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Top Financial Tips for Family Caregivers

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Financial Advice for Family Caregivers

Taking care of your senior loved one and family is your primary duty as a caregiver, and can be demanding, but so rewarding! Are you also taking the time to stop every now and then and take care of yourself? One of the ways you can do that is by setting yourself up for financial success as a caregiver. Read through our advice below to learn how you can get started! 

Create a Budget

One of the best pieces of financial advice we can give you is to create a budget for you and your senior loved one – and stick to it! Begin by evaluating all of your expenses. Where can you cut costs and begin saving? Find where you can save and start setting aside a percentage of money each month. Even a little bit will add up over time! 

Don’t Take on Debt

While it might be tempting to make credit card purchases for either yourself or your senor, try not to get in the habit of doing this. You’ll want to keep your balances low, so you aren’t taking on unmanageable debt. If you do have to charge purchases to a card, try and use a low-interest card so you aren’t paying too much extra money over time.

Keep Emergency Funds

It is always reassuring to have an emergency fund for cushioning when times get tight. This is a great security measure you can begin setting up now! Set aside a little money each month to begin your fund. If you ever have to draw from your emergency fund, replenish it once you are back up and running.

Prioritize Your Retirement Saving

While you’re in your role as a caregiver, we suggest contributing to 401k or IRA accounts if you have any. Even a small amount will be helpful in the future! 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

A great investment you can make right now is securing your own long-term care insurance! This will be especially helpful when the time comes for your to need care of your own, and you’ll already have this in place. It is also wise to get any legal documents in order, such as an advanced directive or living will.

Would you still like additional financial advice for caregivers? Call Home Care Assistance and talk to our experts! Let’s set up a consultation today.