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Financial Tips for Caregivers

Son pushing elderly father in wheelchairFamily caregivers can be so absorbed with handling their loved one's health and financial needs that they sometimes tend to neglect their own. Check out CB&S Bank's financial tips for caregivers:

  1. Continue working if you are able—If you are able to do so it may be helpful for you to continue working. By continuing to work, you are allowing yourself to continue bringing in revenue, which can help ease any monetary stress you may experience.
  2. Make the most of workplace benefits—If you are still working, make the most of any workplace benefits you may receive. Some employers will allow employees to take sick days if they are in a caregiving position or may offer some other type of flexibility for caregivers. Also, be sure to take advantage of 401(k) employer matching if your employer offers this benefit.
  3. Put your financial stability first—One way to put your own financial stability first is to create a budget. This is especially important if you have decided to either make the switch from full-time employment to part-time, or have decided to take this time off of work completely. Because you will no longer have the income available that you had previously, it is important to create and uphold a household budget.
  4. Consider discussing with a financial advisor—Consider meeting with a professional financial advisor to discuss your financial plans during this time. A good financial advisor will assess the objectives, parameters, and personal feelings of their client and make recommendations that best fit their needs.
  5. Begin preparing for your own long-term care needs—Oftentimes, caregivers will fail to plan for their own long-term needs. Make sure to get a head start by preparing for your long-term care as soon as you can.
  6. Gather your legal documents—Legal documents are vital for long-term financial planning. Documents such as your power of attorney (POA) and will are documents that will ensure your financial wishes are carried out as you wish regardless of what happens in your life.
  7. Try not to take on any unnecessary debt—As tempting as it may be, try not to take on any unnecessary debt by putting expenses on a credit card.
  8. Continue saving for your emergency fund—If at all possible, try not to dip into your savings. If you absolutely must utilize these funds, be sure to try to replenish them.
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