January 2020 seems light years ago. Our hearts broke for Kobe Bryant’s family; we yawned at the Super Bowl ads; Meghan and Harry started packing their bags and on the 21st of that same month, the US announced its first case of COVID-19. We didn’t know what was coming and how quickly it would arrive. That single case has turned into hundreds of thousands infected and over tens of thousands of deaths. Around the world, coronavirus has upended our everyday lives.
Individuals who handle financial caregiving during this crisis for either older adults or a person with a disability, there may be additional concerns or obstacles. The requirements to follow social distancing protocols coupled with the increased risk factor for older adults during this crisis can complicate the financial caregiving process.
Under the best of circumstances financial caregiving is challenging, but now money considerations are layered with concerns of safety.
If you are having difficulty acting in the capacity of a financial caregiver because of the COVID-19 crisis, here are a few tips that may help make the task a bit more manageable:
It’s important when you provide financial caregiving to have a plan in place for your own finances in case it’s needed. Let at least one person close to you (siblings, spouse, trusted friends) know your financial plans and the contingencies for those in your care. Scheduling an online meeting can help to keep things business-like and less awkward if things get stressful and emotions could run high.
When emotions of guilt or self-reproach creep in, be mindful about not depleting your own resources to ease your conscience. If you become financially vulnerable, your loved one could be more at-risk. It’s a delicate balance but there is help through social services and non-profits organizations that promote financial literacy.
Foremost, keep a cool head and a healthy body—observe all the protocols that keep you and your loved ones safe while this virus is still on the move.
If you are experiencing financial difficulty and are looking for a solution, CESI is here to help. Our counselors are available to assist if you are experiencing job loss, temporary loss of income or financial hardship during this time. Contact us today for a free financial assessment with one of our certified credit counselors.
Consumer Education Services, Inc. empowers people to overcome their financial challenges and lead financially-healthy lives.
CESI is NOT A LOAN COMPANY