Navigating Financial Conversations with Aging Parents

Posted on August 12, 2025 by VP of Marketing and Business Development Jessica

Having a conversation with your parents about their finances can seem like a daunting task. However, it is an essential step in helping to ensure their financial well-being as they get older. Here are some practical tips to help you navigate these discussions.

Start the conversation

Talking about money can be difficult. However, it’s important to initiate a financial conversation with your parents before they become too ill or incapacitated. Your parents may be unwilling to talk to you at first because they are reluctant to give up control over their financial affairs, or they are embarrassed to admit that they need your help. It’s important to approach the topic sensitively and make it clear that you fully respect their needs and concerns.

If they are still hesitant to talk to you and are capable of managing their affairs for now, you may want to revisit the discussion later. Or you could suggest that they talk to another family member, trusted friend, attorney, or financial professional.

Organize financial and legal documents

Once the lines of communication are open, you can help your parents organize their financial and legal documents. Start by creating a personal data record that lists the following types of information:

Financial: Include all of your parents’ bank/investment account information, including account/routing numbers and online usernames and passwords. You should also list any real estate holdings, along with any outstanding mortgages. Do your parents receive income from Social Security, a pension, and/or a retirement plan? You will want to include that information as well.

Legal: Find out if your parents have had any legal documents drawn up, such as wills, trusts, durable powers of attorney and/or health-care directives. Locate other important documents too, such as birth certificates, property deeds, and certificates of title.

Medical: Determine what type of health insurance your parents have — Medicare, private insurance, or both. You should also have the names and contact information for their health-care providers, their medical history, and any current medications.

Insurance: List what other types of insurance coverage your parents have — life, home/property, auto, or long-term care, for example — along with the names of their insurance companies and policy numbers.

Store the data record and any other pertinent documents either electronically or in a secure, fireproof box or file cabinet.

Help with managing finances

You can help your parents manage their finances by examining their budget and finding out their monthly income and expenses. Track your parents’ spending to make sure that they are living within their means. You should also discuss ways to address any outstanding debts they may have.

Find out how your parents pay their bills and expenses. If they still use traditional methods, encourage them to set up safer and more convenient ways to bank such as direct deposit and making payments online, instead of mailing paper checks. If your parents are uncomfortable with electronic payments, remind them to mail all bills inside the physical post office and not to use outdoor mailboxes, which may be targets for mail theft.

Do your parents need additional support in managing their finances? There are ways for you to obtain the necessary authorization to assist them. One way is to become a joint account holder on certain bank accounts. This can give you direct access to manage transactions, monitor account activity, and ensure bills are paid. However, being a joint account holder may have certain legal and tax ramifications. Another option is for them to obtain a durable power of attorney, which is a legal document that grants you authorization to make financial decisions on their behalf, even if they become incapacitated. It may also be helpful for them to add you or someone else as a trusted contact for their accounts.

Discuss estate planning issues

If they haven’t already done so, make sure your parents have certain legal documents in place — such as wills and/or trusts — to ensure that their estate planning wishes are followed. In addition, they may need to have a durable power of attorney, health-care proxy, and living will in place so they have someone to manage their money and health-care issues if they become ill/impaired. Issues surrounding the care of an aging parent can be complex. Consider consulting a financial professional and/or elder law attorney who specializes in financial and legal issues that affect older adults.

Questions about estate planning? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534. You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

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The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.

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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

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Money Saving Tips for the Week

Posted on May 13, 2016 by Marketing Coordinator Nicole

bigstock-Money-8204584 We often associate certain days of the week with particular activities. For example, Monday is generally considered the start of the work week. Perhaps Wednesday is the night your favorite show airs on TV, while Friday — well, thank goodness it’s Friday.

When it comes to our personal finances, we should consider following the same trend of associating days with various activities. Each day of the week offers an opportunity to save money or improve our finances. They key is to be aware of how to save money by knowing what steps to take on which day.

Here are some tips to save money each day of the week.

Monday: Set the Tone for the Week.

On Monday, you can set the tone for the week, helping to determine if you stick to your spending plan for the remaining days, said Tom Corley, author of the bestselling book, “Rich Habits: The Daily Success Habits of Wealthy Individuals.” For example, if you promised yourself that you would drink coffee from home and pack lunches to save money, you need to make it a habit starting on the first day of the week.

“The way to turn this into a habit is to make your five brown bag lunches the night before,” Corley said. “Those brown bags will then act as a trigger, reminding you to make your own coffee.”

