Page 9 - Amarillo Senior Link Magazine Summer 2021 - Online Magazine
P. 9

SENIOR RESOURCES                               SENIOR RESOURCES

         Daily Money Manager



                  hat if you experienced    2. Simplify and document            3. Designate a specific storage
                  a health issue or, due      your monthly financial             location for important
         Wto an accident, needed              actions: You may be able each      documents:  Create a folder
         someone to quickly step in to pay    month to automatically complete    or file or electronic storage
         your bills?  Would your finances be   each financial task without       device with all important
         organized enough for your spouse,    having a To Do Checklist, but,     financial information (such as:
         a family member or a Daily Money     for someone else to step in for    your financial To Do Checklist,
         Manager to respond?  Life happens,   you, they will need a detailed,    checking/savings accounts, loan
         and these types of issues are        documented To Do Checklist.        accounts, credit card accounts,
         always unexpected.  Even though                                         insurance policies, investment
         finances are not a priority during   The To Do Checklist should         accounts, financial power of
         such times, it will be less stressful   include:                        attorney, other legal documents,
         if you are prepared with a financial                                    computer access information,
         backup plan for emergencies.  It     a. How to check the account        user/passwords for online
         might not matter so much that          balance and sign into the online   accounts).
         perhaps your mobile phone bill         banking website for any bills
         is a month late, but if you were       paid through online banking     4. Be sure to update and
         to miss a life insurance premium       services                         review your important
         payment, would this cause your       b. How a monthly bill is paid      documents:  Organizing
         policy coverage to end?  When your     (for example: by check, online   your finances to hand off is not
         finances are organized, and you        banking bill pay, auto draft     a one-time event.  Not only do
         have an emergency financial back       from bank account, pay by        our financial lives change with
         up plan, it will bring you peace of    phone, and other payment         time, but the person you have
         mind that you can go about your        options)                         designated to handle these
         daily life, knowing that someone                                        financial responsibilities when
         can take over your finances, if      c. How the bill is received (for   needed, needs a refresher – so
         needed.                                example: by mail, by email, by   schedule, at a minimum, a yearly
                                                text, by phone)                  review and update.
         What steps can be taken to get
         you started with organizing your     d. Are there exception-type bills
         finances?                              that are paid
                                                annually or via
         1. Take care of the legalities:        other options?
           A financial power of attorney
           gives your designated person the   e. What account
           legal authority to take financial    is a bill paid
           actions on your behalf.  The         from, if there
           person with this legal authority     are multiple
           should be someone you trust, and     accounts?
           you should communicate with
           them your expectations.            f. What is the due
                                                date for the bill,
                                                to prevent any
                                                late fees?

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