--- title: "How to Manage Aging Parents’ Financial Expenses | HomeCare.com" description: "Learn why you should consider getting Power of Attorney (POA), ideas to make finances less burdensome, and how to talk about the subject with family." url: https://homecare.preview.multisites.ai/paying-for-care/managing-parents-finances/ publisher: HomeCare.com phone: 800-974-3458 start: https://care.homecare.com/?source=homecare.com --- Paying for care # How to Manage Aging Parents’ Financial Expenses Published February 5, 20172 min readBy HomeCare.com ![Managing Parents-Finances](https://homecare.preview.multisites.ai/_astro/ea0288e9a01b2b629e8fec712ff64a89-managing-parents-finances.DMVdKkRq_2nqApK.webp) Questions about care for your family? [800-974-3458](tel:+18009743458) Having to care for an aging parent is an extremely difficult role reversal and it involves many new tasks you may (or may not) be prepared for. Managing care expenses is one of the most important duties as a family caregiver. This duty could be overwhelming (considering you are now responsible for double the expenses, yours and now theirs!) In this article, you will find helpful tips on how to financially manage their care and handle all your new responsibilities. ## Getting Power of Attorney First things first - make sure you have Power of Attorney (POA). POA will give you all the necessary clearance for making financial decisions on behalf of your elderly loved one. It is extremely important to get this in place before they are unable to make a clear decision about who to appoint. (A good discussion to have with your aging parents ahead of time). After you have POA, and the time has come to start managing finances, contact your parent’s financial institutions (banks, investment firms, etc.) Let them know you will be taking over and will be the direct point of contact. Also, be prepared to show them the documentation that you have POA for your aging parent(s). While making your introductions, it could be helpful to set up an appointment with a financial advisor to guide you along this new journey. ## Put Together a Financial Plan Research and use some financial planning/organizational software. This could be instrumental in staying organized and on time with payments and budgets. You’ll be able to enter monthly expenses, calculate the costs and keep a strict timeline of money going in and out of your parent’s accounts. These also include bill reminders which are to make sure you are not delinquent on any payments. Also, make sure you do not combine your account with theirs. This could create a very messy and difficult way to establish who’s is who’s – and you would avoid any potential accusations from other family members about pocketing money that does not belong to you. Once you have established all the bills per month that you are now responsible for, it could be helpful to set up automatic bill pay. This will ensure that you will not miss any payments or incur any late fees. Just because you are now responsible for maintaining your aging parent(s) finances, doesn’t mean you must do it alone. Using the financial manager and bill paying service will assist you in payments, record keeping, receipts and budgeting. Remember – these will cost extra to utilize so assess your budget accordingly. This article was first published on HomeCare.com on February 5, 2017. Program rules and costs change; see our [current cost data](https://homecare.preview.multisites.ai/cost-of-home-care/) and [guides](https://homecare.preview.multisites.ai/guides/) for up-to-date figures. ## Terms in this article - [Power of attorney](https://homecare.preview.multisites.ai/glossary/power-of-attorney/) - [Family caregiver](https://homecare.preview.multisites.ai/glossary/family-caregiver/) ## Keep reading - [**Home Care, Assisted Living or Nursing Home: Cost and Care Compared**Home care costs less than assisted living until your parent needs about 6 hours of paid help a day, based on CareScout's 2025 national medians. Beyond that,...](https://homecare.preview.multisites.ai/guides/home-care-vs-assisted-living-vs-nursing-home/) - [**How Many Hours of Home Care Does Your Parent Need? A Simple Needs Checklist**Count what your parent cannot do alone, and when. A few tasks a week may need two to four hours of visits. 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Personal care adds hands-on help with bathing, toileting, dressing and moving...](https://homecare.preview.multisites.ai/guides/companion-care-vs-personal-care/) - [**Dementia Care at Home: A Stage-by-Stage Plan for Families**Dementia care at home can work for years if the level of care rises with each stage. Early stage often needs reminders and check-ins. Middle stage needs...](https://homecare.preview.multisites.ai/guides/dementia-care-at-home/) ## Talk to a care advisor today. Free consultation. No minimums, no contracts. [800-974-3458](tel:+18009743458) [Call a care advisor](tel:+18009743458)[Find a caregiver online](https://care.homecare.com/?source=homecare.com) ![A caregiver and an older woman looking at a tablet together](https://homecare.preview.multisites.ai/_astro/personal-hero.DqUYygP8_1Sv1FH.webp)