7 Resources When Caring for an Elderly Parent

Caring for an aging parent can be hard. These resources can help, financially and emotionally.

No parent wants to be a burden to their children—emotionally, physically or financially. As time passes, each generation faces the same caregiving issues. By using new technology and services available today, the caregiver and the person/people receiving the care can efficiently manage senior care costs.

The daily cost of caregiving

According to Forbes.com, taking care of aging parents can take a toll on the caregiver’s quality of life and future:

Grandparents spending time with their young grandchildren outdoors

“Many caregivers are so stressed that they do not realize how these out-of-pocket costs of caregiving add up,” says Cindy Hounsell, President of the Women’s Institute for a Secure Retirement (WISER). Common out-of-pocket senior care costs include:

  • Transportation: Doctor visits, errands and other activities to remain socially connected.
  • Food and household goods: Meal preparation, grocery shopping, as well as a wide range of household goods, clothing and personal items.
  • Medical: Pharmaceuticals, doctors’ consultations, medical procedures and rehabilitation.
  • Lost time: Most doctor appointments and trips to the bank must take place during working hours, which could mean taking time off from work. While some jobs are flexible, many aren’t.

Balancing senior care costs

According to the Center for Retirement Research at Boston College, the average time spent caring for elderly parents is more than 77 hours a month. This is like having a second job, which is why balancing your own financial and emotional needs can be challenging.

If you are caring for an elderly parent, consider these seven resources to help manage senior care costs:

1. Available benefits

Depending on where you live, government programs like Medicaid can help in taking care of aging parents. Some states have waiver programs to help manage everyday senior care costs. “Make sure the older person you’re assisting is getting every benefit to which they are entitled,” says Catherine Roper of Caring.com. She recommends the National Council on Aging’s BenefitsCheckUp®, a free service to help determine which programs are available to both you and your loved ones.

Woman and her elderly mother enjoying an afternoon at the park

2. Caregiving services

When taking care of aging parents, in-home care can be expensive and involve a mountain of forms. Today, there are many independent, qualified caregivers available. For example, you may be able to find websites where retired nurses offer their paid services. Also, most seniors living alone at home have empty bedrooms and, “often a young person is looking for ways to save on housing costs,” Roper says. “Swapping some caregiving tasks for low-cost (or even free) housing can be a great option, in addition to being an enjoyable experience for both the older and younger person.”

The elderly may also have vehicles at their home that are rarely utilized, Roper says. “They’d be happy to offer it to a young person in exchange for driving them where they need to go. This can be a great way for a young person to save on car payments,” she says.

to get an hourly wage for the caregiving tasks a young person would be doing anyway,” Roper says.

4. Home monitoring

If full-time assistance isn’t required, installing a home monitoring system can aid in making sure your loved one is still supervised in case of an accident. There are also self-monitoring devices that can be worn and will automatically detect if an elderly parent takes a fall.

5. Meal services

Local outreach programs provide hot meals to homebound individuals and can help keep senior care costs down. Such services can also help in caring for elderly parents with regulated, controlled diets.

6. Support groups

Always remember you are not alone. So many caregivers run into similar emotional and financial struggles when taking care of aging parents. Reach out locally and through online forums. Someone may have solutions you haven’t considered.

7. Family

Everyone can help out when caring for elderly parents. Split up care duties with other family members when possible. Even long-distance family can help with managing bills, visits (which means a break for the primary caregiver) and companionship via the phone or video calling. Just knowing people care can ease anxiety or brighten a day.

Recognizing the heavy burdens of caring for elderly parents is the first step to maintaining balance during a tough time. A bit of research and planning ahead could help guide new caregivers toward making better decisions. But most importantly, cherish the quality time with your loved ones—these moments make it possible to embrace the good days and look forward to the future.

Source: discover.com

5 Money-Saving Tips for Your Wedding

Preparing for the big day? Here are some areas where you can cut costs.

