5 TIPS FOR CAREGIVERS TO AVOID FINANCIAL STRESS

The responsibilities of caregiving can be long term, and you may find, as I did, that becoming involved in the financial matters of my family member wasn’t a matter of choice, but a necessity.

But here’s some food for thought, I found that finances are another aspect of the wellness equation that many caregivers tend to overlook, and it can become a real threat to your health and other family relationships. So, I’m sharing some of my experiences and hope you’ll find them helpful and make your journey a little easier.

“BUDGET -- SMUDGET – I DON’T NEED NO STINKIN’ BUDGET”

Many times when you’re shopping for items you need to purchase, and you're in a hurry and lines are long, sometimes it’s just easier to go into your own pocket and pay for some items. Also you might decide to contribute your own money to cover the cost of expensive medications or other items rather than to have your loved one go without.

But over time, the amount spent can add up and if you don’t keep a record, it is easy forget when dipping into your own pocket to help out or make up the difference when out shopping or you’re in a hurry.

Perhaps you are thinking: "Yeah but - this is just one more thing to add stress to my life and another chore to add to my to-do list - as if I don’t have enough to do already”. But financial wellness is just as important as the physical, mental, emotional, spiritual, environmental and social aspects for the caregiver.

So, maybe you might want to re-think the importance keeping a record of money spent related to caregiving, and once you get it started it just becomes part of your routine. Below, I’ve listed five important reasons why making a budget and having a financial expense journal can save you lots of stress down the road:

1- Expense journal -You're not trying to be an Accountant, but, it really makes life a lot simpler, if you can track expenses, price increases of medications and supplies, and how much you are spending on unbudgeted or out of pocket items on a regular basis. The main thing is to have a budget/record keeping system and then stick to it.

2- Financial Burden - Many caregivers dip into their own savings or paychecks to help an aging relative. That’s why I became a research queen, and found there are programs already in place that may be able to offset some expenses and it will make life a lot easier if you have a clear picture of the type of items that are budget busters, for example medications, special dietary items or supplies. Do your research!!

3- Financial Hardships - Studies have found that many caregivers experience financial hardships after they are no longer providing care. Many have tapped into their own retirement funds or savings to cover expenses of caregiving due to the limited income of the family member. So starting your own financial plan as early as possible will allow you to have your own security in place when needed.

4- Keep tabs on your Health. Many caregivers experience declining health from stress related illnesses due to their lack of self care. As a result they may find their physical condition declining due to poor health maintenance that may also increase their own medical expenses. So it’s vital to take the time and make scheduled appointments with your health provider on a regular basis.

5- CYA - Last but not least (DRUM ROLL PLEASE!) - CYA - or cover your assets!! Based on the assumption that as a caregiver, you’ve already sought legal advice as to the documents you should have in place. Keeping good financial records can quell any possible questions from others who are not clear on how you may have handled certain situations.

Finally, taking time to plan can be hard - but planning now can save a lot of stress later. Remember – time waits for no one – so start now.

Be Well - Stay Well - Because Caregivers Need Care Too!!

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Coach Gloria

Life Strategies/Wellness Coach & Patient Advocate

Owner: GJ Brown & Associates

Blog: Glo’s Caregiver Wellness Connection

Email: gbrown1gjba@gmail.com

Website: http://gbrown1gjba.wix.com/caregiverwellness