Financial Therapy for Financial Caregiving in California
Financial caregiving refers to the act of providing assistance and support to individuals who may be unable to manage their finances independently due to various reasons, such as age, illness, disability, or other life circumstances.
Financial caregivers, often family members or close friends, take on the responsibility of helping someone handle their financial affairs, ensuring their financial wellbeing, and protecting them from potential financial exploitation.
Key aspects of financial caregiving
-
Financial caregivers may assist with routine financial tasks, such as paying bills, budgeting, and managing bank accounts. This is particularly common when the person they are assisting is no longer able to handle these responsibilities on their own.
-
Financial caregivers often play a role in long-term financial planning, such as retirement planning, estate planning, and healthcare planning. They may work with the individual to ensure that their financial affairs are for the future.
-
Handling healthcare expenses is a significant part of financial caregiving. This may involve managing health insurance claims, understanding medical bills, and coordinating with healthcare providers to ensure proper coverage and billing.
-
Financial caregivers take measures to protect the individual from financial scams, fraud, and exploitation. This involves monitoring financial accounts, being vigilant about potential scams, and taking steps to secure the person's financial information.
-
Financial caregivers may be involved in legal and financial decision-making, especially if the individual has granted them power of attorney. This can include making decisions related to investments, property, and other financial matters.
-
Financial caregivers often need to adapt to changing circumstances, such as shifts in the individual's health or changes in financial resources. This requires ongoing communication and flexibility in managing financial responsibilities.
-
Open communication is essential in financial caregiving. Financial caregivers need to work closely with the individual, as well as other family members and professionals, to ensure that everyone is informed and on the same page regarding financial decisions.
-
Financial caregiving can be emotionally challenging, especially if the individual is facing health issues or other difficulties. Providing emotional support is an integral part of the caregiving role.
Financial Caregiving client scenarios
Here are examples of clients experiencing financial caregiving who would benefit from Financial Therapy.
Malik
Malik is a 40 y/o male who has been working and raising a family. He learned recently that his mother and father who are in their late 60s do not have much saved for retirement. Their health is starting to deteriorate and they have approached Malik about assisting them so they can reduce their work. Malik has his finances in order and is comfortable financially but he is not sure how to assist, navigate or support his parents over the next few decades.
Sarai
Sarai is a mid-40s married female who runs several businesses and has a young family. Her mother was recently diagnosed with Dementia and over time has been less able to manage her finances. It now falls to Sarai and her sibling to help their mother navigate her financial future. They find it daunting and time-consuming but ultimately want the best for their mother.
Koru Financial Therapy can support Financial Caregivers
Koru Financial therapy can be a valuable resource for financial caregivers, providing them with support, guidance, and tools to navigate the unique challenges and stressors associated with managing someone else's finances.
Read below for ways in which Koru Financial Therapy can help.
-
Koru Financial Therapy helps caregivers manage the stress and emotional burden that can come with handling someone else's financial affairs. Therapists can provide coping strategies and tools for maintaining emotional wellbeing.
-
Koru Financial Therapy assists caregivers in developing effective communication skills, especially when discussing sensitive financial matters with the person they are assisting or other family members. This can help build understanding and cooperation within the family.
-
Koru Financial Therapy helps caregivers establish and maintain healthy boundaries. This includes understanding their own limits, recognizing when they need support, and communicating boundaries with the person they are assisting.
-
Family dynamics can become complex when it comes to financial caregiving. Koru Financial Therapy helps caregivers navigate family relationships, address conflicts, and foster collaboration among family members involved in decision-making.
-
Koru Financial Therapy provides a supportive environment for caregivers to discuss and process the emotional aspects of decision-making, especially in situations where difficult choices need to be made regarding the person's finances.
-
Koru Financial Therapy can enhance the financial literacy of caregivers, providing them with the knowledge and skills necessary to make informed financial decisions. This is particularly important when managing complex financial matters on behalf of someone else.
-
Caregivers may experience feelings of guilt or resentment, especially if financial caregiving responsibilities are challenging or time-consuming. Koru Financial Therapy can help individuals process and address these emotions constructively.
-
Koru Financial Therapy can provide guidance on navigating legal and ethical considerations associated with financial caregiving. This may include discussions about power of attorney, guardianship, and other legal responsibilities.
-
Koru Financial Therapy encourages caregivers to prioritize self-care. This involves recognizing the importance of their well-being, setting aside time for relaxation, and seeking support when needed.
-
Koru Financial Therapy can help caregivers plan for their financial future, ensuring that they are making decisions that align with their long-term goals and wellbeing.
-
Koru Financial therapists can connect caregivers with additional resources, such as support groups, community services, or financial planning professionals who specialize in caregiving situations.
Contact Us
Hours
Monday, Tuesday, Thursday
10am–6pm
Phone
(916) 234-6733
Calls or emails will be returned within 24 hours during business days.
Services
In-personNatureWalk & Talk TherapyOnline