As a caregiver, you are responsible for taking care of older adults in senior care and even assisting their families. It’s a demanding job with great personal rewards. But are you taking time to stop and care for yourself? Caregivers face many challenges, and one of those is often financial hardship. Take a look at our advice below and keep on track for financial success as a caregiver.
Create a Budget
The most important piece of financial advice we can give to you as a caregiver is a create a budget for you and your loved one and stick to it. Go through all of your current expenses thoroughly and learn where you can cut costs and boost your savings. Try 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
We understand the temptation you may feel to want to put expenses for yourself or your senior on a credit card but try to refrain from doing this! You don’t want to take on unmanageable debt when you are trying to stick to a budget and save. If you do take on new credit offers or charge purchases to a credit card, we suggest doing your best to keep your balances low and use a low-interest card.
Keep Emergency Funds
Having a little extra security to fall back on when times become unexpectedly tight is a great security measure to help keep you comfortable when you need it most. Each time you have to draw from your emergency fund, try and replenish it as soon as you are back up and stable.
Prioritize Your Retirement Savings
Throughout your time as a caregiver, keep contributing to any 401k or IRA accounts that you may have, even if it’s a small amount. 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 worthy investment now is purchasing your own 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 also includes getting your legal documents in order, such as a living will, advanced directive, Power of Attorney, and organized financial account statements.
Are you a caregiver? Do you need further financial advice? We would love to help you here at Home Care Assistance. Give us a call today to talk to our experts and schedule your consultation.