Money Management ForTaking Care of Your Aging Parents & You

Caring for aging parents is a respectable – yet often stressful job. It can take a great toll on every member of the family, but for woman the financial impact can come especially hard. According to Finance Investment Companies in Delhi, India, woman who take the responsibility of aging parents are seen to end up in bankruptcy. If they take time off work, not only do they lose pay, and continuity of these episodes can affect their social security, pension payouts, and other savings – threatening their future finances.

Although taking care of an aging family member can become all-consuming, there are steps you can take to save yourself from total financial loss. And, you can accomplish the task with great joy and satisfaction without having to brood over your finances.

Balance Your Job With Care-Giving Responsibilities:

Leaving a job means inviting financial problems from the fore. Try to continue working so that you get a pension or profit-sharing plan from your office. Also, check with your human resource manager to see whether the company offers services to employees who are also caregivers. And, in any case if you must give up your current job in order to become a full-time caregiver, consider asking your family to pay you as an independent contractor for the care you are providing. If you are paid, you can set up a self-employed pension plan. If you are married and have the support of your spouse, take advantage of a spousal IRA contribution (available to non-working spouses) to help keep your retirement savings growing. And, fund these accounts to the limit, if you can

Work under the Assistance of a Financial Advisor:

Although sons and daughters work almost equally for their parents, Finance Investment Companies in Delhi, India is of the view that daughters tend take care physically whereas sons are known to offer financial help. However, you have to keep in mind that providing more hands-on assistance is likely to land you at financial loss someday or the other. And, in the long run this will surely bring a negative effect on your retirement plans. So, work in co-ordination of a financial adviser so that you are able to provide your share of care giving to your parents without bearing any damage on your financial portfolio.  Also, do not forget to create an account where all other siblings including you contribute their share of money for covering all the expenses of care giving. Having a managed account will give you all the peace of mind because it will eliminate any concerns among the siblings about who was making the investment decisions.

Find Some Time For Yourself:

According to Finance Investment Companies in Delhi, India, on average, adult caregivers spend nearly 19 hours a week in their role – which means approximately more than 3 hours a day. So, you must devise a way to save time for reaching your personal as well as financial goals.

Finally, with that bit of extra time you’ve gained, remember to protect your own health. That’s especially important for women, who are more likely than men to feel the emotional stress of giving care. Stress can affect your mental and physical health, as well as your ability to work productively — with unpleasant repercussions for your financial health, too.

While it’s natural for women to want to do all they can for their aging loved ones, the most important lesson to take to heart is this: Taking care of yourself first will enable you to do a better job of taking care of others.