The simple acts of balancing your checkbook, paying your bills, and managing your finances can seem like monumental tasks for the person suffering from Alzheimer’s. Some people may write the same check over and over again. Others may simply forget to pay the bills. Others may become confused by the math involved in balancing a checkbook. Eventually, the person who has Alzheimer’s may become irresponsible with money and give away large sums to unscrupulous organizations. You may also forget when you have spent money, and accuse your loved ones of stealing.
It isn’t easy to turn over the management of your finances to someone else, especially if you’ve always been accustomed to handling the household’s money matters. Giving up that task may seem like yet another blow to your diminishing sense of independence. But if you are struggling with managing money, it’s best to turn over those responsibilities to someone else, namely your caregiver. The inability to properly manage money can make you vulnerable to significant losses that can lead to devastating economic problems you can’t afford.
What the Caregiver Can Do
Once you know your loved one has Alzheimer’s, pay close attention to the checkbook and how he handles money matters. Watch for unusually large withdrawals from the bank account or excess check writing. You may consider telling someone at your bank about your loved one’s diagnosis, so that person can alert you to any discrepancies or unusual transactions in your account.
Be on the lookout, too, for odd behaviors around money, such as unusually large purchases of the same item, the hoarding of cash somewhere in the house, or the inexplicable disappearance of large sums of money.
As the disease progresses, you’ll need to find ways to restrict your relative’s access to anything related to his finances, including cash, the checkbook, and other financial papers. You may want to consider giving him a small amount of cash to keep in his pocket or wallet, just for a feeling of security and control—and to avert arguments over money. But limit that amount to money that he can afford to lose, which is typically just a few dollars.