Financial Self-Care
Last week, we encouraged you that it’s OK to change the topic. This week, I hope you’ll resist that temptation because our new theme is Financial/Planning for the Future. And I know that finances rank right up there with politics and religion as subjects that people are uncomfortable discussing.
But I also know that financial concerns are constantly on the minds of caregivers. If you provide financial help for your loved one, along with all of the other support that you give, you may be jeopardizing your own financial well-being in the long-term. On the other hand, if something should happen to you, what will happen to your loved one if you’re not there to provide financial as well as emotional support?
These things can be frightening to think about, but we owe it to ourselves and our loved ones not to change the subject. We need to take ownership of our future financial planning. It’s an essential part of self-care.
So here’s a Financial Self-Care Checklist from Smart About Money:
Your financial stability comes first (think of this as your financial oxygen mask). Create a budget for you and your loved one, looking for ways to cut expenses and boost savings.
Don’t take on unmanageable debt. Look to community resources for help with lowering caregiving expenses.
Consider the pros/cons before cutting or changing work hours.
Be sure to maintain and replenish emergency funds.
Keep contributing to your retirement accounts, even if it is just a small amount each month.
Get the maximum out of retirement benefits offered by your employer.
Prepare now for your own aging by taking steps such as purchasing long-term care insurance for yourself, making sure you have a medical power of attorney, a will and a living will, and that someone you trust knows where and how to access all your account information in case you become incapacitated.
And WRAP - Wellness Recovery Action Plan offers resources for daily planning, a wellness tool box and crisis planning. What I love about this process is that it involves your loved one directly.
Think of financial planning as an essential part of self-care. Of course, there are many professionals – financial advisors, insurance agents, lawyers, accounts – available to help you with your financial planning. Consider adding some of them to your support team. You’re worth it!