Credit cards
Depending on your loved one’s level of independence and clarity of thought, they may or may not be able to safely possess credit and debit cards. Carrying a bit of cash is one thing, but credit cards enable people to rack up significant amounts of debt. This can be especially dangerous for individuals with cognitive decline or those who have difficulty controlling their spending or making financial decisions.
Credit card companies often target seniors with new sign up materials. If a caregiver is not on top of their finances, monitoring their credit score or carefully sorting through their mail, a senior can easily open up multiple lines of credit and dig themselves into a hole. This not only affects their finances and credit score, but can also have serious implications regarding their ability to pay for medical expenses and long-term care down the road. When sorting through their wallet, make sure they have not obtained any new or unknown
credit cards.

Debit cards
If you have determined that it is no longer wise for a loved one to carry cards due to erratic spending, it may also be time to remove the temptation of a debit or ATM card or check book as well. Switching to carrying only a small amount of cash is a safer way for our loved ones to complete everyday transactions. A debit card can be just as detrimental to their financial situation if they begin withdrawing large sums of money or overdraft their account.

Allowing them to keep a bit of cash in their pocket helps to limit the possibility of financial damage, and it also gives them a sense of independence.

ID cards and driver’s licenses
If your loved one is still (safely!) driving, make sure that their driver’s license is not expired and that all information is current. This is especially important if your loved one has moved since they last renewed their license, whether it was toa different state or only across town. For those seniors who no longer drive, it is still important for them to have some form of official identification. A basic ID card can be obtained at the DMV or online in many states. Many changes can be easily changed online as well.

Rewards, loyalty and membership cards
Simplifying daily life for an aging loved one can come in many forms. When it comes to wallet space, clearing out accumulated coupons, rewards and loyalty cards that are either no longer used or expired can free up a lot of space and minimize confusion. Most people tend to hang on to these types of things in the hope that they will score something for free or receive a discount on a purchase. Being thrifty isn’t necessarily a bad thing! But if your loved one no longer frequents that frozen yogurt shop on the other side of town or their pet passed away a year ago, then holding onto cards for earning a free cup of yogurt or a 10 percent discount on pet food at the local supply store is pretty pointless.
The same goes for membership cards, but don’t forget to cancel the membership before disposing of them! Warehouse clubs and other stores that offer subscriptions or paid memberships often bill members automatically each month or year. For example, if your loved one doesn’t shop at Costco anymore or no longer drives/owns a car, then their Costco and AAA memberships should be canceled and the cards destroyed. This will not only streamline their wallet, but it will save them some money as well.

Receipts
For a caregiver, receipts can be an endless annoyance, but they play a crucial role in budgeting for yourself and your loved one. Many family members end up paying for medications, food, equipment and personal care items with their own money, but without keeping detailed records of these expenses, it eliminates the likelihood of being reimbursed at a later date, whether privately or through a program like cash and counseling. The same goes for filing insurance claims and managing a parent’s money as a financial power of attorney. What may seem like outdated, insignificant wads of paper could be the deciding factor when it comes to repayment, reimbursement, Medicaid eligibility or tax deductions.
Establishing some sort of system depending on your arrangement with your loved one and their financial and medical situation will help you avoid mistakes in this area.
Sorting through bills, figuring out cards and policies, canceling memberships, finding the right phone numbers, and managing your money and another’s can be overwhelming. The reality of the life of the caregiver is that all the details can make your head spin if you don’t take a few minutes to organize all the “stuff” involved on a regular basis. Before calling to address any of these issues, make sure that you have the proper authorizations necessary for the bank, credit card companies, Medicare, and the SSA to speak with you candidly.