Rainy Day Money

Many elders, especially from the depression and WWII era, have saved rainy day money for years. Having that money available has provided reassurance and peace of mind for a long time. It is impossible to even think of it not being there. There is just one problem after all these years. They now can't recognize when that rainy day has arrived. And how could they even think about tapping into these savings that have become almost a part of them? Many excuses about why no changes are needed are offered, but often just to cover up the real reason, not wanting to spend the money. How can we help an elder accept the idea that it is not only rainy, but there is hurricane howling with lightening, thunder, and that the rain is causing "the creek to rise". Ask your elder what reason they would consider worthy of spending the money. If it is an emergency fund, tell me what would be an emergency? To get started I suggest using the Jeff Foxworthy approach. "You know it is time to use your rainy day funds when - - -" Your diet is finally working as there is nothing to eat in the house because you can't get to the store. Your expenses have dropped because the utilities were shut off for non-payment. Your neighbor's child got lost in your yard because it is so overgrown. You can't watch TV because your glasses have been lost in the clutter in the living room. You take a sponge bath as the edge of the tub has grown too high to get in and out. You stay in your underwear as the house is 90 degrees since the air conditioner stopped working. You get the idea. If you help them to find one thing that is bad enough to actually spend some of that money you will have made a crack in the dam. The money is spendable if the reason is sufficient. Now you only need to agree on whether the present situation meets the level needed to loosen the purse strings. P.S. If you are an heir do not get confused about whose money it is. NOT YOURS!