Managing the Financial Burden of Family Caregiving
A recent survey found that 92% of caregivers provide financial support in addition to emotional support. The emotional stress of being a caregiver for someone in your family is sometimes a necessity though it is by no means an easy task. Unfortunately, it can sometimes come at a very high cost, affecting mental and physical health. So learning how to better manage financial stress leaves you in better health and as a better caregiver. Keep reading for our best tips on reducing costs, recognizing triggers, and relieving pressure.
Financial Stress on Caregivers
While each caregiver and what they provide for their loved one is different, there are two main categories of financial caregivers. One money management role involves organizing bills and creating budgets. And the other category includes those that actually provide financial contributions. In that same article by AARP, they found that 64% of caregivers actually serve both roles. It shouldn’t come as a surprise then to hear that of many 64%, many face mental and physical symptoms of a result of the stress.
Triggers of financial stress include:
- the costs of caring for another person (food, housing, clothing, etc.)
- lost money as a result of time off of work to care for another
- the costs of medical bills, hospital visits, and medications
- money scams directed at seniors
Having a clearer idea of the types of stressors that exist may make avoiding them a little easier. For those that can’t be avoided, there are fortunately other ways that you can save money and better care for you and your loved one.
Reducing Financial Stress
You are not alone in confronting this stress and you will not be the last. Thankfully, there are some tips and tricks that you can use today to help save money and time.
- There are tons of products and activities that are offered to seniors at a special rate. This ranges from prescription pills to tickets at the movie theatre. Check out this list for ideas on where to shop and save.
- When possible, shop in bulk at stores like Costo for food items and sanitary items. If your home does not allow for all of the product to be stored, reach out to friends to see if anyone would want to split it with you.
- It’s important to recognize when it’s time to ask for help. Perhaps alleviating all the financial burdens you have taken on are just one ask away.
Just remember that the less stressed and the more supported you feel, the better caregiver you’ll be able to be. Reach out to your local community center for access to coupons for seniors and discounted rates for services like moving.
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- Giving Care Team