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How to manage finances for a loved one.

VetsMumNew Contributor

How to manage finances for a loved one.

My son has agreed to let me manage his income, as he has had issues in the past. His income comes into my bank account and I have autopayments setup, so his fortnightly income goes into his bank account in small amounts each day instead of one big amount once a fortnight.

It looks like he may recieve some compensation. Wondering how others have managed this sort of situation, or sources of information you have found useful. I will seek financial and or legal advice from appropriate sources, but would be interested to find out what has worked for others in a similar situation.

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In response to: How to manage finances for a loved one.

patientpatientSenior Contributor

Re: How to manage finances for a loved one.

Also interested in replies to this question. @VetsMum I was wondering if those fornightly payments were from Centrelink and what you had to do to get the payments directed to your account?

In response to: How to manage finances for a loved one.

Ali11Senior Contributor

Re: How to manage finances for a loved one.

Welcome to the forums @VetsMum, we're so glad that you've joined us here.

You may want to find out from where you are getting the compensation from whether they will pay out in instalments or whether it will be one lump sum. Do you have a contact regarding this compensation who will be able to answer your questions?

In response to: How to manage finances for a loved one.

sofContributor

Re: How to manage finances for a loved one.

Hi

I understand there are also financial literacy courses through the Smith Family (which I have taken which help) to understand spending leaks and how to budget. Longer term if he gets a compensation settlement Centrelink finance officers that can help to steer you in the right direction with options available. Also a great website is https://moneysmart.gov.au/. Great resources and links to go over. Best wishes

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