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Finance Tips for Caregivers of the Elderly

an senior woman's hand holding a piggy bankWhile Alvita Care is a premiere agency, focusing our resources on top quality care for our clients in the greater New York City area, we take pride in providing a support system for our trained staff and employee network. As a caregiver, the needs of patients are your primary concern, sometimes taking precedent over your personal needs.

Alvita Care wants to make sure that while caregivers are helping to ensure a healthy future for clients, caregiver needs and future stability are also ensured. While every caregiver’s needs may be different, here are some tips to help plan for financial stability in the future:

Prepare for the future.

It is never too early to start thinking about what kind of care you yourself would like to receive when you grow old. This includes financial planning and a long-term care plan. Not only does this lift stress from your children or spouse once the time comes, but by outlining exactly how you would like to be taken care of will ensure that you are taken care of in the best way possible.

Start saving.

Top view of a senior couple calculating their personal finances at home

Elderly couple calculating their personal finances at home

Although saving large amounts of money every month can be difficult with bills to pay and children to support, putting a little bit aside every month is a smart way to not only plan for your future retirement, but also to be prepared in case of emergency. As a general rule, after paying all bills and monthly payments, start by setting a manageable percentage of your disposable income into a savings account (Ex. 10%).

Over time, you will begin to see that your savings account is accumulating more and more funds. The challenge for everyone is to not touch your savings account and remember that it is there for future use. You will be surprised how quickly setting aside a small amount can build up over the course of a year.

In fact this type of saving can be useful not only for future financial planning, but for large investments you plan to make in the future. For example, if paying for your children’s college tuition is fast approaching, putting aside sums of money like this can help to make the costs more manageable for your family.

Be aware of your limitations.

While constant spending can be a hard habit to break, it is important to remember that your financial stability is important to ensure that you are taken care of when you no longer can work or provide for yourself. Especially in large metropolitan cities like New York, the temptation to splurge often is high, but remembering that you do have a future to plan for will make saving easier.

While these tips may seem like obvious financial planning advice, putting them into practice can be difficult if the habits are not already in place. But a little effort will go a long way, and once you are old and in need of assistance you will be glad you started to plan for your future early on.

 

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About AlvitaCare

Alvita Care is a fully licensed home healthcare company providing premier in home caregiver services to seniors living in New York City and on Long Island NY. With offices in Midtown Manhattan and Hauppauge NY, Alvita Care was founded in 2008 upon the idea of "Care Without Compromise". Our care-giving services enhance seniors' lives, by improving their well-being, dignity and independence. We have earned The Joint Commissions Gold Seal of Approval and pride ourselves with our proprietary caregiver matching process that carefully matches our experience caregivers to each client based on personality and technical skills needed. Alvita Care can help whether you need assistance for several hours a few times a week or you require live-in or around-the-clock assistance. Our caregivers provide assurance and relief to families by relieving their anxiety, knowing that their loved one is safe, happy and lovingly cared for.