Budget Tips When Paying For Aged Care Finance Of An Elderly Loved One

Budget Tips When Paying For Aged Care Finance Of An Elderly Loved One

Budget Tips When Paying For Aged Care Finance Of An Elderly Loved One

Thanks to the last 100 years of medical science and advances in modern living, people are now living longer than ever before. On average the life expectancy of an Australian reaches early-to-mid 8O’s, but many easily exceed this and live on to their 90’s.

While people may live longer, their bodies and mind still deteriorate naturally as with all living things and this may cause them to require special assistance in everyday life. For example, someone who is severely elderly might have trouble getting changed or chewing up food and they require help to do so.

For many families, when an elderly loved one is no longer able to care for themselves adequately, paying for aged care finance in a specialized facility in a common option. This means accommodating them in a place specially designed to care for elderly people while also allowing them to enjoy their final years in a social community with others like them.

While there are many benefits to this type of arrangement, some families can find paying for aged care finance of an elderly loved on a significant expense. The following will take a look at some tips that families can use to save money, so they have an easier time paying for care.

 

1.     Use a financial advisory service

One of the best ways to budget for anything, including paying for aged care finance of an elderly loved one, is to engage a professional financial planner. They will take a look at your income, expenses and give you an actionable plan for how you can afford the fees you are being charged in order to accommodate your old-age relative.

These kinds of professionals are experts with numbers and know how to identify places you can save or leverage more money that you would have never even thought of. They will be able to sit down with you and carefully explain your financial situation to you in easy-to-understand terms while providing you with clear choices for a path forward.

While this type of service will obviously come with its own cost, the money that they are able to save for you means it will effectively pay for itself. This is definitely one of the best ways to get help with paying for aged care finance of an elderly loved one.

 

2.     Look for places to save money

Of course, an obvious step to take when saving money in order to continue paying for aged care finance of an elderly loved one is to cut back on where you spend money elsewhere. For example, if you have a gym membership you never use or are paying for piano lessons that your son or daughter don’t need anymore, then you could eliminate these expenditures and have more in your pocket for paying for care.

Perhaps you could also optimize your grocery shopping to save a few bucks by making a list beforehand and only sticking to it. Cut down on the recreational spending and perhaps look for equally entertaining, but free, activities to do on the weekends.

 

3.     Sell off some of your items

These days, with buy, swap and sell groups dominating social media sites like Facebook, it’s never been easier to make some quick cash pawning off your undesirables so you can get help paying for aged care finance. As they say, one man’s trash is another man’s treasure!

Try organizing the family together to collect items they think could be re-sold and throw a weekend garage sale.

Andrew

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