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Financial Planning for Family Caregivers

By Marius Butas, 9:00 am on

Finances can be challenging for family caregivers to plan. It is important for them to manage money carefully during the time an elderly loved one needs to be looked after. The staff at Home Care Assistance suggests the following tips to help caregivers organize their finances.

Make Every Penny Count

While you are still working a full-time job you may not think about your expenses because you know it is only a few days till the next payday. If you leave your job to focus on caregiving, take an inventory of your expenses. You may find there are expenses you can eliminate.

Talk to Family Members

You may want to consider paying one family member to provide Mesa in-home elder care for your loved one. While these decisions are usually best made ahead of time, do not be afraid to broach the subject. After all, working people get paid for what they do and you are working when taking care of your loved one.

Consider Moving In

One of the primary ways family caregivers in Mesa can eliminate expenses is to combine two households into one. Seniors may choose to move in with grown children. Alternatively, adult children may consider moving in with their loved ones because it is usually easier to meet the expenses of one household.

Watch Incidental Spending

Studies suggest the average caregiver pays up to $12,000 a year out of his or her own pocket. If possible, the senior should pay the family caregiver back for those expenses.

Consider Working Part-Time

There are many jobs family caregivers can do. Some companies allow valuable employees to telecommute. Other companies hire new workers to complete assignments from home. Look for a job that allows you to work from home.

If you are a family caregiver, you may find it challenging to make ends meet. To manage your expenses, start by getting a good idea of where the money is going, then create a budget based on the money coming in and going out.

To learn more about ways to manage finances while looking after your loved one, turn to Home Care Assistance. We provide compatible hourly and live-in care Mesa, AZ, families can count on. We can help your loved one live as independently as possible by promoting his or her physical and emotional wellbeing. Call (480) 699-4899 to learn how our comprehensive services can benefit your loved one.