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Financial Planning for Family Caregivers

Family caregivers may find it difficult to focus on managing the finances of two households. They may have to manage a loved one’s finances while keeping their own finances in check. Boca Raton elder care professionals suggest the following 4 tips caregivers can use to manage their money.

1. Write It Down

Many people are amazed at the amount of money they spend without thinking. Keep a notebook and write down every time you spend money. Over time you will be able to evaluate where the money is going. Make changes where necessary so you can handle the responsibilities.

2. Pay Main Bills First

While it may be tempting to spend money on a steak dinner, pay your main bills first. Pay your housing, utilities, and other main expenses in an organized manner. Put these payments on a calendar so you know exactly when you must pay them, and put the money in envelopes so you can locate it when it is time to pay the bills.

3. Ask Family for Help

Just because you are the primary Boca Raton home caregiver does not mean you need to bear all the expenses. Keep a record of all the money you spend from your pocket on taking care of your loved one. Ask the family to help you pay the expenses. The best time to ask is when there is no crisis, because everyone is likely to be calmer and more likely to make rational decisions.

4. Accept Help

Many government programs are designed to help families with low incomes. If you find it difficult to accept help, remind yourself your taxes pay for programs such as these. Also, private programs are funded by people who truly want to help. Do not be afraid to accept help from friends who have certain skills you would otherwise have to pay someone else to do.

If you are a caregiver and want more tips on finances and other matters that affect you and your loved one, reach out to Home Care Assistance. Our dedicated caregivers can help your loved one manage daily tasks and also provide transportation to medical appointments. We provide respite and hourly care Boca Raton, FL, families can count on. Contact a reliable Care Manager at (561) 826.9282 to learn more about our services and schedule a free consultation.