Budgets Provide Discipline

Your ability to care for your loved one depends on your ability to take a balanced, disciplined approach to your own financial management. As a caregiver, your best course of action is to seek a financial middle ground, finding a way to care for yourself as well as your loved one. Early planning is critical for decision making, followed by developing a household budget.

A budget will help you use your existing income more efficiently. You will become more conscious of those small financial decisions that can lead to a deficit over time. And, if you find that careful budgeting doesn’t relieve the financial pressure, you will have the facts and figures you need to make the case to siblings and friends for their support, as well as to pursue government programs that may offer assistance.

Sources:

1. Feinberg, Lynn; Reinhard, Susan C.; Houser, Ari; Choula, Rita. AARP Public Policy Institute. Valuing the Invaluable: 2011 Update The Growing Contributions and Costs of Family Care giving. Accessed 20 November 2012.

2. Caring.com. Usage and Attitude Survey (Caring.com, February 2011). An online survey of family caregivers conducted in November 2010; 959 respondents. Accessed 20 November 2012.

3. Evercare® and National Alliance for Care giving. (2007) Family Caregivers — What They Spend, What They Sacrifice. Accessed 16 November 2012.

4. AARP. Cost of Taking Care of Mom and Dad. Accessed 7 December 2012.