Your Money Supporter
PROTECTING YOUR FINANCIAL INDEPENDENCE
Staying Independent with Help
Being in control of your own money is a big part of living with dignity. But getting help when you need it doesn't mean losing control—it's a smart way to stay independent.
This guide will help you think about how to choose the right person to be in your support network.
Choosing a Trusted Supporter
You might decide to choose someone to help with your money if you ever get sick and can't manage it yourself. This person is often called an "Attorney" because you give them a legal document called a "Power of Attorney."
Think of it like giving someone a spare key to your house. You only want them to use it in an emergency, and you need to trust them completely.
When choosing your helper, ask yourself:
Do I trust this person completely? This is the most important question.
Are they sensible and good with their own money?
Do they listen to me and respect my wishes?
Do they live nearby or check in with me regularly?
You might choose an adult child, a close friend, or a sibling. It's a big decision, so take your time
When Does Your Supporter Step In?
You are always in charge of your money for as long as you are able. Your helper only steps in to use their "spare key" when:
You ask them to. You might feel tired or unwell and ask them to start helping with bills.
You can't make decisions yourself. If you become seriously unwell, a doctor will confirm that it's time for your helper to take over.
This ensures that you keep control while having a plan for the future.
How Your Helper Can Support You Safely
Your helper is there to support you, not take over. Here are some safe ways they can help you manage your finances.
Be a Second Pair of Eyes: You can ask them to sit with you once a month to look over bank statements. This helps you both spot any surprise costs or mistakes.
Help You Check, Not Take Over: Set clear rules from the start. For example, "I'd love you to help me check my bills, but I will still be the one to pay them."
Keep Your Passwords Private: Your helper doesn't need your PINs or banking passwords to support you. Keep them safe and private.
Review Things Together: Check in every six months to make sure you are both still comfortable with how things are working.
Preparing for an Emergency
A good helper can only help if they know where to look. Make sure your chosen person knows where to find your Financial Master List. This list has all your important information in one place, like bank accounts and bills. It's the map they will need in an emergency.
What to Do if You Feel Uncomfortable
Trust is the most important part of this. If you ever feel pressured or that your wishes are not being respected, remember that you are in charge.
It is okay to change your mind and choose a different helper.
If you are worried, call the free and private elder abuse support line at 1800 ELDERHelp (1800 353 374).
Never feel guilty about protecting yourself and your money.
Disclaimer: This guide provides general information only and is not a substitute for professional advice. The information is provided "as is," without any guarantee of its accuracy or completeness.
Any action you take based on the contents of this guide is at your own risk. We are not liable for any loss or damage resulting from its use. Please consult a qualified professional to address your individual circumstances.