Effective money management isn’t easy for anybody, but it is especially important for anyone providing elderly care for an aging loved one. Elderly care is not an inexpensive commodity, but you want to make sure that you are making the best decisions to ensure that your aging loved one will enjoy the highest quality of life possible. The goal of effective money management in elderly care is to help your loved one enjoy his day-to-day life while also protecting his long-term financial solvency.
Here are some tips for effective money management for an aging adult in an elderly care arrangement:
- Create a realistic budget. A budget is a critical financial tool to help anyone stay on track. As an elder care provider you can help guide your loved one in creating a budget that is comfortable, realistic and beneficial to the senior. This budget should include all expected expenses as well as specific allowances for other living expenses such as entertainment, eating out and special occasions.
- Review this budget regularly. Elderly care changes frequently and you must allow your loved one’s budget to change accordingly. At least once every three months review the budget to make sure that it is still working. If it isn’t, make changes that will help to make the budget more beneficial for your loved one.
- Make paying off long-term debt an important element of the monthly budget. Paying off these debts will give you and your loved one greater peace of mind and help to establish better financial security.
- Use preventative measures to protect your loved one’s health. Staying healthier for the long term will keep health expenses down and help prevent costly hospitalizations and chronic conditions.
- Pay attention to her psychological health. Encourage her to engage in social activity and remain connected to her family, which will help to lower her health care expenses.
- Plan ahead for elderly care expenses. Have a savings account that you put money aside in each month to help meet emergency or unexpected medical needs.
- Downsize into a smaller home or retirement living facility before your loved one’s finances become unduly strained. Living in a house that is too large for her needs will drain your loved one’s finances and put unnecessary responsibilities on her. Living in a smaller home can help her save money and live more comfortably.
If you or someone you know needs help with elderly care in Ada, MI contact the caregivers at Gauthier Family Home Care. We provide quality and affordable home care for many disabled and elderly loved ones in our community. Call us at (616) 658-2300 for more information.
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