You could even take it a step further and make Monday a no-spending day to start your week off on the right financial foot. Mark the day on your calendar and set up an alert, so you’ll get an email or message on your smartphone every Monday reminding you not to spend any money that day.

Tuesday: Get a Deal on a Flight.

If you need to book a flight, it’s wise to do so on a Tuesday, when U.S. airlines typically release flight sales, said Jeff Klee, founder and CEO of CheapAir.com. Browse fares early to mid-Tuesday to find the best deals.

“The caveat is that there are limited seats available at the sale price, so you have to be super quick to book when a sale is launched,” he said, adding that Tuesdays and Wednesdays are also the cheapest days to fly. Because fewer people travel mid-week, it’s smart to arrange your plans so you leave and return early in the week as opposed to on weekends.

Tuesday is also a good day to get deals on dining and entertainment because establishments tend to do less business then. As a result, many restaurants — including T.G.I Friday’s, Chick-fil-A and Denny’s — host kids-eat-free days on Tuesdays, said Howard Schaffer, vice president of deal site Offers.com.

Additionally, many movie theaters offer discounted tickets and concessions on Tuesdays, said CouponSherpa.com shopping expert Kendal Perez. For example, Perez said she pays $5.50 per ticket on discount days versus the regular matinee price of $7.50 or evening price of $9.25. To get discounts on concessions, consider joining your favorite theater’s rewards club.

Wednesday: Save Money on Groceries.

Saturday is the busiest grocery shopping day of the week, according to an article from The Street. However, it’s not the best day to go to the market if you want to save money.

“To save money on groceries, shop on a Wednesday,” said Kyle Taylor, founder of personal finance blog ThePennyHoarder.com. “That’s when most stores release their weekly discounts, but they’re also likely to honor the previous week’s coupons [on this day].”

Check your supermarket’s local sales ad, which you can generally find online or at the store’s entrance. In many cases, you can locate “buy one, get one free” deals or discounts of up to 50 percent, said Taylor. To maximize savings, craft your menu and shopping list for the coming week based on what’s on sale.

Friday: Build Your Savings.

If you typically get paid on Friday, then it’s a good day to boost your savings. Rather than give in to the temptation to indulge yourself by spending your entire paycheck, Corley recommends having a percentage of your pay automatically deposited into a separate savings account — ideally one without a debit card linked to it. Doing this forces you to live below your means because you won’t have easy access to those additional funds.

“It is hard at first to pay yourself first this way, but over time it gets easier,” Corley said.

In his new book, “Change Your Habits, Change Your Life,” the author writes that individuals should set a goal of saving up to 20 percent of their income. For best results, allocate your savings among four buckets — with half going to a retirement savings account, 20 percent for major future expenses, 15 percent for unexpected expenses and 15 percent for cyclical expenses, such as holidays and birthdays.

Saturday: Get Deals on Apparel.

Wait until the weekend to buy clothing, as that’s when you can typically get the deepest discounts. Retailers such as Kohl’s and Macy’s often have sales on Saturdays that feature better markdowns than customers would find during the week, said FatWallet.com‘s online shopping expert Brent Shelton.

Additionally, consumers can score extra discounts by using their mobile devices, he said. Download retailers’ apps to get exclusive deals and take advantage of all the best ways to save money.

Finally, weekend shoppers can take advantage of coupon codes, which are released from apparel merchants in the highest volume on Fridays, said Slickdeals.net shopping pro Regina Conway. “In some cases, you can apply the code on top of weekend sale pricing to save even more,” she said.

Sunday: Review Your Spending.

“Although Sunday is usually a day to relax, it’s also the perfect time to make sure you’re on track with your weekly and monthly spending plan,” said Holly Johnson, a credit expert and creator of ClubThrifty.com.

Johnson and her husband sit down every Sunday to review their budget and see how much they’ve spent in each category — such as food, gas and entertainment — and how much they have left for the remainder of the month. “This helps us ‘reset’ our spending and make sure we’re on track with our monthly spending goals,” she said.

On Sunday, the Johnsons also pay off their credit cards, which they use for all of their regular purchases to create a paper trail and maximize credit card rewards. Even if you don’t pay off your credit card balance each week, it’s a good idea to check your account regularly to ensure there aren’t any unnecessary fees or unrecognizable charges that could be the result of fraud.

Reconcile your spending on Sunday to start the week off on the right financing footing come Monday!

*Original article source by Cameron Huddleston of GoBankingRates.com.