5 Ways Caregivers Can Use Technology to Protect Finances

By Roz Jones

If you’re a Caregiver, it’s important to stay aware of any actions that occur on your financial accounts. Technology can be a useful part of your plan to keep your money safe!

Use these strategies to take advantage of technology to protect your accounts:  

  1. Change your personal account passwords. If someone knows your passwords, it’s essential that you change them immediately.  
  1. Monitor accounts with online tools. Does your bank or other financial service offer apps and online tools to help you monitor accounts? These tools can send you automatic alerts about deposits, withdrawals, and other actions.
  • If someone makes a transaction that goes against your contract/client agreement, these tools will give you a record and help you keep track of it. You can use this information to inform your employer, lawyer, and judge.
  • These tools can also help you manage your own personal finances as well. Use them to keep a close watch on direct deposits, automatic withdrawals, and your balance.
  1. Monitor social media activity. In most cases, lawyers and judges are now using social media activity to make decisions about financial matters.  
  • Be careful about what you post on social media, particularly posts that have anything to do with money, your job, your clients, or any other personal information. Once you post something, it can always be copied and saved, so deleting it may not be enough to protect you. 
  1. Figure out how to handle joint accounts. Joint accounts are sometimes necessary for regular caregiving expenses including housekeeping and home care. It’s important for you and your client/Loved One to agree on how you’ll handle the joint account,  and how to use it during the duration of the contract/client agreement. For example, if your client needs immediate payment for medical care, you can use the joint account so you have immediate access to funds. 
  • For this joint account, you both may need online access to them.
  • Use the technology that your bank offers to monitor these joint accounts closely.
  1. Be aware of tracking software and tools available. For caregivers who are using joint accounts, it may be necessary to resort to using tracking software and tools. These tools can enable you and/or your client/Loved One to see and monitor financial activities. This includes financial activities that occur online or on your phone.
  • These technology tools can show up on your devices.
  • If you’re considering this option for your client or Loved One, it’s smart to consult your employer, or lawyer and check the local laws first. 
  • Be sure to keep track of all the software and programs you find on your devices. 

Being a Caregiver or being cared for can be a difficult time for both parties. It’s important to be proactive about protecting finances as you continue to provide care to your client or Loved One. Follow these tips and you’ll feel more secure about your finances!