Money Management

As seniors age, they often find it difficult to manage their finances, even though they may be able to manage all other aspects of their lives.

The problem may be that the senior is confused by complex changes in billing, banking, or securities practices, or it may be that they are living on a fixed income and finding it increasingly difficult to make ends meet. Often, both problems occur.

Seniors are also particularly susceptible to fraud and financial abuse, making it extremely difficult for them to know who to trust in financial decisionmaking.

BACS, in conjunction with the American Association of Retired Persons (AARP), offers money management assistance to low income seniors who have difficulty budgeting, paying bills, and reconciling bank statements. The program helps prevent financial abuse and enables seniors to remain financially secure.

Bill Payer Volunteers assist seniors in creating a budget, sorting bills, balancing a check register, and preparing checks for the client's signature. Bill Payer volunteers are not authorized to sign checks on the client's behalf. The Money Management Program provides monitoring of Bill Payer activity.

Representative Payee Volunteers are appointed by Social Security to receive and manage the client's government benefits. The volunteer deposits funds in a designated account, organizes and pays monthly bills, and tracks bank statements. BACS conducts monthly monitoring of the Representative Payee.

Eligibility Criteria

• Age 60 or older

• Monthly income less than $1732 (single); $2450 (double)

• Liquid assets less than $30,000

• Live in Alameda County

• Want the service

• Willing to work with a trained volunteer

For more information, please contact the Money Management Program.

Inquiries and referrals can be made by the individual seeking service, or family members, friends or social services staff.

To Volunteer

Volunteers who are comfortable handling their own personal finances and want to help a senior should also contact the Money Management Program. You'll be invited to an orientation session, and can then fill out an application, provide references, and participate in an interview with program staff. If you decide to joint the program, you'll receive ongoing training and supervision.

This program is co-sponsored by the American Association of Retired Persons (AARP) and the Area Agency on Aging, in addition to individual donations.

Carlos, 79, came to us 14 years ago in a time of financial crisis.

He had many debts, he'd lost his utilities and phone, and he had no one to care for him.

His BACS/AARP volunteer got the credit card debt forgiven, utilities paid for, and worked with us to get him a chore provider.

Carlos appreciates the volunteers who helped him and he is no longer in financial danger.

“I have more money than I ever had, thanks to Wayne and his help,” he says.