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How Memory Loss Can Affect Your Finances

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Memory Loss Can Affect Your Finances

In the United States, “5.1 million Americans 65 and older” (AARP) have Alzheimer’s disease, and that amount is expected to grow significantly in the next 30 years. Alzheimer’s disease is a slowly progressing disease. Often, an individual may have minor symptoms as much as a decade before she is formally diagnosed. These minor symptoms can include having trouble handling money or organizing. Unfortunately, memory loss can affect your finances in a multitude of ways.

How Memory Loss Can Affect Your Finances

You may first experience smaller, less significant ways early memory loss may affect your finances, before advancing to more significant ways.

How Your Finances Are Affected in Early Memory Loss

In the early stages of memory loss, you may struggle with several money issues.

Difficulty Counting Money

Adults have known how to count money since they were in elementary school. However, as you begin to experience memory loss, you may forget the value of certain coins or be unable to make change or find the proper amount to make a purchase.

Forgetting to Pay Bills

Memory Loss Can Affect Finances
Elderly man looking at notes. Forgetful senior with dementia, memory problem, health concept

Another sign of early memory loss is when a person who was normally diligent about bill paying starts forgetting to pay them. While we all experience this once in a while, if you forget to pay the bills regularly, you may want to see your doctor for a check-up.

Paying Bills More Than Once

The flip side of this is paying your bills more than once because you forgot that you already paid them. Again, this can be a sign of memory loss that may be the early stages of Alzheimer’s disease.

How Your Finances Are Affected in Advancing Memory Loss

As your memory loss advances, the risks to your finances become greater.

Trusting Scam Artists

You know the scam emails you get sometimes, telling you $10,000 is waiting in a foreign bank account for you? All you have to do is wire money over to have the riches sent to you? Someone without memory loss will easily dismiss this as a scam, but people with memory loss are likely to believe it and send the money.

Investing in Get-Rich-Quick Schemes

Likewise, a person with memory loss has a higher risk tolerance than he did before his memory was affected. He may want to invest in the next great thing, certain he’ll make millions. While before he could have easily realized this is a poor investment, now he’s eager to invest and angry at anyone who stands in his way.

Spending Freely on Credit Cards

Finally, a person experiencing memory loss may spend much more freely on credit cards than he would have previously. One woman, unable to sleep at night (another sign of early Alzheimer’s), spent thousands buying items featured on late-night television. Her daughter had to close all of her credit card accounts because she continued to spend frivolously.

Final Thoughts

Memory loss can affect your finances in ways that can ultimately lead to bankruptcy. If you are experiencing any of these early symptoms of Alzheimer’s disease, please see a doctor. Many people in this situation feel scared and worry about their loss of independence, so they try to hide their symptoms. However, the sooner you see a doctor, the sooner you can start medications that can slow the progression of your memory loss. Treating your symptoms can help you protect your finances.

Additionally, you can use an application that lets you save from your bills. Sign-up to Billshark.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. 

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Read More

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The Financial Side of Battling Dementia and Alzheimer’s

4 Cost-Effective Ways to Become a Healthier Person

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Money might not be able to buy happiness, but it can certainly help people achieve their goals. Indeed, how much money you have can affect the quality of healthcare and services you may receive over the course of your lifetime. And it can influence your fitness and wellness choices on a day-to-day basis. Thankfully, there are cost-effective ways to build a better lifestyle and become a healthier person –– without breaking the bank. Here’s how you can prioritize self care and maintain your budget at the same time:

Act Fast

Preventive treatment is often much cheaper and more effective than trying to deal with a medical issue once it has already developed. That’s why it’s so crucial for individuals to identify any health problems they may have and to act fast to address them. Of course, one of the best things you can do for your health is to speak with medical professionals on a consistent basis. If, for instance, you experience a painful bunion, then consider scheduling an appointment at a clinic like Northwest Surgery Center ASAP. Everyone experiences health issues from time to time, but how you choose to deal with them can make a big difference!

