Best Ways to Manage Your Money with Less Worry and More Peace

It’s understandable that your mom and dad might have trouble keeping track of all their bills—some invoices even look like ads they might throw away. One easy way to ensure they pay bills for their cable TV, utilities and other services by their due dates is to have their mail come to you. This is where a DPOA also comes in handy: It authorizes you to change your parents’ mailing address. Just bring the DPOA document to your local post office and submit a change of address. Once you receive a bill for your parents, pay it with a check or online payment drawn from their bank account. “Setting up autopay can also be useful as long as there is money in your parents’ bank account to cover the expenses,” says Healy. “But I encourage people to use this sparingly because banks charge enormous repetitive fees for overdrafts on accounts.” That could mean up to $35 for each charge, quickly adding up to hundreds of dollars. Another downside: “Autopay can be difficult to stop once established,” she says. You may need to contact the company as well as your parents’ bank, then continue to keep an eye on their bank account to confirm there are no more deductions. To make sure their cash goes where it should and nowhere it shouldn’t, consider looking at statements for your parents’ bank and financial accounts once a month. Check for unusual transactions, which can be a sign of fraud, such as large payments to a person or business you don’t recognize or duplicate transactions. However, avoid having joint accounts with them. One reason is to protect you. “Adding your name to your parents’ accounts can open you up to certain problems,” cautions Healy. For example, you may become ineligible for some government benefits—such as financial aid for your college student—since your parents’ money is now counted as yours. Fortunately, you can simply add yourself to their accounts with a DPOA, which allows you access while keeping your finances separated. At the same time, you’ll be helping your parents enjoy their retirement with peace of mind. [ami-stories label="For more money content, keep scrolling! " article1_id="531195" article1_title="Amazon Prime Members Now Get Gas Discounts—Here’s How to Activate the Perks and Other Pump-Saving Tips" article1_url="https://www.womansworld.com/life/money/prime-members-now-get-gas-discounts-how-to-save-at-the-pump" article1_target="1" article1_nofollow="" article1_sponsored="" article2_id="450407" article2_title="Thrift Store Items That May Be Worth A Lot Of Money+ How To Find Them" article2_url="https://www.womansworld.com/shopping/thrift-store-items-worth-a-lot-of-money" article2_target="1" article2_nofollow="" article2_sponsored="" article3_id="454871" article3_title="Experts Share How You Can Save $600 a Month With Loud Budgeting: What It Is and How to Pocket Cash" article3_url="https://www.womansworld.com/life/money/what-is-loud-budgeting-experts-share-money-saving-tactic" article3_target="1" article3_nofollow="" article3_sponsored=""]