Helping Caregivers Find Financial Balance

Financial Planning Tips for Family Caregivers

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When caring for an aging parent, you juggle many roles. In addition to being responsible for your elderly loved one’s care, you must attend to family and work commitments while performing the roles of maid, chef, and chauffeur. While these are all common roles for family caregivers, one often overlooked role is that of accountant. As senior loved ones age, medical bills and other expenses increase, and they may not have the financial means to fulfill these needs. How do you as a caregiver balance your loved one’s financial needs with your own? 

Many family members face difficulty finding financial balance after stepping into the role of caregiver for an aging loved one. While home care is a cost-effective alternative to assisted living because you only pay for the hours when care is provided, you may also benefit from a few tips on how you can manage your monthly finances at home to reduce the burden of stress. 

 

Maintain Separate Accounts

Even if your elderly family member is living with you, separate bank accounts should be maintained, and you should have funds set aside for your loved one’s changing needs. This will help you stay organized financially. 

Set up a budget for senior expenses by breaking them down into categories, and decide how much money will be coming in and going out each week. Try to save money on a regular basis for emergency expenses, which arise more frequently as seniors age.

 

Ask for Help

Some of the best advice you can follow as a caregiver is not to try to handle everything yourself, and this applies to finances as well. If you’re the primary caregiver for a parent, meet with your siblings and other relatives to come up with a financial plan together. By doing so, you reduce the pressure on one person, which can enhance overall family relationships while ensuring high-quality care can be afforded.

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

 

Utilize Local Resources

Most communities have resources available to help with senior expenses. Check into volunteer organizations, churches, and community groups to find ways of easing the financial burden of senior care. You can even look for care services that can be utilized a few hours a day or a few days a week to help with household chores, meal preparation, and transportation for medical appointments, errands, and other events.

For some families, caring for a senior loved one can be overwhelming at times. Luckily, they can rely on professional respite care. Columbia, MD, Assisting Hands Home Care 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.

Consult with a Financial Institution

The aging process is associated with numerous legal documents, such as living wills and durable powers of attorney. While end-of-life plans can be difficult for families to discuss with aging loved ones, it’s of the utmost importance that they’re completed as soon as possible while your loved one is still able to clearly make decisions. Ask your attorney or financial institution for help completing and filing these documents so you can have peace of mind knowing your loved one’s future wishes will be honored.

If you’re the primary caregiver for a senior family member and are looking for professional services Home Care, Columbia Assisting Hands Home Care should be your top choice. Our dedicated and compassionate caregivers are committed to helping older adults manage their health and enjoy a higher quality of life in the golden years. To create a customized care plan for your loved one, call us at (443) 233-1245 today.