Money-Leak Audit

Cheques can feel comfortable for older people but they get lost, and missed cheques have led to declined credit cards and overdraft fees in real client situations.

It is not unusual for people struggling with memory issues to pay property tax three times while never paying their telephone bill. These situations can lead to cash-flow problems, service cut-offs and reconnect fees.

With automatic billing, a person might unknowingly have two utility accounts for the same address or duplicate service plans for items like a furnace or water heater. Online subscriptions are also easily forgotten. Automatic subscription renewals and lapsed service fees can add up quickly.

Many insurance notices today say “We have renewed your insurance.” This wording often means you can renew the policy, not that they have processed the payment. The wording can lead to confusion, missed payments and lapsed coverage.

Card issuers occasionally adjust limits or change fee structures based on inactivity or overdue payments. One senior was convinced to lower her credit-card limit to reduce fraud risk, then was charged over-the-limit fees every month because the new limit was too low for her regular expenses.

Many seniors still pay monthly fees on account packages designed for active business use. Most BC banks have free senior chequing accounts you can move to.

The DTC is available to people who need daily assistance with everyday tasks like preparing meals, cleaning, laundry, or showering. Many seniors with advancing memory loss need this kind of support, so it may be worth speaking to their doctor about completing the application. Many doctors charge a fee for the paperwork, but approval can be retroactive up to 10 years. Many eligible Canadians never apply.

Well-meaning attempts to “simplify” can trigger unintended consequences. One senior cancelled the internet because it felt expensive, but it disabled the smart-home thermostat. Every time the house feels cold, a family member gets a call. If the internet still worked, they could log into the app and change the temperature remotely. Before cancelling services, think about what other services may be connected to them.

Government cheques, insurance updates, tax slips and benefit notices still arrive by mail, as do requests for money and donations. Unopened mail is a money leak waiting to happen.

Older contact information can lead to missed bills, failed payments, service interruptions, and late fees, especially when accounts are tied to inactive recovery emails or expired credit cards. When one senior closed her Shaw account, her Shaw email became inactive. She updated her Fortis account but missed BC Hydro and Telus.

Many seniors continue paying full price for transit, phone plans, prescription costs, or property taxes because nobody has reviewed available discounts or support programs in years. Small savings across multiple systems can make a meaningful difference.