Q: I have become overwhelmed by managing all the household expenses. How can I make this easier?
A: I can remember my parents sitting at the kitchen table with a pile of receipts and arguing over money. It was a ritual they did every month. They would save every paper receipt and then cross-reference their credit card bill and checkbook to ensure everything was accurate.
Many older adults still pay bills by check, but this form of bill paying has really shifted in the younger generations. Many people no longer manage their finances this way because online banking and digital financial tools are convenient and generally very accurate. In fact, paying bills by paper check is becoming increasingly uncommon. Many banks no longer automatically provide checks with new accounts, and many customers choose not to order them at all. The way we pay bills has changed, and these advances can save both time and energy.
A good first step is to make a list of all your regular household bills and recurring expenses. Seeing everything in one place provides a clear picture of your monthly obligations and may even help you identify subscriptions or services you no longer use and can cancel.
You may want to use a budget tool such as the National Council on Aging’s free budget calendar. You can find it here: https://benefitscheckup.org/goals/task/create-a-monthly-budget
Identify which bills are recurring and generally the same each month, such as utilities, insurance premiums, mortgage or rent payments. Create online accounts for these companies and consider enrolling in automatic payments.
Autopay is very convenient and generally safe, but not without risk. Therefore, one way to increase safety is to set it up through a credit card rather than directly linked to your bank account. Using a credit card provides an additional layer of protection because you can review your monthly statement before making payment and dispute unauthorized or inaccurate charges if necessary. Many credit cards also offer fraud protection that may not be available when payments are withdrawn directly from a checking account.
If you are hesitant to switch to autopay, start with one bill and monitor it for a few months. Allow yourself time to build confidence in this new system. The goal is to spend less time paying bills, reduce the risk of missed or late payments, and reduce your stress around bill paying.
Set up account alerts so you receive an email, text message, or mobile notification when a payment is processed, or a purchase is made. It is also good practice to review your bank and credit card statements each month. This helps you identify errors, duplicate charges, or fraudulent activity early.
Get a notebook to keep all account information, logins, and passwords in one place. Keep it in a secure place or in a locked safe.
Consider working with a financial advisor or a trusted family member. They can help organize your household bills, simplify your budget, and develop a system that is easy to maintain. It is also important to designate a trusted financial power of attorney who can manage your finances if you are ever unable to do so yourself.
Planning ahead can reduce stress for both you and your loved ones while helping ensure that your financial affairs continue to be managed safely and effectively.
You are not alone in feeling overwhelmed. If the feelings are too much, or if you notice bills are late or getting missed, reach out to trusted people in your life for support. Be patient with yourself and focus on taking one small step at a time to make things feel more manageable.
Martha Shapiro can be reached at Senior Concerns at 805-497-0189 or by email at mshapiro@seniorconcerns.org.
