You don't have to give up hours of your day to help your parents with their daily money matters. To ditch the lengthy process of sorting through your parents’ mail, writing checks and checking account balances daily, follow these steps to put your parents’ finances on autopilot:
- Step 1: Make a list of bills that need to be paid
- Step 2: Consolidate their financial accounts so there are fewer accounts to monitor
- Step 3: Choose which bills to put on autopay, such as monthly bills with payment amounts that don't fluctuate
- Step 4: Set up automatic payments through your parents' bank or through their service providers
- Step 5: Set up account alerts to make monitoring easy
For more details on each of these steps, see How to Put Your Parents' Finances on Autopilot.