Financial Advice for Family Caregivers

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If you’re the caregiver in your family, then you know it can be demanding – and SO rewarding – to care for your senior loved one. But it’s also important to stop and care for yourself every once in a while! Part of your self-care should be ensuring you’re set up for financial success. Below we’re giving you our best financial advice for you during your role as a caregiver!

Create a Budget

One of the most important pieces of financial advice we can give to you as a caregiver is a establish a budget for you and your loved one – and stick to it. Sort through all of your current expenses and learn where you can cut costs, and in turn, boost your savings. Then start setting aside a manageable percentage each month, even if it’s only a little bit! A little can go a long way over time. 

Don’t Take on Debt

The temptation can be strong to apply for new credit cards or charge purchases for yourself or your senior to an existing credit account. But if it’s possible, try and refrain from doing this! Don’t take on unmanageable debt, especially when you are trying to stick to a budget. If you absolutely have to make some charges, try to keep your balances low and use a low-interest card.

Keep Emergency Funds

Creating and contributing to an emergency fund is a great security measure! Especially if times become tight and you need a little extra wiggle room for a while. Do your best not to draw from this fund unless you have to. And if you do, try and replenish your fund just as soon as you are back on your feet.

Prioritize Your Retirement Saving

As you continue through your role as the family caregiver, we suggest contributing to your IRA or 401k accounts if you have them and are able to. While you’re busy taking care of others, you want to make sure that YOU will be taken care of when it’s time for you to retire. 

Prepare Now for Your Senior Care

One investment that is absolutely worth exploring now is long-term care insurance. When it’s your time to enroll in senior care services, you’ll be thankful you have this in place! Preparation can also include getting your legal affairs in order, like a living will, advanced directive, and Power of Attorney.

Are you a caregiver seeking further financial advice? Home Care Assistance is here and ready to help you! Give us a call today to schedule your consultation. 

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