Many people, at some time in their lives, will provide support and care for relatives or loved ones. It can be a very stressful time for everyone involved. The life of the person providing the care can be changed dramatically, especially if they need to do it full time.
This has a financial impact which you need to be aware of and there are things that you can do in order to lessen the financial effects.
Let your employer know
If you are planning on continuing to work while also providing caring assistance, it’s important that you let your employer know. They may be able to make certain accommodations for you to attend medical appointments, or allow you to alter your work hours in order to make things easier.
In some states, you can claim to be a paid caregiver to someone who requires assistance. Different states have different rules on who is eligible and the amount of money that you’re entitled to. But make sure that you investigate this so that you are receiving what you are entitled to.
Take advantage of tax breaks
You might be entitled to certain tax breaks or grants if you are caring for a dependent in your own home. If you need to make any changes to your property to accommodate someone with mobility issues or other medical needs, you may be able to write off some of these costs in your tax return. The best thing is to check with a tax specialist who will be able to help you.
Put your money in a high-interest account
If you are losing out on regular income due to your caring role, then any money you do have should be working hard for you. Don’t just leave money in a low-interest account, put it somewhere that will grow. The current financial landscape isn’t swimming with high-interest accounts so look around to find the right one for you.
Find other ways to make money
Thanks to technology and the gig economy, there are many ways that you can make some money from home with little more than a laptop and internet connection. The most obvious route would be to do what you did before, but remotely as a freelancer. If this isn’t possible, you can choose to retrain or offer your services as a virtual assistant or online business manager.
Don’t be tempted to go for these get-rich-quick schemes, they are almost always scams or don’t deliver what they promise. Look on established sites and job boards and follow their guidelines in order to ensure you don’t fall prey to any scams or people who don’t want to pay you.
Caring for a loved one can be a very fulfilling role, but it can and does impact other areas of your life. It’s important that you try and get your finances in order as quickly as possible so that you can minimize the effect and also find ways to keep earning during this time should you need to.
