How BudgetPulse Solves Remote Stewardship Problems
Posted by : Premraj | Posted on : Thursday, March 20, 2008
DELICIOUS
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REDDIT
Transparency
By opening an account for the person who needs stewardship, both the older child and the fixed-income parent can track current financial status and upcoming obligations. Transparency is assured. Other family members can see what’s happening with mom or dad’s accounts. This builds family unity and trust. And shared access with an elderly parent allows a quick transition should that parent become unable to keep up with their finances.
Problem PreventionÂ
An increased risk of injury and hospitalization comes with advancing age. Having a shared account (where the login information is known to a trusted relative) means that the bills still get paid on time. This also helps when a parent or grandparent passes away.
Resolving financials can be a difficult problem when a loved one dies. Lack of clear and detailed records can add frustration to existing grief. While most of us prefer not to dwell on end of life issues, this is a reality that shouldn’t be ignored.
Who is owed what (and how much is stashed where) become real headaches for the executor. Mistakes can have legal consequences. BudgetPulse provides a running tally of concise information that can be used to answer questions and reduce stress.
A Hidden Benefit
It’s not all gloom and doom. When financial records are shared across generational bounds, the interactions are beneficial all by themselves. Reminding a parent that a bill is coming due, or pointing out an overlarge budget item gives older children a chance to reconnect with their parents. A quick check of BudgetPulse from work may open an opportunity to call mom or dad at lunch.
Good stewardship encourages good communication and discussion of issues that some families find hard to address. With the simple software and web access, an easy to understand picture of financial health or sickness readily emerges. Graphs make the situation plain. This means that arguments about where the money is going are nipped in the bud.
Privacy Issues
Elderly parents might feel put upon by having their personal business matters viewed by their adult children. It’s not surprising that they want to keep a sense of independence as long as possible. A good steward will have a solution in mind. By just setting up a ‘general fund’ category, a parent can keep funds available to spend independently without ruining the overall budget. Since most bills will be cyclical and repetitive, these are the ones most amenable to scheduling and tracking.
Keeping things flexible and allowing a parent to participate in the process will reassure them and give them confidence that their affairs are being well looked after.
The advantages of BudgetPulse are obvious. By providing transparency, insurance against future problems, and a point of contact with dependant parents, BudgetPulse meets the needs of adult children who find themselves the financial stewards of their aging parents.
