bills to someone you trust who will organize and pay the bills for you. You can also set up your finances with your bank to include automatic deposits and withdrawals for bill payments.

Tracking finances

Place a limit on the amount you are able to withdraw from your account. You can also ask someone you trust to create a joint account with you, so you are able to easily track your spending.

Managing investments

Ensure your mutual funds are held jointly. If you have Canada Savings Bonds cash them. It is challenging for others to cash them in if you are not able to.

Preparing taxes

Make sure you have someone you trust who can complete the forms for you, or work through the forms with you, to ensure you apply for the deductions and credits you are eligible for. Another option is to use the services of an accountant.

Source: List adapted with permission from Alzheimer Society of Ontario. (n.d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Toronto, Canada: Alzheimer Society of Ontario.

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