financial Archives

The challenges of being a Carer

22 November, 202310 January, 2024 Updated on10 January, 2024 Aged Care, Budgeting, Centrelink

Caring for a loved one can be deeply fulfilling but brings its fair share of challenges too – as Laura discovered. When her mother Shelly had a stroke, she didn’t require a nursing facility, but could no longer live alone. Laura was working part-time while studying a Bachelor of Dental Surgery and dreaming of one day opening her own boutique dental practice. She assumed that moving home to care for Shelly wouldn’t greatly affect her career plans, and, in fact, giving up her rental accommodation would save money. Unfortunately however, Shelly had had to quit work so the pair only had Laura’s wages to live on. Yet the bills kept coming in, and on top of everyday living costs, expenses such as medicines, transportation and modifications to the home soon added up. Additionally, helping Shelly attend medical appointments and assisting with errands put Laura behind in her studies. Since Shelly’s condition was not going to improve, Laura deferred her course; telling friends she’d return later. A great emotional weight settled on Laura’s shoulders as she automatically prioritised her mother’s day-to-day needs above her own. As expected, Shelly’s condition worsened. Medical sessions often clashed with Laura’s work commitments leaving her no option but to give up her job as well. While expecting to support her mum physically and emotionally, Laura wasn’t prepared for the financial hit. Fortunately, the Australian government offers a range of financial assistance packages, such as: Applicants must meet prescribed criteria and the amount of payment varies depending on the situation. The Government website www.servicesaustralia.gov.au contains a wealth of information for carers, including eligibility criteria, entitlement estimation calculators and information on how to claim. Shelly’s doctor provided program leaflets and additional details, and helped Laura gather the medical paperwork and other relevant documents. For Laura, giving up her job impacted more than just her finances. Having already lost friends after too many declined invitations, she now lost her last source of social interaction. Resigning herself to a life of care, Laura abandoned all thought of returning to university, along with her dreams for the future. It was around this time that Laura discovered Carer Gateway www.carergateway.gov.au and Carers Australia www.carersaustralia.com.au. These websites provided valuable carer resources, information and assistance services. While recognising that financial relief was crucial, their emphasis was on the relevance of self-care, urging carers not to underestimate the importance of their own well-being, particularly their physical and mental health. Laura found a community of people who understood her situation, and a network of support groups, counselling services and respite programs encouraging carers to balance their care-giving responsibilities with their own needs. One of Laura’s new friends suggested she seek legal advice around Powers of Attorney, and a financial adviser specialising in estate planning for both her own and Shelly’s peace of mind. These days Laura says she feels the world opening up as the silence around caregiving is broken. With her mother’s illness, her life took an unexpected turn, yet it has expanded in other ways. Laura’s future is looking brighter; she has even enrolled in an online dental assistant course. Not exactly what she’d originally planned, it’s nevertheless a pathway to her own future, and more than that, she’s daring to dream again. The information provided in this article is general in nature only and does not constitute personal financial advice. 

4 financial resolutions to kick start the New Year

18 December, 20198 September, 2022 Updated on8 September, 2022 Finance

The dawn of a new year sees many people setting new year’s resolutions such as losing some weight or giving up smoking. Similarly, the beginning of a new year is the ideal time for setting financial goals, and here are four practical ways you can kick your year off to a great start. Decide what you want to achieve. January is perfect for taking stock of where you’re at financially, particularly as those post-December bills start rolling in. So perhaps you’d like to start by paying off debt or commence a savings plan for a new car or family holiday. The main thing is to be decisive. Setting a realistic household budget will provide understanding of your finances and identify areas of unnecessary spending. This will not only assist in balancing your income and expenses, but will help you clear debt and allocate money to other financial goals like setting up an emergency cash fund. Tidy up your filing cabinet. According to the Australian Taxation Office, you should keep financial records for five years. Shred financial paperwork older than five years and file everything else, including bills, invoices and bank statements. Remember that any filing system you implement should be quickly and easily maintained so you’re motivated to keep your records in order. Review your paperwork; start with insurances – life insurance, house, car etc. Are they current and are you adequately covered? Are your premiums appropriate for your level of cover? Assess your superannuation and nomination of beneficiary. Is your will up to date or have your circumstances changed? While we’re experiencing record-low interest rates, do a few sums and work out whether you’re getting the best deal on your mortgage. Perhaps it’s time to renegotiate with your lender! While the idea of setting a new year’s resolution is common, sticking to resolutions and accomplishing them are less so. The key to achieving any goal is to be SMART about it:S – be Specific. Clearly define your goal.M – ensure it’s Measurable so you know when you’ve achieved it. A – make it Achievable. Planning to complete a marathon in February may not be achievable if you’ve never run before.R – be Realistic; could you really lose 20 kilos in a month?T –set a Time by which you want to achieve your goal. If you’re not sure where to start, talk to us. We can help you put processes in place to get your SMART goals underway. With a little planning and organisation, being clear about what you want to achieve, and mapping out how and by when you expect to achieve it, you’ll be giving yourself the best possible start to a successful year. This is general information only