Why make a change?
The world today
If you’re caring for a loved one with special needs, you understand the unique financial needs that come with it.
You’ve likely oscilated between “I’m taking away all their cards” and “Well I guess it’s their money so there’s not much I can do”.
Yet fraudsters and scam artists continue to take advantage of them. Even store and product salespeople are known to take advantage of those who are aging. Our loved ones find themselves not able to make as strong of financial decisions as they should be able to.
Many caregivers try things like:
Limiting the amount of cash in the checking account. Yet they can’t control how the money is spent.
Buying prepaid debit cards at retail shops. Fees add up and there is no control.
Going all cash. Cash isn’t practical as some stores don’t take it and it can easily be lost or stolen.
Getting alerts for every transaction. This can end up being a lot of work on your part - a lot of calling merchants or the card company.
Giving up and letting their supported one spend as desired.
This is often a cycle that gets repeated.