The moment you get engaged, everyone wants to know: When is the wedding? Engagements can be simple when compared to weddings—unless you are eloping or having a courthouse ceremony. If you are wedding planning on a budget and your plans don’t include hiring a wedding planner, here are some money-saving tips for your wedding:

The dress

2018 national average: $1,6311

Not wearing your grandmother’s gown? Buying used or renting can be a cost-effective way to save money on your wedding. Because wedding dresses tend to be worn once and then preserved, they are usually in “like new” condition when sold secondhand. Many websites offer pre-owned wedding dresses from major designers for when you are wedding planning on a budget.

Save money on your wedding by shopping for dresses secondhand

“We find it very rare that a bride finds sentimental value in her veil or headpiece unless it is an heirloom,” says Brittany Haas, CEO of Happily Ever Borrowed, an accessory rental store. “Accessories are generally an expensive afterthought,” she adds. “For example, the veil is something that you generally only wear for 15 minutes for your wedding day. Brides have so many more romantic things to spend on than an object only worn for 15 minutes.”

Local consignment stores also frequently carry wedding dresses, and sometimes a formal evening gown can double for your big day, which can help you save money on your wedding.

One Last Frog, suggests brides, “Shop at wholesale stores for a high quantity of decor and flowers. Typically, wholesale stores are more open to negotiation and will give you a better price for the quantity of items or flowers a bride will order.”

And once you have your flowers, if you have bridesmaids willing to help out, you can easily put together bouquets to help cut back on wedding costs.

The reception venue

2018 national average: $15,4391

Most wedding guides will tell you reception venues charge less if you get married “off-season” in January, February or March, or during the week instead of on the weekend. The main way to really save on your venue and cut back on wedding costs is to keep your guest list low (100 or less). A smaller guest list can help you save money on your wedding by lowering the cost for food, tables, chairs and drinks.

When comparing the prices of different venues, consider that going with an all-inclusive venue can be a good money-saving tip for your wedding, says Joyce Scardina Becker, designer-in-chief of Events of Distinction. “The reception site and the vendors may have prearranged financial agreements, making it easy and more cost-effective,” Becker says.

The caterer

2018 national average: $70 per person1

Sit-down or buffet? “Many couples think that buffets are less expensive than a sit-down plated meal, but this is often not the case,” Becker says. “Many times buffets are more expensive because you have to offer more choices and you cannot control the quantity of food a guest takes. So you should check with your caterer before deciding on a buffet versus a sit-down dinner.”

If you’re wedding planning on a budget, food trucks can be an alternative to cut back on wedding costs, while providing a memorable guest experience.

When it comes to alcohol, Becker suggests:

  • Having a short cocktail hour—make it 45 minutes
  • Avoiding salty hors d’oeuvres (they make guests thirstier)
  • Uncorking bottles only as needed (a wedding planner or event organizer can control this)

Additionally, if your venue allows you to bring your own alcohol, wholesalers tend to offer lower prices and typically allow you to return any unopened bottles for credit. Bringing your own alcohol could help you save quite a bit of money on your wedding.

The photographer

2018 national average: $2,6791

One of the easiest ways to cut back on wedding costs is to limit how long your photographer stays. If you’re getting married in the off-season, you’ll likely find better deals than those getting hitched in the summer and fall.

An often overlooked money-saving tip for your wedding: Contact local college students studying photography who are interested in expanding their portfolio. Some experienced photographers may also have assistants who charge less, while still providing good service.

Happily (and financially) ever after

While looking for ways to save money on your wedding may not sound romantic, it may be the best gift couples can give themselves in the long run. Utilizing these money-saving tips to cut back on wedding costs can mean more savings to put toward other financial goals as a couple—goals like buying a home, starting a family, saving for a child’s education or building an emergency fund.

​Source:

1. https://www.theknot.com/content/average-wedding-cost

Source: discover.com

How to Afford Youth Sports on a Budget

Keeping your kids active in sports doesn’t have to derail your household budget.

Your child says she wants to learn to play soccer. You see it as a great opportunity for her to be physically active and build confidence. (And okay, maybe a small part of you is harboring dreams that she’ll become the sport’s next superstar.) You decide to sign her up for a local soccer league but there’s just one hitch: the cost.

