enior Couple Checking Finances And Going Through Bills Together

Financial management for Carers

This week is National Carers Week which provides an opportunity to educate and raise awareness among all Australians about the diversity of carers and their caring roles. Carers make an enormous contribution to our communities as well as our national economy.

Here is some advice from Carers SA on how to manage the finances of someone you care for, and your own, to avoid financial abuse.

5 financial tips to help minimise risks and opportunities for abuse:

  1. Think about planning ahead – put in place a Will, Enduring Power of Attorney and Advance Care Directives for both of you.
  2. Where possible, keep your own money separate from that of the person you care for.
  3. Seek free legal and financial advice. Make sure you are both receiving all the financial assistance, advice and support you are entitled to.
  4. Budget to ensure you and the person you care for can each meet your needs and pay your bills.
  5. Secure your valuables, bank statements, PINS and passwords. Don’t share your banking details. Avoid payday loans; keep informed about scams or phishing emails requesting this information to your bank or financial institution.

For support, information and advice for family carers call Carers SA on 1800 242 636 or visit www.carers-sa.asn.au