5 Quick Tips for Financial Self-Care

financial self-care self-care tips
A woman Holding money in her had with excitement



Financial self-care is a critical piece of your overall well-being. Financial resources allow you to provide quality care and to meet the needs of your child and family. A solid financial foundation also provides your family with security, as you face an uncertain and unpredictable future.

Unfortunately, your child’s condition may have stretched your financial resources thin and/or taken your attention away from proactive, financial management. As a result, you may find that your financial house has been neglected and left disorganized. It is this disorganization that can cause much worry and anxiety, whenever you think about what might happen if you were to experience the unexpected, again.

There is good news! With just a little bit of financial self-care, you can reduce the feelings of anxiety and fear that come form not having your financial house in order. Right now is a great time to re-evaluate some financial considerations that will build your sense of security and confidence in uncertain times. 

READ MORE: The 10 Paracords of Self-Care



Under The Parachute Project™ there are five strands in the Financial Paracord, they are:





Below, are 5 quick tips for FINANCIAL self-care that will provide for your family and nurture your peace of mind.


Quick Financial Self-Care Tip #1 – Prepare a household budget:   

Before you can effectively manage your household finances, you need to know where your money is coming from and where it is going. When you're unsure about just how much disposable income you have, it is easy to over-estimate and over spend. Having an accurate awareness of what you can afford, is a great first step in prioritizing your expenses. 

First, look at how much income you have coming in consistently, every month. If it varies, because of extra hours or off seasons, be conservative with what you can confidently count on to be available. Try to pay your expenses with this conservative amount and keep additional income for savings whenever possible.

Then, list out your expenses. If you can cover all of them with your current income, that is great! If not, you may have to prioritize and cut out those things that are not necessities. As hard as it is to give up things we are accustomed to, nothing feels better than being confident in your financial security. 

Note: As you work on your household budget make sure to include your partner in the process. I highly recommend not having only one partner manage the family finances. This common mistake, undermines your partnership by putting one partner in the role of gatekeeper and the other in a position of asking for permission.  This is not helpful for the health of your relationship long-term.


Quick Financial Self-Care Tip #2 – Choose a guardian for your children:

I am always surprised by how many parents tell me that they do not have a plan in place for who will care for their child(ren) in the event that both parents die. It is very hard to think about such a tragedy occurring or to think about anyone else raising your children other than you. However, it is our highest responsibility to make sure our children are cared for and provided for, under any circumstance. It is not something we can allow to go unaddressed due to discomfort.

When our children have complex care needs it can be especially difficult to imagine anyone else meeting their needs in the way that we would like. It is also common to assume that you will not be able to find someone willing to take on such a significant responsibility.  These are real challenges but your child’s complex care needs make it all the more critical that you have a plan in place to provide for their needs, in your absence. Without a legal directive from you, the courts will decide by whom and how your child(ren) will be cared for.

Therefore, even if not ideal in your eyes, it is important to have this legal directive in place. Maybe you already have a person/couple in mind. If not, you may need to be proactive in developing new relationships with the specific purpose of filling that need. Think of how much worry will be off your shoulders knowing your child(ren) will be secure if an unexpected tragedy strikes. Once decided, and legally documented in your will, you won’t have to worry anymore. 


Quick Financial Self-Care Tip #3 – Make sure you have a secondary beneficiary assigned to your financial accounts:

When you open a new account: savings, checking, investment, life insurance etc. you will be asked to set a primary beneficiary, someone who will receive the money in that account at the time of your death.  A secondary beneficiary won’t be required unless you specifically ask to assign one. 

This becomes a problem if both you and your primary beneficiary, usually your spouse, pass away at the same time.  In this instance, your money will get caught up in probate court. This means that the money your child(ren)’s guardian will need, to provide for them, will not be accessible until a judge decides who the beneficiary will be. You want to avoid this!

Whether you choose to make your secondary beneficiary a trust set up for your children, another family member etc. you want to make sure that all of your accounts clearly indicate who the secondary beneficiary would be. Even if you think that you have already taken this step, it is always a good idea to double check that beneficiaries are listed on your banking accounts, insurance policies, and investments etc., every so often.

Sometimes, when institutions change ownership or switch operating systems information can be lost. This has happened to me in the past, and I would not have been aware that my money, and my children’s security, was left vulnerable had I not verified.  It is also a good idea to get documentation of your account beneficiaries, on paper, and keep those copies with your will. 


Quick Financial Self-Care Tip #4 – Meet with a financial planner:

In order to make smart decisions today, that will ensure financial security in the future, it is important to have a long range plan for managing your money.  Most of us do not get a very comprehensive education on how to effectively save or invest our money for the future.  It is a good idea to find a financial planner, who you trust, to guide you in making these important decisions.  

A financial advisor can answer questions about anything from how best to save for retirement, what kind and how much insurance coverage you should have, how to save for your child(ren)s education and/or long-term care and much more. Best of all, they can evaluate your specific needs and personalize their recommendations to your specific circumstances and long-term goals.

If you do not already have a professional financial advisor, who you trust, ask family and friends who they would recommend, in your area. 


Quick Financial Self-Care Tip #5 – Review your insurance coverage:

Unexpected accidents, disasters and medical crisis are a big source of anxiety for parent caregivers. We don’t like to think about these things and it can be quite overwhelming when these thoughts do come up. However, we can help to alleviate these worries by making sure that we have a good financial safety net in place by way of insurance.

For parents, life insurance is the biggest consideration. A big piece in emergency planning, life insurance is how your family will stay financially secure if you pass away unexpectedly and how your child(ren)’s guardian will provide for them, if both you and your co-parent are not here to care for them. You will want to seek professional advice on how much life insurance you will need to ensure your family can maintain the lifestyle you want for them in your absence.  

It is always a good idea to re-evaluate your insurance needs every couple of years. Our circumstances are always changing and these changes can impact the level of insurance coverage we need to protect our families well.  


For more resources to support you in your parenting role, follow my “Financial Self-Care” board on Pinterest! 


Financial self-care can seem overwhelming and intimidating, leaving us feeling a bit in over our head. Ironically, seeking professional advice can also feel financially out of reach. However, I encourage you to take whatever steps you can manage, right now, to promote financial security while planning ahead to prioritize those larger steps in the future.

Financial insecurity is a common, and significant, source of stress for parent caregivers. Yet, you can be reassured that every small, financial self-care action you take, puts you in a better position to provide for your own well-being and the needs of your family.


The Parachute Project™ LLC provides general educational information on various topics, on this website and associated products, as a public service, which should not be construed as professional, financial, real-estate, tax, legal or medical advice. These are my personal opinions only. See my expanded disclaimer policy HERE.


As always, do not try to apply all of these quick tips for financial self-care at one time. It is always better to focus your attention on just one action until it becomes a natural part of your self-care practice before adding another.  Approaching self-care this way, increases the likelihood that you will stay consistent, be successful and enjoy the benefits of your efforts long-term.



Self-Care Action Discussed in this Post:

Choose just one of the 5 quick tips for financial self-care discussed above, or another action of your choice, to bein preparing a financial safety net that will provide you and your family with security and confidence now and in the future.



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