Between attending doctor's appointments, considering different household safety products and learning about health conditions, your caregiver duties may give you little time to plan further ahead. As time goes on, you may need to take on your loved one's financial responsibilities.
Dealing with personal finances can be a headache. This can become especially difficult for the person you care for. Rather than wait for a situation to arise, such as a missed bill or credit card payment, consider speaking with him or her early on to avoid any unpleasant incidents, suggested Daily Finance.
Recognizing the challenges
As a caregiver, you may have encountered some resistance from your family member. Personal finances are a very private matter, so even if he or she accepted your help around the home willingly, giving you access to and the legal right to manage his or her money may be difficult.
Preparing for the conversation can allow you to make more persuasive points. If you don't know where to start, consider these tips.
- Speak with other caregivers: If you share caregiver duties with others, speak to them first, especially if you aren't the primary caregiver. The person who receives help may be more apt to listen to financial advice from another caregiver.
- Invite a family friend: Chances are, you and the other caregivers are from a younger generation than your loved one. If you encountered difficulty when you first began to care for him or her, reaching out to a family friend who is from the same age group as the person you care for can lend more authority to your thoughts.
- Approach the situation indirectly: Though you may want to discuss your loved one's financials right away, approaching the topic more subtly can pay off. Provide him or her with an example of another person who's facing the same challenges and how handing financial responsibilities off to his or her caregivers can help. Giving your family member an understanding of the situation from the outside can give him or her a better perspective of his or her own position.
- Suggest a slow plan: If he or she is receptive to the idea, propose a plan that slowly hands over the financial responsibilities to you and other caregivers. This way, the person you care for won't feel as if he or she is losing a sense of independence.