Money and Monopoly pieces

Your answers: Managing money

Readers and members of our online community, Dementia Talking Point, share advice about helping someone with dementia manage their finances.

Clive says,

‘We spoke to the bank and they were very good with us. If Mum is going to the bank she can ring before she gets there, so they expect her and someone will help no matter what the problem is. As a family, if Mum is finding it hard looking after money, we can contact the bank by phone, text or email.

‘It helps if you have a lasting power of attorney (LPA), which you can download and do yourself from the government website for a fraction of the price of a solicitor.’ 

Bunpoots says,

‘My aunt was always very private about her financial affairs, so I was surprised to be asked to go to the bank with her to help her sort out her investments. I did of course. But I would say keep an eye on relatives and if they need help offer it. Look out for hints that they may not be managing as well as they used to. 

‘I initially helped my aunt with her finances using a third party bank mandate and had an LPA ready to use, but I never had to. But with my dad, who had mixed dementia, I found that the LPA was absolutely necessary. It certainly made things simpler when dealing with his bills, especially when he needed care but wouldn’t accept that there was anything wrong with him.’ 

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TNJJ says,

‘When Dad had the beginnings of vascular dementia, he was always susceptible to overspending. I went to the bank and got them to allow a withdrawal limit per day.’ 

Shedrech says,

‘You could open a separate account to have a debit card only for day-to-day use, with a spending limit on it. Then their main current account can be for their income to be paid into, their bills paid by direct debit (so they don’t have to worry about key things such as utilities) and an agreed weekly allowance automatically transferred to their new day-to-day account.’ 

Banjomansmate says,

‘I have paper statements for his bank account and write on them what any unusual payments are for, so that if I need to provide copies for any official purposes – benefits etc – there is a written record. 

‘I ask him if he is happy with me sending money to his daughters for birthdays and Christmas and agree an amount. While he has capacity to make those decisions I will keep him in the loop, but once he can no longer let me know his wishes I know what he would have done. 

‘Now he is in residential care I use his account to buy food treats, biscuits and drinks that I know he will enjoy but that aren’t supplied by the home. When he lived by himself, I would take ready meals and other food in that I bought with my card on his account. He would still go shopping at his village store or go out for a drink or meal with family or friends using his debit card. I couldn’t account for every penny but just accepted what he had spent.’ 

What advice would you give about dealing with other people’s lack of understanding about what it’s like to care for someone with dementia?

Let us know by 8 November 2019 so we can share it in our next magazine.

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Dementia together magazine: Oct/Nov 19

Dementia together magazine is for everyone in the dementia movement and anyone affected by the condition.
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Dementia together magazine is for everyone in the dementia movement and anyone affected by the condition.
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2 comments

I want this magazine coz I am a full time care giver to my mother ,Dimencia patient she is,living pathetic life

Hi Fouzia, we're sorry to hear about your mother. You can sign up to receive the magazine for free or with a donation - call 0330 333 0804 or see www.alzheimers.org.uk/subscribe
Dementia together magazine team, Alzheimer's Society