Managing Finances

Money matters. It’s your money, your food, your supplies. It’s a big part of your life. Money matters to you. Many people who have people working for them in their homes are concerned that money or property will be stolen. This page will give you suggestions on how to manage your money and protect yourself.

Depending on your needs for help your personal assistant (PA) may have access to your money, checkbook and other financial accounts. Here are a few suggestions to protect both you and your PA around issues of money.

When the PA handles money transactions for you
Loaning money
Things that cost you money

When the PA handles money transactions for you

If you carry homeowner’s insurance (see Insurance) be sure that it includes comprehensive coverage that would include theft.
Keep only enough cash to meet your immediate needs. Have any income that you receive on automatic direct deposit into your bank account. To the extent that you can, pay all your bills by check.
Do not put your PA on your bank account so she can write checks or withdraw funds.
Only give your PA your ATM PIN (personal identification) number if you must. If you give them the number do not write it down. Never ask the PA to withdraw money if you are not with them. If you need cash, many grocery stores will allow you to write a check for additional funds.
Never confront someone you think has stolen from you when you are alone. Think about what you should do and get advice. Notify the police. If the person was hired from an agency, notify the agency. Stealing from you is financial abuse.
When a PA shops or does errands for you that require money, count out the money in front of them. If you need to ask the PA to take money from your purse, always observe the action. Always ask the PA to check the change they are given. Ask them to bring back the receipts.
Verify the amount taken orally and ask the PA to write the date and the amount in a record book or notepad or on a shopping or errand list.
When the PA returns from the shopping or errands ask them to count out the change to you. You can check the change against the receipts. The PA may want you to initial or mark that it is correct.
If the change is incorrect, ask the PA what she thinks happened. Don’t jump to conclusions that the PA has taken the money.

Loaning money

You are on a fixed income and have to be careful with your money. But don’t be surprised if your PA wants to borrow money from you. You may find it difficult to say “no” to the PA who helps you, often with very personal and intimate needs. Remind yourself that they are being paid to help you.

You will learn to be a good judge of people. You can say you don’t have it, but if the PA helps with your finances, they know what you have. This is another reason for not keeping more cash than you need day-to-day. There are more excuses for borrowing money from you than we can list. They include “just until payday”, “I need change for the bus”, “My wallet was stolen”, “I thought I took five dollars but it was only a one dollar bill, how will I get home?”

Since borrowing will come up, decide now what your rules are going to be. Here are some suggestions you may want to adopt.

If you decide to lend money, ask when you will be paid back. Make a note of the date you loaned the money, the amount and when it is to be repaid. If the PA does not repay you on the stated date, ask for the money.
If previous loans have not been repaid, do not lend more money.
Don’t allow yourself to be pressured into lending money if you don’t want to lend it or can’t afford it.
Be very cautious when a PA is always running short of money. Why is this the case? Is there a potential for stealing things that can be sold?

Things that cost you money

There are small things that may seem unimportant to you at first. But over time they can add up to a larger expense. You will need to decide what you will provide for your PA. You can establish some rules that you can include in the work agreement.

Will you provide snacks for the PAs break? What will you provide? Will you limit it to a cup of coffee or tea, or water? Cookies? Soft drinks? Or will the PA consume food and drink that they bring?
Will the PA take meals with you and eat your food or will they eat food they bring? Will they share meals they prepare for you?
Will you loan them your car for their personal use? Must they refill the gas tank?
Are there other things that you might loan them that could be lost or broken? Will you require them to replace or pay for it?
Must they pay or replace items that they break in your home?
When the PA does the grocery-shopping, do you give the PA a specific list with brand names to be sure you get what you want and to control costs?

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Administration > Managing Finances