Stress in the home?
The managing of finances is a source of high stress in any home and your loved ones are no exception. After decades of usual routines, employment, and budgets it can be unsettling for any to suddenly live in a different financial reality. And, like any major life adjustment, it is easy for one to hide any strain they might be feeling. However, there are many ways to watch for signs of hidden financial stress in your loved one’s life as well as resources available to help lighten their financial load.
Whether acclimating to a new reduced income or an increased level of forgetfulness, some of our loved ones may be struggling in silence with financial strain. In these moments, small monetary hiccups can turn into larger financial burdens, so we offer a few tips to families to help keep a pulse on their loved one’s financial situation while still championing their independence.
In Money-saving technologies
Simple purchases such as a smart thermostat or LED light bulbs, can make technology work for your loved one. While there are upfront costs, long-term many of these items pay for themselves quickly. Smart thermostats tend to reduce annual energy bills 10-15% while LED bulbs draw only 25% of the energy that incandescent bulbs. Often, these energy-saving technologies are overlooked by our loved ones, or even inaccessible. With your help, however, a little investment and training can save your loved one immensely on bills over the years.
While partnering with your loved one for good spending patterns is ideal, sometimes our family members still may find themselves in need of additional financial help. Thankfully, there are programs designed to address some of these needs. While these programs may not reduce all significant monthly costs, they can ease some of the financial stress of your loved one
For Home cost savings
Designed to support you
Most states have dozens of organizations, programs, and services that can financially assist and grow your loved one. While the number of agencies and resources can be overwhelming, each government municipality (usually county) has their individual Adult Services department that will host a centralized record of the resources available. Usually, these departments offer Case Management that can help your loved one navigate the many services they can use from free transportation, to rent assistance programs, to free legal advocacy for unjust financial situations.
Is common and manageable
Financial stress affects all of us at some point and it can be an isolating feeling. However, with some tips, communication, and the use of local resources, your loved one does not have to face this stress alone. We, at Beverly’s Daughter, hope to support you as you partner with your loved one towards financial peace.
Everyone has Unique Financial Needs
While it is important to help your loved one manage their finances well and safely, it is important to do so in a way that supports their independence, lifestyle, and personality. Consider starting with a conversation focused on how they prioritize finances and what they deem is important for their own life. From there, build a plan and budget together, using the resources mentioned to help. Open and honest communication will not only help your loved one stay on track financially but it will also be the best way to honor their resources and desires.
Financial stress can be mitigated
Financial stress is not only challenging but also sometimes hard to talk about with your loved one. We offer solutions, products, and recommendations to assist you and your parent to help stay on track financially.
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