According to the 2017 State of Play report published by the Aspen Institute, a nonprofit think tank, nearly 72 percent of children aged 6 to 12 played at least one team or individual sport in 2016. A survey conducted by the brokerage firm TD Ameritrade found that in 2016, the typical sports parent spent between $100 and $499 per month, per child, on elite youth athletics. Dishing out more than $1,000 per month, per child, is not unheard of, according to the study.

With costs that high, you may be wondering how to afford youth sports on a budget, or if it’s even possible. It is, if you are prepared. Having a game plan for spending can keep kids’ sports from draining your budget.

Consider these five tips if you’re wondering how to afford youth sports without going broke:

1. Take new sports for a test run

Playing a sport involves a commitment of both time and money, which can end up being wasted if it turns out to be the wrong fit for your child. Amy Boyington, a mother of two and founder of The Work at Home Mom, a blog focused on helping moms balance career and family, imposes a simple rule when her children express interest in something new.

“I let each of my children try whatever sport they want, but with one condition: They’ll try a budget-friendly version first,” Boyington says.

How to afford youth sports without going broke? Test out a sport before committing to a full season

For example, her son recently wanted to give basketball a go. After researching local options, including the YMCA league, Boyington signed him up for a low-cost program sponsored and run by a local family. For a $25 fee, her son received a t-shirt, basketball, jump rope for training and eight weeks of instruction in basketball basics.

Compared to the $50 YMCA fee Boyington would be charged as a non-member, she felt the family-run league offered more for the cost and was better suited to testing out the court. And it’s well below the $1,143 per year a 2017 TIME magazine story reported parents spend on average to keep their kids active in basketball. The article bases that figure on survey data collected by researchers at Utah State University, including a 2016 study, which found that families spend an average of $2,292 per year on their children’s sports participation.

If you have beginning athletes, finding cost-effective leagues and practices is a great solution for how to afford kids sports without going broke, while still giving them the freedom to explore new things.

2. Do one thing at a time

Ground rules about how many sports children can play are necessary to keep kids’ sports from draining your budget. That’s especially true if their interests or abilities tend to veer toward pricier activities. The TIME report’s analysis of the Utah State data points to lacrosse, hockey and baseball as being among the most expensive youth sports. Mark Aselstine, an El Cerrito, California-based father of two, limits his children to one sport per season, which has been crucial for saving money.

Wondering how to afford youth sports on a budget? Focus on one sport at a time to keep costs down.

In the Bay Area, where his family lives, baseball registration fees for their local Little League can range from $125 to $225, based on the child’s age. That doesn’t include a $100 required deposit, or an additional $25 fee for late registration. You can see how the costs for just one sport can add up, especially considering that uniforms, practice equipment and travel expenses are extras that Aselstine has to account for. Since he’s focused on how to afford youth sports on a budget, he says he’d only consider making an exception for a second sport if it’s something his kids can do without paying a fee, such as tennis lessons included in their after-school program.

Boyington has adopted a similar policy for how to afford youth sports on a budget. As a result, she reaps more than just a money-saving benefit. Limiting her children to one sport at a time eliminates the stress of trying to make it to every practice and game. More importantly, “it gives my kids a chance to really involve themselves in that sport, giving it their full dedication for the season,” she says.

If you’re trying to keep kids’ sports from draining your budget and your child excels at more than one activity, you’ll have to decide how to accommodate that in your budget. If they’re enjoying sports played during different seasons, you can still keep the focus (and budget) on just one at a time. When sports run concurrently, you may choose to prioritize the one they’re most interested in or that’s least expensive. If they’re going to be involved in more than one sport at a time, choosing the lowest-cost leagues or programs could be a good option.

3. Know the numbers upfront

If how to afford youth sports on a budget is top-of-mind, get a complete breakdown of the costs before signing up so you can plan your budget in advance. That includes what you’ll pay for registration fees, uniforms and equipment, as well as extras like team photos. Boyington suggests looking for cost-cutting opportunities once you get a complete list of expenses.

