Caring for a loved one – especially when you’re managing finances, medical appointments, and day-to-day care – is one of the most demanding roles a person can take on. Caregiver stress is very real, and it can impact your mental health, your relationships, and even your ability to make sound decisions. Managing stress as a caregiver isn’t just about self-care – it’s about protecting your loved one’s well-being (and your own!), preserving family wealth, and avoiding burnout.

In this blog post, we’ll explore how caregiver burnout can silently take root, how stress affects caregiving, and what practical caregiver tips you can apply to stay grounded and supported in your caregiving journey.

Recognizing the Impact of Caregiver Stress

Stress. It impacts financial decision-making and can destroy a family’s legacy.

The decisions we make and the actions we take as a caregiver have more impact on our wealth than skill and knowledge combined.

Our ability to make sound financial decisions AND act on them requires us to be in the proper state of mind. According to the National Institute on Health (NIH), “… this study found a significantly positive association between financial worries and psychological distress among U.S. adults.” Click here to view the entire article. It’s worth a read!

 

Case Study: The Cleaver Family and Caregiver Stress

To paint the picture of how caregiver stress and burnout can take place and impact a family, let’s take a look at what happened to the Cleaver family. This case study illustrates just how quickly caregiver stress and a lack of planning can create long-term damage. 

June Cleaver has dementia. Her husband Ward recognizes that he is unable to manage the family household any longer. Their son Beaver was granted the Limited Power of Attorney (POA) discretionary authority of June’s and Ward’s finances. This made sense since Wally moved away for a great opportunity in Europe. Wally would have been their first choice if it wasn’t for the fact that he was so far from home.

Ward and June never discussed their desires, assuming Beaver, as a loving son, would know. They didn’t know that Beaver’s business was floundering or that he had started drinking.

June and Ward have done very well for themselves. They have ample resources to handle their long-term health requirements and provide for their grandchildren.

The access to the family’s bank and brokerage accounts became too much of a temptation for Beaver. He started transferring money from their accounts to support his business. He started transferring money to pay his personal bills. Unbeknownst to his family, Beaver sold his father’s baseball card collection worth $50,000. That collection was promised to Wally.

It wasn’t long before Beaver depleted enough of their assets to jeopardize June and Ward’s ability to sustain themselves.

And no one knew.

This story is a clear example of how caregivers and stress can lead to poor financial choices and long-term consequences.

Key Takeaways for Managing Stress as a Caregiver

If you’re a caregiver, especially one involved in financial responsibilities, here are a few important reminders:

Don’t Minimize Caregiver Stress

Caregiving stress is cumulative. It can lead to emotional exhaustion, resentment, anxiety, and physical health problems. 

You have to take care of yourself in order to take care of others. This is one of the most overlooked caregiver tips – taking care of yourself is essential to avoid caregiver burnout.

Don’t Assume Without Communication

Like June and Ward, many families don’t talk about financial or caregiving plans. Having open conversations early can prevent conflict and issues later on down the road.

Don’t Assign Based on Proximity Alone

The closest family member isn’t always the best fit for managing finances or care. Choose someone who has the skills, trustworthiness, and support needed to handle these responsibilities effectively.

Don’t Go At It Alone

As a caregiver, you don’t have to manage everything by yourself. The most effective caregivers know when to ask for help – from professionals, other family members, or support organizations.

Caregivers and Stress: Seeking Necessary Support

Watching a loved one decline in front of your eyes is stressful. Being actively involved in caring for a loved one is doubly stressful. And when life is not going as planned, the stress can be too much to bear. It can affect every area of your life – including the financial future of your family.

But you don’t have to go through it alone.

Reduce Caregiver Burnout with Trusted Financial Guidance

At Family Legacy Financial Solutions, we work with caregivers and families to provide tools, strategies, and support that reduce stress and prevent financial mistakes. 

We’d love to discuss how we can help you manage caregiver stress, avoid burnout, and plan for long-term care with our services. 

Visit our contact page to book a consult and learn more about our expert financial services for families.