Being a caregiver may not be an easy task. On top of caring for your loved one’s physical needs, emotional and social needs, you may face financial challenges.
Caregivers can take on two types of roles when managing finances. The first is a one who provides financial support and contribution for their loved one out of their own pocket, and the second is the financial coordinator who manages the hands-on financial activities of settling the bills and/or dealing with insurance etc.
Here are some tips or checklist that may help you cope with your caregiving tasks.
Be honest about your own capacity as a caregiver, especially in areas you and your loved one may need assistance in.
Having an open communication with family members including your siblings or spouse, or even your loved one about finances and/or legal topics is important. Planning for and putting aside household funds may work so you do not overspend.
It is important to create a budget for yourself and your loved one. In this way, you can learn about upcoming expenses and regular bills that need to be paid so that you are not surprised by unexpected costs.
Reduce unnecessary expenses and start small with savings. A small amount daily can lead to a bigger payoff in the long run.
In the day-to-day journey of caregiving, dipping into savings may be tempting. Look into the positive side of savings in rebuilding your own life.
For other financial planning tips, find out more
As a caregiver, you can tap on available financial grants to support you in the care for your loved one and yourself. Below are some caregiving assistances for you:
There are other financial assistances provided such as Daily Assistance Living, Mobility Assistance and Medical Fees Assistance. Find out more
Besides visiting our Financial Assistance section to learn about financial support for seniors and caregivers, here are some additional areas of support.
The ComCare Long-Term Assistance scheme assists Singaporeans who need long-term financial assistance due to old age, illness or unfavourable family circumstances, and have no family members who can provide support. It also provides additional financial assistance for children.
The ComCare Short-to-Medium -Term Assistance scheme assists Singaporeans who need short-to-medium-term financial assistance due to job hunting, temporarily unable to work due to illness or caring for family members, and have little or no family members who can provide support.
The ComCare Urgent Financial Assistance assists families who are going through a difficult period and require urgent and immediate assistance.
Here are more tips to better care for your loved one.
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