Tag Archives: companions

How Caregivers Can Keep Their Cool During Difficult Financial Times

19 May

If you’re a caregiver for someone with Alzheimer’s disease or another dementia, it’s natural to be concerned about America’s financial crisis. You’re not alone in wondering how you’ll continue to be able to afford Alzheimer’s care and handle other regular expenses.

According to Ellen Rogin, president of the financial planning company Strategic Financial Designs in Northfield, Illinois, caregivers can still keep their cool during difficult financial times. She spoke with Denise Brown on her radio show, Your Caregiving Journey. Here are her suggestions:

  • Unclutter your mind by uncluttering your financial records.Rogin says that having all your paperwork organized can reduce stress and give you a sense of control over your finances. If you are responsible for your relative’s finances, make sure you have lists of your loved one’s assets, accounts, and contact information for any financial advisers. 
  • Avoid information overload.Rogin explains that it’s good to be informed. But during a national or global financial crisis, it’s easy to get overwhelmed by information being thrown at us on television, in the papers, and online. Find a balance between staying informed and becoming bogged down with negative information. 
  • Devise a plan.If you haven’t yet sat down and thought through how to pay for Alzheimer’s care, this is the time to do it. Bring in a professional if your relative doesn’t already have a financial adviser. It’s also a good idea to hold a family meeting — whether in person or through long-distance technology — if you share responsibility for your loved one’s care with other family members. 
  • Manage your belief system. Rogin attests that our beliefs about our financial abilities affect our financial decisions. If we keep telling ourselves that we’re bad with money, we’re more likely to make poor financial choices. On the other hand, if we focus on strengths, such as our diligence and our ability to be organized and ask the right questions, we’re more likely to make good decisions that will increase our chances of being able to manage expenses for Alzheimer’s care.