Spend More Time in the Kitchen

While it is possible to establish a good diet by eating out at healthy restaurants, it’s typically a smart idea for health-conscious individuals to focus on cooking their own meals. Not only will this allow you to control your calorie intake, but it will also save you a lot of money as well! You can cook a delicious and nutritious meal at home for a fraction of what the same dish would cost at a local restaurant.

Get Creative

You don’t have to spend thousands of dollars in exercise equipment or gym memberships in order to get quality exercise. There are numerous activities that can help you lose weight and become a healthier person that won’t cost you a dime! Walking in a park, cycling to work, playing sports with your friends –– all of these things can enhance your lifestyle and ensure you remain fit and active. Regardless of your paycheck, you can always find ways to work out in a pinch.

Be Patient

Many individuals fall victim to weight-loss scams or health fads that don’t actually deliver meaningful results. Though improving your health and wellness can be frustrating at times, it’s important to be patient and to avoid spending money on products or services that won’t help you in the long run. At the end of the day, there really are no substitutes for patience and hard work!

 

Why Checking Your Family Medical History Can Save You Money

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Checking family medical history to save money

Knowing your family medical history is important. There’s a reason that doctors always ask for that information on those initial forms that you fill out. In fact, there are quite a few reasons. Most of those are related to providing you with the best medical care. However, checking family medical history to save money is also a good reason.

Do You Have An Accurate Family Medical History?

Many people don’t have an accurate family medical history. They know bits and pieces about certain family members. However, they might not even know about chronic conditions. This absence of information ranges from people in closed adoptions who are given very limited medical family history to people in close-knit families who simply have misinformation. It’s very common. However, it’s possible to collect an accurate family medical history. And checking family medical history to save money is just one reason to make this a priority.

Checking Family Medical History To Save Money on Testing

Danielle T. Leahy of UVM College of Medicine clearly explains one reason that checking family medical history to save money makes sense. Many patients come to their doctors with vague complaints. Similarly, people come in with a constellation of symptoms that might relate to any number of conditions.

With no family medical history, the doctor may have to run a lot of tests before figuring out what the problem is. However, with an accurate and complete family medical history, the doctor has a good idea of where to start. It may be easier to diagnose and then treat the patient as a result. The fewer tests, the lower your medical bills.

Accurate Medical History Helps With Prevention and Early Detection

If you know that your family is prone to certain conditions, then your doctors will know to keep an eye out for those things. As a result, you’re more likely to detect issues early on. The earlier you catch something, the easier it is to treat it. Moreover, it’s usually cheaper (and often less invasive) treating conditions in the early stages.

Furthermore, you may learn how to take active steps to entirely prevent developing those conditions. For example, a family history of diabetes might encourage you to be proactive about your diet and exercise. As a result of those affordable lifestyle changes, you may not develop the costly condition. So checking family medical history to save money works in large part because of prevention and early detection.

Impact of Family Medical History on Life Insurance Costs

Some people are concerned that revealing their full family medical history will raise their insurance premiums. That’s a valid concern. After all, your insurance rates are based upon many factors. Family medical history is indeed one of those factors. Specifically, life insurance companies factor this in.

However, you shouldn’t ever lie to your insurance company or omit that information. Instead, you should work with companies that are able to assist you in getting the best possible life insurance rates considering all of your health factors. So checking family medical history can help you to save money by assisting you in comparison shopping for the best insurance.

 

Do you know how to complete an accurate family medical history?

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

 

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When Is It OK To Treat Yourself?

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When Is It OK To Treat Yourself

Treat yourself. We see this advice all of the time. And yet, it’s all too easy to mistake the meaning. In other words, it’s easy to go overboard with spending as you “treat yourself” which only leaves you later regretting those choices. So, when is it OK to treat yourself? I’d argue that it’s okay any time, all of the time, but only when you keep certain boundaries and considerations in mind.

What Does It Mean to Treat Yourself?

The problem with this idea really stems from the fact that marketing has taken over its meaning. With my own eyes, I’ve seen “treat yourself” (or the more popular “treat yo’self”) on signage and websites for everything from ice cream to spa retreats. Don’t get me wrong – I love ice cream and spa retreats. However, the underlying message here is “buy our thing and you will feel happier.” When we fall prey to that kind of messaging, we’re never truly satisfied.

So, it’s critical that you dig deep inside yourself to ask what it even really means to treat yourself. What actually makes you feel good? When you’re having a hard day, what type of experience lightens the load? Brainstorm the biggest list that you can think of. Keep adding to it every time that you think of something. Then, do me a favor: divide that list into three categories: free things, cheap things, and expensive things.

When is it OK to treat yourself? Anytime. However, focus on using the free and cheap means of treating yourself. Only on rare occasions will you treat yourself with the expensive things. And then, only if you truly feel like that’s the only one thing that will make you happy.

When Is It OK To Treat Yourself?

When is it OK to treat yourself? Any time – under the following conditions:

  • You understand what you really need. In other words, don’t treat loneliness with ice cream. Don’t treat work frustration with Netflix binges. Ask yourself what you really need and then meet that need.
  • You’ve explored a variety of options and chosen the best way to treat yourself in the moment.
  • If the treat costs money, you can afford it. In other words, it’s within your budget or you have discretionary funds to cover the costs. Going into debt won’t make you feel better in the long run. It’s not a way to treat yourself.

In my opinion, based on personal experience as well as my education in psychology, it’s absolutely okay to treat yourself well and often. In fact, I think you should give yourself little treats every single day. Just make sure their the right kind.

Free and Cheap Ways to Treat Yourself

Load yourself up with idea of free and cheap ways to treat yourself. Here are some of my favorites, although they’ll be different for everyone:

  • Pausing everything to snuggle with my pup.
  • Making a phone call to someone who uplifts me.
  • Sending adorable text messages to someone I care about.
  • Looking through old photos.
  • Reading a book in the middle of the afternoon.
  • Taking a nap.
  • Walking through a park, even a small one.
  • Going on a photo walk, letting my camera notice all of the little things around me.
  • Grabbing a coffee with a friend I haven’t seen in awhile.
  • Browsing online through new books available at my library. Then adding them to my “for later” shelf.
  • Listening to True Crime podcasts.
  • Watching reality TV.
  • Making myself a really cozy meal.
  • Scrolling through Instagram, which I’ve carefully curated to include only inspiring things.
  • Listening to music.
  • Crocheting or collaging.

These are all cheap or free things that I like to do. When I do them, I feel better. Therefore, I try to incorporate them into my days. I try to “treat myself” regularly to things that give me pleasure. As a result, I feel less lack in my life. And as a result of that, I don’t get tempted to “buy” experiences or items in order to feel good.

When Is It OK To Treat Yourself With Costly Things?

I believe that if you’re treating yourself daily with small things, then you’ll desire fewer costly things. But, let’s face it, sometimes the treats we both want and need do cost money. For example, I absolutely love getting spa massages. In fact, I love them so much that I work them into my quarterly budget. By figuring out in advance how to pay for that treat, I can enjoy it without any regrets.

Many people like to treat themselves with travel. Some people like to treat themselves with fancy meals. Other people enjoy treating themselves with tickets to concerts, symphonies, etc. These are all great things that you can do for yourself. And you should. Depriving yourself of the joys of life makes life less fun. Moreover, you risk going on a spending binge if you withhold those things from yourself too often.

So, when is it OK to treat yourself with these more expensive things? When you know that it’s the thing that you truly want / need plus you’ve figured out how to pay for the cost.

Keep Refining How You Treat Yourself Well

The most important thing about all of this is that you keep checking in with yourself. Regularly ask yourself if the “treat yourself” experiences are really doing what you want.

