Debt is a lingering burden on individuals in every age group. However, it may feel especially burdensome to those who have already retired and live on fixed incomes. Luckily, there are still many effective and realistic ways to help senior loved ones manage debt. Here are some practical ideas.
Find a Side Gig
Just because your senior loved one may have retired from the normal daily grind doesn’t mean he or she has also retired his or her talents. Talk to your elderly relative about ways to pick up some part-time freelance work. For instance, seniors with musical backgrounds could offer lessons at local music centers, or a retired teacher could offer part-time tutoring services. There may also be part-time options for consulting work. The many tasks involved in helping your loved one handle his or her finances may seem daunting, and the extra worry can take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Des Moines families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.
Transfer High-Interest Balances
If your loved one has a high balance on a credit card, look into options for transferring the balance to a different card that charges no interest for a specified amount of time (usually a year) or at least offers a reduced interest rate. It’s also advisable to complete this switch to a card that offers significant rewards, such as air miles or cash-back options. By doing so, your loved one can continue doing things he or she enjoys while still saving. Seniors with cognitive issues that cause them to have difficulty handling finances may also need help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of at-home care.Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.
Create a Budget
If your loved one isn’t already following a budget, create one immediately. It may be eye-opening to find out how your parent’s income is being spent. Creating a budget will give your loved one greater control over his or her income and expenses and pinpoint areas of imbalance. There are many online budgeting programs that can connect directly to your loved one’s bank account and provide a detailed breakdown of spending.Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Des Moines senior home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Home Care Assistance is here to help. If you need compassionate professional care for your loved one, call one of our friendly Care Managers today at (515) 264-2438.