DoctorMarion
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Oct 9, 2008, 12:10 PM
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I’m trying to get a better understanding of my mother’s expenses. Do you have a master list you usually work from? Sue Ann in Tennessee, 56
Yes. Every situation is unique, but I start with the following list of monthly expenses from these common categories (and there may be others):
1. Mortgage and/or rent
2. Property taxes
3. Equity loans
4. Parking
5. Home maintenance
6. Condominium fees
7. Utilities
8. Phone
9. Water
10. Food
11. Car payments
12. Car maintenance
13. Department of Motor Vehicle fees
14. Gas
15. Clothing
16. Shoes
17. Medicines/prescriptions
18. Legal fees
19. Monthly memberships
20. Credit card debt
21. Annual credit card fees
22. Child support/alimony
23. Cleaners/laundry
24. Pet food and care
25. Car insurance
26. Boat expenses and insurance
27. Recreational vehicle expenses and insurance
28. Insurance for valuable collectibles such as coins, stamps, and art work
29. Disability insurance
30. Home renters insurance
31. Home owners insurance
32. Property insurance
33. Business insurance
34. Life insurance
35. Medicare insurance
36. Medicaid insurance
37. VA insurance
38. Long-term care insurance
39. Entertainment
40. Vacation and travel
41. Books
42. Subscriptions
43. Hair dresser and/or barber
44. Makeup
45. Jewelry
46. Cable TV
47. Liquor
48. Miscellaneous pocket cash
49. Manicures/pedicures
50. Facials
Many of today’s retirees are living ten years longer than they thought they would. This has created a difficult issue: They are outliving their resources. If you can avoid doing so, never cut the monthly budget so close that an unforeseen accident would ruin your mother’s finances. Also, be sure to provide for radical change like an accident or advanced disease by having adequate insurance.
Make sure all of your mother’s bills are paid on time. This process can be very time consuming. I always suggest hiring an elder care lawyer, accountant, or tax consultant to guide you through this often complicated process. It is well worth the cost to understand exactly how to manage all of the assets and papers in an appropriate and timely manner. Professional guidance may save your sanity in addition to saving your mother’s estate thousands of dollars.
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During the past three decades, Marion Somers, Ph.D., (Doctor Marion) has provided care for more than 2,000 elderly clients while she owned and operated a thriving Geriatric Care Management practice. It is now her goal to help caregivers everywhere by providing valuable insights and information in her book, website, and radio PSAs. To purchase Doctor Marion's book and to find a wealth of elder care information, please visit DoctorMarion.com
Elder Care Made Easier is available in bookstores and online at: Amazon
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