Finding Financial Balance as a Family Caregiver

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Helping Caregivers Find Financial Balance

By , 11:14 pm on

When caring for an aging parent or loved one, you juggle many roles. In addition to being responsible for your elderly loved one’s care, you must attend to family and work commitments, and are still the maid, chef and chauffer. While these are all common roles of family caregivers, one role that is often overlooked is accountant. As loved ones age, medical 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?

At Home Care Assistance, we understand that many families struggle to find financial balance after stepping into the role of caregiver for an aging parent or loved one. While home care in Scottsdale is a cost-effective alternative to assisted living as you only pay for the hours in which care is provided, we also wanted to offer a few tips on how you can manage your monthly finances at home to help reduce the burden of stress.

  • Maintain Separate Accounts – Even if your elderly family member is living with you, separate bank accounts should be maintained, with a separate balance set aside for their 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 to pay for them. Try to save up money on a regular basis for emergency expenses, which become more frequent as seniors age.
  • Ask for Help – Some of the best advice that can be given to a caregiver is not to try to handle everything yourself, and this applies to finances as well. If you are the primary caregiver for a parent, meet with your siblings and other relatives to come to a financial plan together. By doing so, you reduce the pressure from one person which helps to enhance overall family relationships while ensuring quality care can be afforded.
  • 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 Scottsdale hourly care services which 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.
  • Consult with a Financial Institution – The aging process is associated with numerous legal documents, such as a living will and durable power of attorney. While talking about end of life plans can be difficult for families to discuss with aging parents and loved ones, it is of the utmost importance that they are filled out as soon as possible, while the senior is 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 that your loved one’s future wishes will be met.

Realizing your limitations as a caregiver and asking for the help of others will go a long way in maintaining the right financial balance in your own life. For more information about Scottsdale senior care services, please reach out to Home Care Assistance today at 480-448-6215 and speak with a devoted Care Manager.