Learning to deal with finances

[Solasum]

My mother (70s) was widowed nearly a year ago.

She has found adjusting to managing her own finances very very difficult, though theoretically she should have enough for her needs, and wants.

I have offered help, but wonder if there is more I could be doing.

What have you put in place to help elderly parents in this situation? Is there anything particular you would recommend?

Are all bills paid by DD or standing order? Maybe use moneysavingexpert spreadsheet to work out a budget.

They are, but I think that is part of the problem. She doesn’t have a handle on when money is going to go out yet, so is then thrown when she suddenly has almost nothing in her account

Have you got power of attorney? Makes life so much easier. I completely manage my Dad's finances for him, he has capacity but Mum used to manage finances. I make sure he has enough in his current account to spend, he gives anything financial to me generally unopened.

Could you arrange for all direct debits to come out the same day? A few days after money is paid in?
Write them all down on paper for her with a total so she knows how much will come out roughly each month and when?

Could you help her set account up so that pension etc gets paid in one day and all the direct debits go out within the next few days? How about a standing order for 'spending money' to a separate account so she knows how much she has for food etc?

When my mum died, I re-organised my dad's finances for him mainly by opening a separate account for bills. His pension goes into that account and bills on direct debit come out of it. There's an auto transfer each month into another account which is his 'fun money'.

He's got an iPad set up with his banking app and he can see at a glance how much spends he has left. The two accounts thing just means that the bills are always paid.

Trams..good idea..fun money account

I only have Power of Attorney Health and Welfare.

I had thought about separate accounts for bills/ fun money.

the thought of online banking has proved rather daunting. I have tried to show how simple it is to use the app, but no success yet.

thank you for the ideas