There's 45 million of us...

Jeremy Nachtigall • April 13, 2021

Last week, I received an email from a gentleman who felt that he was in over his head. He is a consultant who works long hours and is a caregiver to his mother who is suffering from cancer. It is an admirable role to undertake and extremely stressful, to say the least. However, he recognized that he needed help managing his “back office”, planning for future costs and/or obligations and keeping him accountable to a budget.


He was able to provide me with his banking, credit card, and 401k information and a skeleton of an income/expense report to review. 

Most of my time, so far, has been spent filling in the holes on the report to come up with a budget. But, one budget isn’t enough. We need to consider his financial position at the point that he takes over the financial obligations of his mother’s house and what his next move may be. I’ve said it many times - during periods of stress and heightened emotions, it is important to discuss your options with a professional who is skilled in these areas of life planning. My client deserves a lot of credit for asking for help.


In creating more than one budget,considering current and potential future income streams versus current and estimated future costs, we  have sufficient preliminary data to work with a financial advisor in creating a financial plan.

 

My client pays some of his bills on his credit card and some straight out of his checking account. He, fortunately, has the financial wherewithal to pay his full credit card balance every month. So, to be sure we don't miss a payment, we needed to link his credit card to his checking account. But it’s more than that: it’s linking the car insurance, the telephone, it’s setting up his EZ-Pass account, etc. Then, there is the monthly account reconciliation and in some cases, troubleshooting an incorrect charge. You may be saying to yourself, “of course the accounts should be linked, everybody does that.” But remember, this person has a lot going on. He is alone, he works sometimes 18 hours a day, his mom is sick and his future is unknown. Is it any surprise that he can’t seem to find the time or have the energy to do these, what seems like, effortless tasks?

 

Caregiving is a lonely job. But, if you’re one of the 45 million of us who are feeling the squeeze of caring for a loved one while also caring for yourself and your family, you are not alone. Caregiving causes stress and burnout, two interwoven elements of compassion fatigue that can result in higher risks to your health. This can be minimized with the help of a professional Daily Money Manager. Remember, when most people hear the word “caregiver”, they immediately think, “Oh, like feeding them” or “helping them get dressed,” but it’s more than that: it's also very emotional, it’s financial, it’s administrative, It’s logistics. You are not alone. You need not feel overwhelmed. We are here to help.

Here are the facts:

 

  • In the past five years, over 40 million family caregivers provided 37 billion hours of care for loved ones. The value of this care is estimated at $470 billion.
  • At least 20% of adult children are taking care of an older parent.
  • About 85% of family caregivers in the U.S. do not receive any respite care.
  • The last phase of life is generally 4.5 to 5 years.
  • Nearly half of family caregivers over age 40 handle medical tasks, from changing bandages to inserting catheters or feedings tubes. Among that group, only 47% say they have received adequate training to perform those tasks. But more than 90% of family caregivers say they value the experience.
  • Nearly half of caregivers have trouble balancing work and caregiving.
  • Men are more likely to have employers who are not supportive of their caregiving duties.
  • Of working caregivers, 8% state that they have been sidelined from job-growth opportunities because of their caregiving responsibilities.
  • Alzheimer’s disease and other mental-health conditions are more stressful on caregivers than dealing with physical ailments.
  • Half of adult caregivers say it’s moderately or very difficult to balance work and caregiving.
  • Three-quarters of the respondents found it to be stressful, and more than half found it to be overwhelming.
  • Depression affects 20 to 40% of all caregivers.
  • In the U.S., most caregivers are female and the patient receiving home care is the caregiver’s mother.
  • Women have been found to be more susceptible to caregiver burnout than men. Those who are responsible for helping someone with Alzheimer’s disease, dementia or a debilitating illness are also at a high risk of developing their own medical issues.

 

Here are the signs:


  • Emotional and physical exhaustion
  • Feeling pulled in two directions
  • Withdrawal from friends, family, and other loved ones
  • Loss of interest in activities which you previously enjoyed
  • Changes in appetite, weight, or both
  • Changes in sleep patterns
  • Getting sick more often
  • Feelings of alienation, helplessness, or hopelessness
  • Lack of energy to do new things
  • Feelings of wanting to hurt yourself or the person for whom you are caring
  • Excessive use of alcohol, medications or sleeping pills
  • Losing control physically or emotionally
  • Feeling stressed in the patient’s presence
  • Difficulty concentrating
  • Missing appointments 


Source for Facts and Signs:  http://aginginplace.org/caregiver-burnout/

You might also like

How to deal with a loved one who has early-onset Alzheimer's disease

By Jeremy Nachtigall • November 17, 2023
Dealing with a loved one who has early-onset Alzheimer's disease can be challenging, both emotionally and practically. It's important to provide them with care, support, and understanding while also taking care of your own well-being. Here are some steps and tips to help you navigate this difficult situation.

How a Daily Money Manager Can Help Seniors and Their Adult Children Manage Their Financial Affairs

By Jeremy Nachtigall • October 17, 2023
Understanding Daily Money Managers Daily Money Managers are financial professionals who specialize in helping individuals, particularly seniors, with their day-to-day financial responsibilities. They offer a wide range of services tailored to the specific needs and circumstances of their clients. Let's delve into how DMMs can be of tremendous benefit: Bill Payment and Expense Management: ● Seniors often face the burden of managing various bills and expenses. DMMs can organize bills, set up automatic payments, and ensure that no payments are missed, helping to maintain financial stability. Budgeting and Financial Planning: ● DMMs work closely with seniors and their adult children to create realistic budgets and financial plans. They help set financial goals, track expenses, and make informed decisions for the future. Income and Asset Management: ● Seniors may have multiple income sources, including pensions, Social Security, and investments. DMMs help manage these income streams, ensuring that funds are utilized efficiently and assets are properly maintained. Healthcare and Insurance Assistance: ● Understanding health insurance policies and managing medical bills can be challenging. DMMs can help seniors make sense of their coverage, submit claims, and deal with medical expenses. Financial Advocacy: ● DMMs serve as advocates for their clients, ensuring that their financial rights are protected. They can communicate with financial institutions, legal professionals, and government agencies on behalf of the senior, reducing stress and potential conflicts. Estate Planning and End-of-Life Matters: ● DMMs assist with organizing and maintaining important estate planning documents, such as wills and trusts. They also help seniors and their adult children make informed decisions about long-term care and end-of-life financial matters. Preventing Financial Exploitation: ● Sadly, seniors can be vulnerable to financial exploitation. DMMs play a critical role in safeguarding their clients' financial well-being by monitoring accounts for unusual activity and providing guidance on protecting assets. Peace of Mind for Adult Children: ● For adult children of seniors, hiring a DMM can provide peace of mind. It ensures that their parent's financial affairs are well-managed, reducing the stress and time-consuming responsibilities often associated with caregiving. Daily Money Managers serve as a vital bridge between seniors and their adult children, helping them effectively manage financial affairs and maintain financial stability during the later stages of life. By providing expert guidance, organization, and advocacy, DMMs not only ease the burden of financial management but also protect seniors from potential financial pitfalls. In an era where financial complexities abound, the services of a DMM can bring peace of mind and financial security to seniors and their families, allowing them to focus on enjoying their golden years.

Are We In A Recession?: Strategies for Financial Resilience...

By Jeremy Nachtigall • October 4, 2023
Recessions are a natural part of the economic cycle, characterized by a decline in economic activity that can lead to job losses, reduced consumer spending, and financial instability. While we cannot predict precisely when a recession will occur, it is essential to be prepared for economic downturns to safeguard your financial well-being.

Contact Us

Contact Us

Share by: