3.6 Managing your money

‬Practical tips for managing your money

You may be used to managing your finances for yourself or your family. Managing your money can be complicated and can become more difficult as your dementia symptoms progress.  You may be worried about managing your household budget or that other people will take over your finances.  There are things you can do to keep managing your finances yourself or with the help of others. There are some things you can do to make it easier to manage your money.  Here are some tips:

Coming to terms with dementia and money

• You can set up for all your income (such as pension and benefits) to be paid directly into your bank or building society account.
• You may wish to set up a standing order or direct debit for regular bills and subscriptions so they are paid on time.
• There are apps available such as Hyperjar to help you to manage your money online.
• You may wish to consider getting a chip and signature card, so it saves you having to recall your PIN (Personal Identification Number) when you buy something.
• You could consider setting up a third-party mandate, which gives someone you trust access to your bank account. You can specify how much access you can give them, e.g. a set amount a week.

Support

Many banks offer advice for people living with dementia to help you manage your money and finances.  You could  book an appointment with your local branch.  HSBC bank have a helpful guide with hints and tips on how to manage money and protect against fraud.

The NHS Dementia Guide also offers hints and tips to help you manage your money safely, independently, or with help from  people you trust.

Watch this video from the Alzheimer’s Society which offers advice for managing money.  It has advice for people who live alone too