Being a caregiver is a demanding job — you’re in charge of caring for your senior loved one and handling the family, too. When you’re feeling burnt out, it’s important to take some time to focus on yourself. Part of that includes taking charge of your finances and setting yourself up for financial success. Take a look at our advice below and learn how you can get started.
Create a Budget
A crucial part of taking control of your finances begins with creating a budget for your and your senior loved one…and sticking to it! Get things started by analyzing your current expenses. Then determine where you can cut costs and start saving instead. Set aside a manageable percentage each month, even if it’s just a small amount to start.
Don’t Take on Debt
When times are tight, you might feel the temptation to charge expenses for yourself or your senior to a credit card. But if you can avoid doing this, by all means, don’t do it! The last thing you want to do is to take on unmanageable debt when you’re trying to save money and meet all your current expenses. If you absolutely have to apply for a new credit card or charge a purchase, do your best to choose a low-interest card and keep your balances low.
Keep Emergency Funds
Setting up an emergency fund is a great security measure to take! Having one helps give you a little extra cushioning during unexpected hardships. If you ever have drawn from your emergency fund, just try and replenish it as soon as you can once you’re back up and running.
Prioritize Your Retirement Saving
Throughout your time in your role as a caregiver, be sure to contribute to any IRA or 401k accounts if it’s possible. Even though you’re busy taking care of others right now, a time will come when YOU will want to retire and be taken care of as well.
Prepare Now for Your Senior Care
One of the best investments you can make right now is to purchase your own long-term care insurance! You’ll be happy you set this up now when it’s time for you to take advantage of senior care services. You can also start to prepare by arranging your legal documents, like an advanced directive and living will.
If you are a caregiver seeking additional 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.