Whether you’re an experienced caregiver or are new to your family caregiver role, one thing is certain: It is a demanding job with many personal rewards! That being said, it is good to take a step back every now and then to practice self-care. Part of caring for yourself in this role is to make sure your finances are in order. If you’d like to get yourself set up for financial success, read through our advice below!
Create a Budget
If you want to start your financial path on the right foot, we highly recommend creating a budget for you and your loved one to stick to. Gather all of your current expenses, analyze them, and learn where you can cut costs in order to start saving. Then set aside a manageable percentage each month – even if it’s just a little bit! A little bit will add up nicely over time.
Don’t Take on Debt
We get it – It’s all too tempting to want to put expenses for yourself or your senior onto a credit card! But taking on unmanageable debt is not a great idea when you’re trying to stick to a budget. Instead, try to find cheaper options for what you need to purchase so it’s a smaller expense. If you have to charge a purchase to a credit card, try and keep your balance low and use a low-interest card.
Keep Emergency Funds
If you would like a little extra security to fall back on during times of unexpected hardship, an emergency fund is a great idea! Getting started is easy. Simply begin setting aside a small amount of money each month to help keep you comfortable when you need it most. If you ever have to draw from your emergency fund, work on replenishing it again once you are back on your feet.
Prioritize Your Retirement Saving
Even though you’re currently busy taking care of everyone else, you’ll want to ensure that you are taken care of when it’s time for retirement! If you’re able to, we suggest contributing to any existing 401k or IRA accounts that you may have – even if it’s just a small amount.
Prepare Now for Your Senior Care
A worthwhile investment to make now is purchasing some long-term care insurance of your own! This is a move you’ll be glad you made when the time comes for you to need senior care options. You can further prepare for the aging process by establishing legal documents like an advanced directive, living will, and Power of Attorney.
Home Care Assistance is here for you if you need further financial advice! Give us a call today to talk with our experts and set up your consultation.