For example, sometimes I treat myself with reality TV. If I’ve worked hard, my brain is fried, and I don’t want to do anything except zone out, then that works for me. However, I can also easily go too far with this. I can watch episode after episode to the point where I feel totally numb and brainless and don’t actually feel good anymore. If you don’t feel good, it’s no longer a treat.

Similarly, some people can enjoy a terrific cocktail or two. Other people find that if they’re honest with themselves, it doesn’t feel all that good in the long run. So, that’s not the way they treat themselves.

Whether big or small, expensive or free, your self-treats should be things that really satisfy you. That’s when you’ll feel good. That’s how you’ll know when it’s OK to treat yourself.

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10 Reasons Why Preventive Health Checkup Saves Money

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Preventive Health Checkup Saves Money

It’s really easy to put off going to the doctor. After all, you’re rarely excited to go spend time there. Therefore, it’s easy to think of plenty of other things you would rather do. If you’re feeling healthy and well, then it’s even easier to put off those appointments. However, there are a lot of good reasons to get regular checkups with your medical professionals. A preventive health checkup saves you money. More importantly, it can save your life.

10 Reasons Preventive Health Care Saves Money

The most important reason to keep your regular doctor checkups is that it lets you catch problems when they’re still small. Therefore, you can more easily correct issues. This can be lifesaving. Preventive health screening for heart attacks, cancer, stroke, diabetes and other major diseases can save your life.

So, that’s the big reason to keep those appointments. But it’s also important to recognize that a preventive health checkup saves money in a variety of different ways.

1. Treatment Is Less Costly When Problems Are Caught Early

Catching health issues early saves both lives and money. Nearly all treatments are significantly easier, less invasive, and less costly if you catch a health problem early on. The worse the problem gets, the more it invades your body. Therefore, the harder treatment is. Thus, the more it costs. Catching problems early makes it easier to treat them. This is better for your health and it’s better for your bank account, too.

2. Developing Rapport With a Doctor Helps You Make Good Decisions

If you keep those regular appointments with the same doctor year in and year out, then you really get to know them. This allows you to develop rapport. In other words, you trust each other. Having a good working relationship with your doctor makes it easier to discuss any type of issues that arise. You’re better able to make the decisions that are right for your health. Your doctor is able to understand your varied situations, including financial concerns. The more comfortable you feel discussing all things with your doctor, the more likely it is you’ll be able to work together to improve your health while saving you money.

3. You’ll Have Time To Research Different Options

If you wait until you’re already in a lot of pain before you see a doctor, then you’re going to feel desperate for an immediate solution. As a result, you might grab the first option you’re offered, no matter the cost. In contrast, a preventive health checkup saves you money by giving you time to consider all treatment options. You’ll know in advance whether a small issue might require greater care down the road. Therefore, you can compare treatment options, shop around for better rates for some treatments, etc.

4. Chances Are You’ll Develop a Healthier Lifestyle

If you know that you’re going to see your doctor on a regular basis then you’re probably going to implement those good habits that you know they’re going to ask you about. This goes for all medical professionals including therapists and dentists. For example, when I started making dental cleaning appointments every three months instead of every six months, I became much more consistent with twice daily flossing.

How does this save money? Obviously, the healthier you are the less you’ll spend on medication and other expensive treatments. But additionally, healthy choices sometimes also save you money. For example, switching from an expensive diet of processed food, soda and takeout to one rich in fresh produce and water might reduce your grocery bill. In this way, a preventive health checkup saves money.

One of the best money-savers in preventive health care is that a lot of people take the advice to stop smoking. Reducing your vices to improve your health helps saves you money.

5. You’ll Help Keep Health Care Costs Down at Work

Research indicates that preventive healthcare improves workplace productivity. Therefore, many employers offer incentives in order to keep up your preventive health checkups and routines. Plus, if you’re someone whose health issues might prevent them from regular work, those checkups are vital in getting you back to a steady income. This, preventive health care can help you to miss less work, earn more money, and take advantage of employer health incentives.

