50+ Lifestyles

Money Management Program

By Alyssa Dominacki
Alternatives for the Older Adult
Business Development Coordinator

Setting the path toward financial independence and freedom

Managing monthly finances can be a daunting task for an aging individual. Though there are many available resources, finding the right professional who will work with you through this journey is the first step.

According to The MetLife study of Elder Financial Abuse, “The annual financial loss by victims of elder financial abuse is estimated to be at least $2.9 billion dollars, a 12 percent increase from the $2.6 billion estimated in 2008.”

With this shocking statistic, it is crucial to keep in mind that financial freedom is not always easily achievable. It is important to have insured professionals by your side through this process.

Alternatives’ Money Management program is a volunteer-based program that recruits and trains volunteers to provide basic financial assistance to people over the age of 60. The program is bonded and insured to add an extra level of protection.

According to Alternatives’ Money Management Supervisor David Otten, “Many of our clients aren’t able to manage this important task on their own, either because of a physical disability, arthritis, visual imparity, etc. They need someone to make sure their account is balanced correctly and they need someone that is reliable to help with their finances.”

The Money Management program offers help with balancing checkbooks, paying bills, budgeting, filing and organizing monthly invoices, writing checks and/or even being a representative payee; all tasks an older adult may struggle with.

While there are many circumstances where family members are able and willing to help with their loved ones’ monthly finances, this can lead to added stress and even conflicts among family members.

“Sometimes it just created a lot of extra stress and possibly even a disagreement about how finances should be handled. Family members find that while they are perfectly willing to help their loved one, this is one task that makes their visits less pleasant,” said Otten.

Managing monthly finances is also a sensitive subject for individuals. Having a neutral third party come in and help can prevent disagreements among family members and even set the path towards independent living.

Alternatives’ volunteers meet with individuals on an as-needed basis. The volunteers meet with you in your own home to ensure complete privacy. Depending on the circumstance, the volunteers will visit with you as often as needed.

Alternatives is also seeking additional volunteers for this valuable and rewarding program.

“When you have a hand in someone going from financial chaos to having stability in a very important aspect of their lives, it is really rewarding. You know you get to help them stay independent while being less stressed,” said Otten.

If you or someone you know may be interested in volunteering for or receiving services from the Money Management Program through Alternatives, call today. 800-798-0988.