Money Management Tips For Carers: According to a recent study, approximately 39.7 million adults in the US alone currently provide healthcare support to a loved one with a disability or chronic illness – and often do so unpaid. This is even more startling when you consider the rising cost of healthcare across the world.
As a result, it’s vital that carers can get their finances in good order sooner rather than later – through a combination of clever budgeting and utilizing financial support schemes. Here are some top tips to help you get started!
- Know what schemes you are eligible for. Whether you are caring for elderly relatives who need assistance or a friend with a chronic illness or disability, you must know the various support schemes you may be eligible for. For example, by brushing up on CDPAP regulations, you may find that you’ll be able to receive financial compensation for the support you are offering. This could be a real lifeline for those who may need to give up their full-time job to offer support to others and can also enhance the quality of support you can offer.
- Ensure they have the right health insurance. Finding the right health insurance is often a cause of great stress – as there are numerous different plans out there, and it can be hard to know which one is the right fit. However, the benefits of health insurance far outweigh the negatives, especially if your loved one requires specialist care and access to medication. As a result, you should check over their insurance policy and ensure they get the best possible deal.
- Put together a budget. No matter your personal situation or circumstances, the best way to get on top of money management is to put together a budget. In some cases, it may be better to set up two budgets: one for yourself (personal) and another for the person you are caring for – especially if your finances are separate. This way, you’ll be able to ensure your own needs are not neglected (which often happens when caring for others before caring for yourself). If you find it hard to stick to a budget, you could install a budgeting app on your phone to keep you on track.
- Don’t be afraid to rely on charitable support. In addition to receiving financial support from government schemes, you should also keep an eye out for any local charities that may be able to support you and the person you are caring for. For example, they may offer free pastoral support (respite care, donations, or therapy services), which lessens your responsibility and can help you stay within budget. In many cases, carers feel unwilling to reach out to charities as they feel other people may need the support more than they do. However, it’s important to remember why these charities were formed in the first place – and that’s to support people like you. There’s nothing wrong with reaching out when you need a little help and support -even if you simply want some advice from people who understand what you are going through.