Being a caregiver is a demanding and often stressful role. Caregivers face numerous responsibilities, several of which might involve helping with finances. Assisting a family member or friend with tasks such as:

paying bills
managing mail
monitoring bank accounts and investments
organizing documents for tax season

can hurt one’s mental and physical health.

Let’s consider a client of ours who we’ll call “Dan.” Dan was suffering from a brain disease and his wife, “Dora,” was managing both his financial affairs and the challenges of his medical condition. Initially, Dora reached out to Everyday Money Management for assistance but later decided to handle everything on her own. Three months later, she called us, having changed her mind and in desperate need of outside support.

We visited Dora and were struck by the significant changes in her physical appearance and overall demeanor. In just a few short months, she had transformed from a healthy, calm woman into someone who appeared aged and tense.

The stress of being a financial caregiver had taken its toll on her mental and physical well-being.

Asking for help as a financial caregiver can be difficult for several key reasons:

Trouble relinquishing control
Loss of independence
Mistrust of others to help
Denial that help is needed

However, it’s important to recognize that there is no shame in reaching out for support, especially when your mental and physical well-being is at risk.

Here are some tips to help you get started:

Reach out to a family member or trusted friend for help. They may have experience with reliable resources, such as a daily money manager, who can provide support.
Don’t wait to get help. It’s natural to feel overwhelmed or embarrassed when facing challenges, but waiting too long can make the situation feel even more overwhelming.
Consider assembling a team to tackle the tasks at hand. This could include family members, friends, and a daily money manager, each taking on specific responsibilities.
Turn to resources in your community that offer guidance and support. These include:

-National Family Caregivers Association (NFCA)https://caringcommunity.org

-American Society on Aging www.asaging.org

-National Council on Aging www.ncoa.org

-Family Caregiver Alliance www.caregiver.org

-Caregiver Action Network www.caregiveraction.org

Fortunately for Dora, we were able to relieve her of the stress associated with managing her and her husband’s daily finances, which significantly improved her well-being.

At Everyday Money Management, we are daily money managers who can help take care of your financial needs. Contact us today to learn how we can assist you!

Is Being a Caregiver Causing You Mental and Physical Stress?