Managing Daily Life

Managing Finances During Cancer

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Managing Bills and Finances

Let’s be honest: Finances can feel like one of life’s biggest stressors. Add a cancer diagnosis, and the challenges often multiply. Treatment may mean your income goes down while your expenses go up, and that strain can ripple into family life too.

The good news? You don’t have to figure it all out alone. There are people and resources ready to help. And while organizing bills and planning ahead might feel like just another burden, a few simple steps can take some of that pressure off and give you back a sense of control.

Person using a calculator at a desk with papers and a binder, focused on financial work or budgeting.

Taking Stock of Your Finances

Because finances often shift during treatment, it’s important to have a plan in place. The best first step is to pause, take a breath, and map out where you stand. Doing this with a trusted friend or family member can make the process feel less overwhelming.

Step 1: Identify All Sources of Income

List every stream of income you currently have, such as:

Work income
Short- or long-term disability payments
Unemployment benefits
Rental income or other side income
Support from family

You can also consider borrowing from a life insurance policy or taking a loan/withdrawal from a retirement plan. Before making those decisions, it’s wise to talk with a professional who understands your situation.

Woman sitting at a table with a smartphone, notebook, and laptop in front of large windows.

Step 2: List All Expenses

Think about two categories of expenses:

Fixed expenses: Rent or mortgage, insurance, utilities, food
Treatment-related expenses: Medical bills, parking, meals while at the hospital, travel, childcare, and other out-of-pocket costs that often sneak up on you

Step 3: Calculate Your Net Balance

Subtract your total expenses from your total income. This gives you a snapshot of your financial position and highlights where you may need extra support.

Step 4: Build Your Support Network

With a clearer picture of your finances, you can start lining up resources. In addition to family or friends, consider connecting with resource specialists, social workers, or access managers who can guide you toward assistance programs.

How a Financial Planner Can Help

Breast Cancer may change your financial landscape, and sometimes the numbers can feel like too much to sort through alone. That’s where a Financial Planner comes in. No matter where you are in your breast cancer journey, a planner can help you make sense of the complexities and take some weight off your shoulders. Here are the main ways a Financial Planner can support you:

Budgeting Support

Break down income vs. expenses so you have a clear picture of where your money is going
Identify ways to close the gap between income and expenses
Suggest changes that may reduce pressure and create stability

Credit Counseling and Debt Guidance

Help reduce payments on credit cards and other debt
Connect you to non-profit organizations and trusted resources
Refer you to pro bono attorneys or specialists who can assist with consumer debt if needed

Future Planning

Answer questions about life insurance, medical insurance, and retirement options
Help you maximize employer benefits, such as basic life insurance coverage
Guide you in contributing to retirement accounts like a 401k, especially if your employer offers a company match