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Start a conversation. Let your parents know that you’re there to help them manage their finances and that you’re interested in learning more about their needs and goals.
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Review their financial situation. Get a clear picture of your parents’ assets, liabilities, income, and expenses. This will help you identify any areas where they may need assistance.
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Help them create a budget. A budget can help your parents track their spending and make sure that they’re living within their means.
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Help them develop a financial plan. A financial plan can help your parents achieve their financial goals, such as saving for retirement or paying for long-term care.