Financial: Your Spending Money

How do you protect yourself or your family while still maintaining financial independence?

All of the suggestions below will help to prevent others from taking advantage of your family member's money and in the event the cards are stolen, the losses would be kept to a small amount.

Set up a "fun" account for your family member. Provide them with a debit card whose only purpose is for the retail bank's identification. The card will not work in a cash machine. Keep only enough money in the account for weekly spending money.
Decrease their credit card limit to $500 or lower depending on their spending habits. Larger dollar purchases should be made only with a family member's assistance and approval. It is easier to simply offer to pay for the item with your own credit card than explaining why they are no longer able to purchase large ticket items.
Limit where you carry a purse or large sums of money. If going to pick up a newspaper, walking the dog or picking up a small item at local stores, take only what you need. You could start using a Fanny Pack. These come in all sizes and colours and are made for both men and women. This will free up your hands. Important: Don’t forget to transfer your I.D. (not credit cards) to your fanny pack.

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