How Family Caregivers Can Organize Their Finances

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Finances can be challenging for family caregivers to plan. It’s important to manage money carefully during the time an elderly loved one needs to be looked after. Here are a few tips to help caregivers organize their finances. 

Make Every Penny Count

While you’re still working a full-time job, you may not think about your expenses because you know it’s only a few days until 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. 

If your senior loved one has been diagnosed with a serious condition and needs help with tasks like meal prep, transportation, bathing, and grooming, reach out to Home Care Assistance, a leading provider of senior home care Montgomery, AL, families can trust. We also offer comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s.

Talk to Family Members

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

One of the most challenging tasks of helping an elderly relative age in place safely and comfortably is researching agencies that provide at-home care. Turn to Home Care Assistance for reliable, high-quality in-home care for aging adults. We offer 24-hour live-in care for seniors who require extensive assistance, and we also offer respite care for family caregivers who need a break from their caregiving duties.

Consider Moving In

One of the primary ways family caregivers 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’s 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’re 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. 

If you’re having to juggle working full-time with caring for your loved one, consider hiring a respite caregiver. For some families, caring for a senior loved one can be overwhelming at times. Luckily, they can rely on professional respite care. Montgomery, AL, Home Care Assistance is a trusted name in respite and hourly care. Our caregivers are available around the clock to assist seniors with bathing, transportation, medication reminders, exercise, and much more, allowing families the time they need to focus on other important responsibilities or just take a break. Reach out to one of our Care Managers today at (334) 593-3988 to schedule a free in-home consultation.

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