Cargiving is an emotionally exhausting responsibility, but this private duty can also start draining bank accounts as parents require more help and family members have to choose their loved ones over their jobs.Â
That’s why it’s good to have a plan in place for ways to save money. One way struggling caregivers can try to accommodate their responsibilities is to find a job where the employer has benefits in place for people who are in a similar situation, according to SmartMoney.com. If that’s not possible, try looking for ways to work from home on the computer.
Don’t forget that there are some tax breaks to help caregivers, too. For example, the IRS Multiple Support Declaration form can help families who are all helping Mom or Dad stay healthy.
The other way to save a little cash is to see if a parent qualifies as a dependent. USA Today reports that if a senior is making less than $3,700 and caregivers are providing 50 percent or more of financial support, they can claim their loved one as a dependent.
Families may also want to hire home care aides, who can assist a senior while caregivers go to work or take some well-deserved time off.