Tag Archives: Audrey Robinson

Money Conversation: How to Manage the Finances of Your Aging Parents


Your parents might need a little extra help in their advanced age. Their finances are equally as important as their health. Aging people retire, meaning that they’re unlikely to come into any new sources of income. The money they have is the money they have, and it needs to last an indefinite period of time.

Talk to your parents about financial security as soon as possible to ensure their safe future.

Create a Productive Financial Environment

You parents may feel a deep attachment to their home, but can they still afford it? If the home is already payed off and the utilities are reasonable, they may not want to sell it. If the home is highly profitable and they’re willing to downsize, the profit they acquire from the sale of their home can give them some financial padding.

Smaller homes are typically less expensive to maintain. Utility bills cost less, especially for cooling and heating. Less property means a lower cost for lawn maintenance, and if the roof ever needs to be repaired, it’s a smaller roof. On top of the financial benefits, smaller homes equipped for seniors are often easier to navigate and maintain. They may allow your parents to experience independence for longer. You might also want to investigate assisted living facilities – your parents might need some extra help.

Use Savings in Conjunction with Investments

People of advanced age need savings to cover emergency costs. If they’re still active and vital, they might even want to take the occasional trip away for a week or so to socialize and enjoy their retirement. While savings are important, it’s important to note that their growth is meager. Even in a high yield savings account, the money will still grow slowly.

Your parents are never too old to start trading. By using some of their money to trade or invest, they’ll see larger returns much faster than they would patiently waiting on a savings account to deliver interest. A massive investment isn’t necessary. They can start by investing a little bit and slowly make more investments with what they gain. This is a great way for seniors with no expandable source of income to see more money than they ordinarily would have.

Set Up Autopayments

Seniors may not remember to pay their bills on time. By setting up autopay options for the things they use everyday (like their household utilities, rent, and phone bills), they won’t need to remember to make payments on time. This will prevent service interruption. In order to prevent autopay bills from disrupting the budget, a separate account can be created and funded specifically for autopayments.

Use your parent’s main bank account for their daily, fluctuating expenses. They’ll only need to concern themselves with the , and having the bills come out of a separate account that has already been funded will prevent them from accidentally overspending and having a bill come due that will overdraft their account.

Create a Functional Budget

The kind of budget you create will largely depend on your parents’ level of independence. If they do their own shopping, rather than depending on grocery deliveries, they need to be able to understand how much money they have, as well as the minimums and maximums they can spend.

Bill money set aside, sit down with them and examine how much money they have left over. This money needs to be divided into categories and priorities. If your parents have a basic understanding of technology, you can set them up with budget tracking apps on their phones. They can input their expenses based on their receipts and actively track what they’re spending and when they’re spending it.

Simplifying your parents’ finances will allow them to enjoy their independence for as long as possible, helping them make the most of their agency and live a fulfilling life. Always be there to help when they need it.

About Audrey:

Audrey Robinson is a blogger, currently writing on behalf of online data libraries like Aubiz. She might often be found online, sharing her tips and suggestions for self-improvement, improving one’s career opportunities and living a more stress-free life. Feel free to reach out to her on @AudreyyRobinson

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When You Need Some Help: 5 Reasons to Join a Caregiver Support Group


In a world that seems to have lost the idea of the “village,” sometimes we feel pressured to be able to do it all. Asking for assistance or admitting that you are overwhelmed feels like failure, and we often think that we’re being judged by others as not good enough. And that’s just with normal, everyday life.

When you find yourself caring for a loved one, the pressure increases. You are expected to take on this additional burden with a smile, and your willingness to do so seems to be a measurement of your love; expressing your anger or frustration to friends and family earns you appalled looks of disbelief. The good news is that there is a village for you; a caregiver support group. Here are 5 reasons why you should think about joining one.

To Reduce Stress

Perhaps the primary reason to join a support group for caregivers is to reduce your stress levels. Simply having that hour to yourself every week is an important step in separating yourself from the role of caregiver and reclaiming your identity. Being under excessive stress can have negative consequences for both your physical health, and your mental well-being. Maintaining your own well-being is essential to being able to properly care for your loved one.

To Gain a Safe Space

You won’t find any disapproving looks or judgment in a support group. Support groups are by their very nature a confidential and judgment-free zone, where you can discuss your frustrations and less than charitable thoughts with people who understand exactly what you’re going through. They can help alleviate your feelings of guilt and inadequacy, and when you admit to selfish thoughts and attitudes, they will nod their heads and tell you that they understand.

To Reduce Feelings of Isolation

When you’re a caregiver for someone else, it’s easy to find yourself feeling alone, both literally and emotionally. When you can’t leave your loved one to go have a drink with your friends, or you spend all your waking time tending to someone else’s needs, you often find that you don’t have any social interactions. All your contacts are with the person you’re caring for, or their healthcare professionals. Emotionally, it appears nobody else understands you and it’s difficult to relate to those outside your situation. Joining a support group puts you in touch with other people who get it.

To Prevent Burnout

If you end up caring for someone else for too long, without any support system in place for yourself, you’re likely going to suffer from burnout. You’ll reach a point where caring for someone has taken such a toll on you that you are incapable of continuing, and many times, you’ll lose your identity and sense of self. Caregivers leave their support groups feeling refreshed and empowered to keep going. Members can point you in the direction of other resources and programs that can assist you. You may be able to find help with meals, respite care, or even an opportunity to hire a part-time caregiver to relieve you.

To Gain Insights and Advice

Being part of a support group is one of the best ways to find valuable advice and information about caregiving. Everyone has their own methods for dealing with stress, setting boundaries, and finding time for self-care. Having the knowledge of so many others freely available can help you to discover which tips and tricks will work best for you. They may be even able to help prepare you for what to expect down the road.

Joining a caregiver support group may be the best thing that you can do for yourself during this trying time. It will help you maintain your own well-being while caring for another.

About Audrey:

Audrey Robinson is a careers blogger, supporting online knowledge libraries like BizDb. Audrey enjoys working with people from different professions, sharing her tips for self-improvement, improving one’s career opportunities and preventing burnout. Feel free to reach out to her on @AudreyyRobinson.

 

 

 

 

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Filed under Caregiver Stress, Caregiving, Guest Blogger