6. You Might Get Better Health Insurance Rates

Depending on your health insurance, you might be able to receive better rates when you commit to preventive health care. After all, your health insurance company doesn’t want to pay out large sums for people who are in terrible health. Instead, they are happy to pay small sums for you to keep your health issues under control. Check with your personal health insurance to find out if preventive health care can save you money on your premiums, deductibles, and/or co-pays.

7. You Might Improve Health Insurance Rates for All

The more people who engage in better preventive health, the better off everyone in society is. The costs of supporting those who can’t work due to illness can be very high. If more people work to support preventive health measures, overall health can rise. Working together in the community has the potential to lead to better health insurance rates for larger groups, not just individuals.

8. Preventive Health Checkup Saves Money on Life Insurance

Are you looking into getting life insurance? If so then you might want to visit the doctor first. Oftentimes your health directly affects your life insurance rates. Preventive health care improves your health. Plus it can show the life insurance company that you take care of yourself. As a result, you might get better life insurance rates.

9. Better Able To Set and Meet Goals

Taking care of your health improves the rest of your life. Preventive health care, including preventive mental health care, can help you optimize your wellbeing. As a result, you’ll have the energy and drive to pursue the things that mean the most to you. As you better set and meet your goals, you can improve your financial situation. You can pay down debt and increase savings as you move that energy towards higher levels of success.

10. You Set a Healthy Stage for the Next Generation

Making preventive care a priority in your life sets an example for the next generation. In the case of prenatal care and childhood preventive care, it also directly impacts your child’s health journey. As a result, you might find that the preventive care you do now saves money for the generations that came after you in your family. More importantly, it can significantly improve their quality of life.

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5 Ways I Treat Myself Without Breaking the Bank

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treat myselfDuring the chaos of the Coronavirus pandemic, it’s become clear that self-care is essential to your well-being. But if you’re on a budget, or even out of work due to the pandemic, you may not have extra funds laying around to go treat yourself. Typical self care, like massages, facials, and manicures all cost a pretty penny. Here are 5 ways I treat myself without breaking the bank.

1) Buy Flavored Coffee

If you’re a coffee drinker like me, you know just how luxurious a delicious cup of joe can be. But before you go running out to your local coffee shop and splurge on a pricey drink, consider making your own instead.

I bought a cheap French-press at Ikea to make my own coffee at home. But I will splurge on buying nicer, flavored coffee, like caramel, French vanilla, and hazelnut. While the flavored coffee is a little more expensive than the old-school brands you can buy in bulk, overall, it’s still much more affordable than going out to grab a coffee on the go.

And you can take it a step further by buying flavored creamer, a milk frother, and a pretty coffee mug. It truly starts my day off on the right note, and doesn’t cost much money at all.

2) Do an At-Home Spa Night

Once a week, I like to treat myself to an at-home spa night. All you need is time and a few of your favorite products!

You can go as simple or as in-depth as you want. From hair treatments to bubble baths, at-home manicures, and homemade facials, you can pamper yourself without breaking the bank.

3) Go for a Walk

During a chaotic day, there’s possibly nothing better than taking a short break to take a walk, especially if it’s a nice day. And best of all? This is totally free!

Plus, you can take a timeout to listen to your favorite music or podcast. Personally, I love to take my dogs with me, which always puts me in a better mood.

4) Cook a Healthy Meal

Admittedly, I’m not a great cook. I tend to eat on-the-go, and rarely give myself time to really enjoy a meal, let alone cook one.

But recently, I have been experimenting with cooking simple, healthy meals. I have to say, it’s fun! You can take a few basic ingredients and make it into something delicious that makes you feel good.

So try out a new recipe and get out the nice dishes. Your body will thank you.

5) Take a Nap

Lastly, when I find myself really stressed or anxious, I love to treat myself to a quick nap. After all, how liberating is it to take a timeout to take a nap? I find that a nap is essential when I’m overwhelmed, especially on busy days. Then I can wake up rejuvenated and focused.

If you’re able to, find time to build a quick power nap into your day. It’s a luxury that’s completely free!

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.