Are you gearing up to review your aging parent or friends’ finances? Have you already started and are feeling stressed about how to communicate with your loved one about what may need to happen? We can help!
Natalie Krusz, Senior Financial Case Manager at The Senior Source, matches skilled volunteers, called Money Management Volunteers, with older adults who have identified that they need help improving their finances. These trained volunteers work under close supervision of the Elder Financial Safety Center to help seniors manage their finances. Depending on what is needed, they help with creating budgets and developing plans to get out of debt, creating estate planning documents like a will, teaching how to avoid frauds and scams and so much more.
Curtis Gilmore is one of many Money Management Volunteers who has spent the last decade helping older adults and their adult children improve their financial situation. He had a long career in finance – ranging from working at one of the ‘Big Eight’ accounting firms to being a Chief Financial Officer of a medium-sized company here in Dallas.
With Curtis’s impressive career in finance coupled with his experience as a Money Management Volunteer, he shared some simple advice he would give to anyone who is helping an older adult in their life with finances.
- Read Helpful Books: For instance, read The Other Talk: A Guide to Talking with Your Adult Children about the Rest of Your Life by Tim Prosch. It is written to the adult parent about the best ways to talk to their children about how they want to wind down their life. The book is excellent for seniors and those with aging parents.
- Annual Review: Set a schedule to annually review finances with your loved one. Bring a thumb drive to save copies of important documents for quick access later.
- Ask for Help from their Trusted Community: To ensure respectful collaboration on difficult conversations, involve a neutral third party like a preacher, doctor, or close friend. When approaching things that may be especially difficult for the person to hear, finding another voice can be greatly beneficial.
- Don’t Give Up! For difficult conversations, don’t expect full agreement and issue resolution in the first discussion. It is a process! Stay committed to each other and be patient. Repeat as needed.
- Utilize The Senior Source for help. The organization can help with a wide variety of senior-related issues and offer information and referrals.
To learn more about becoming a Money Management Volunteer or client, reach out to EFSC@theseniorsource.org or call 214-823-5700.
About the Author, Natalie Krusz:
Natalie Krusz is the Senior Financial Case Manager at the Senior Source and has been at the organization since 2021. She has obtained the status of Licensed Master of Social Work (LMSW). Natalie is passionate about helping older adults organize their finances for long-term success and to maintain independence.
About The Senior Source:
Since 1961, The Senior Source’s mission has been to enhance the quality of life for older adults in greater Dallas. This nonprofit agency serves as the go-to resource for everything older adults may need including financial guidance, advice on long-term care facilities, or ways to connect with others through volunteerism. The agency assists more than 25,000 seniors and their families per year. Learn more at theseniorsource.org.