“I’m not afraid to ask about things I can go the cheap route on,” she says, “like parts of the uniform that I might be able to purchase a budget brand for instead of the name brand.”

Taking advantage of early registration discounts is another way to keep kids’ sports from draining your budget. It may seem like small savings, but it’s money that can be set aside to use for other sports-related costs.

4. Choose used if possible

How to afford youth sports without going broke could come down to the items that are needed to participate. In the TD Ameritrade survey, 44 percent of parents said equipment was the major expense associated with their child’s sports. Twenty-six percent cited the cost of uniforms.

Consider baseball, which ranks as one of the most popular youth sports, according to the Aspen Institute. A complete youth catcher’s kit—including helmet, chest protector and shin guards—can run as much as $350, according to the retailer BaseballMonkey.com. Bats can easily land in a similar price range, and cleats can add another $10 to $60 to the total. It may seem difficult to keep kids’ sports from draining your budget when you still have to consider the cost of the standard game uniform, gloves, hats, practice gear and a bag to hold everything.

When the question is how to afford youth sports without going broke, the answer may be buying used as often as possible. But, Boyington cautions, some leagues won’t allow you to substitute used uniforms or equipment for new ones. In that scenario, she recommends seeking out leagues such as those run by the parks and rec department, a local church or families—like the one her son participated in—that have more flexible rules about used equipment.

“These leagues understand people like me who want to get their kids involved in activities in the community,” she says, “but can’t afford to spend thousands of dollars every year to do so.”

These types of programs can also yield additional savings if you’re able to get a fee waiver or a discount on equipment and uniforms by volunteering as a coach or team parent. Other alternatives to buying new if you’re trying to figure out how to afford youth sports on a budget include renting equipment or participating in fundraisers to help pay for uniform costs.

Aselstine offers another tip: Look for leagues that offer equipment swaps.

“Our soccer league has an awesome barter system the first day of sign-ups,” he says. “Bring a set of cleats, take a set of cleats. The same goes for uniforms.”

Aselstine estimates that the swap saves his family $100 per season on equipment and uniforms.

5. Consider the long-term benefits of elite sports

Investing big bucks in an elite or travel team requires some serious thought, especially if how to afford youth sports without going broke is a concern. Boyington says she would only allow her children to play if they’ve been involved steadily in the sport for several years, and they’re old enough to contribute in some way to the cost with a part-time job.

Before allocating a large part of your sports budget to an elite sport, consider what the benefit is to your child and whether the costs are justified. In the TD Ameritrade survey, for instance, 54 percent of parents said they were hopeful that elite play could lead to an athletic scholarship, and 42 percent hoped their child would eventually go on to play at the Olympic or professional level. The percentage of parents of former players whose children actually got a scholarship, turned pro or became an Olympian was much lower, however.

Weighing the probability of future play, alongside the cost and your child’s long-term interests, can help you decide what’s reasonable to invest to keep kids’ sports from draining your budget.

Source: discover.com

Financial Planning for a Baby: The Costs of Raising a Child

This infographic breaks down some of the expected—and not-so-expected—costs for your budget.

Babies are one of the miracles of life. Also miraculous is the growing cost of raising a child, which is why financial planning for a baby can be so important. From birth, through childhood, to adolescence (oh, the fun times) and into young adulthood, having children means a range of expenses. New expenses. This is where financial planning for new parents comes in.

If you’re planning for a child or about to welcome a new addition to the family (congrats!) and you want to prepare for a baby financially, here’s a breakdown of the expected—and some of the not-so-expected—costs to consider for your budget:

Financial Planning for a Baby Infographic

Although the numbers associated with raising a child can be eye-opening, and perhaps intimidating, it’s not that difficult to prepare for a baby financially. It just takes some organization, forward thinking and careful financial planning for a baby. That means spending less while raising a family and saving wisely with your online savings account. By planning ahead and being prepared, you’ll make financial planning for new parents look like a breeze and enjoy the ride of parenting.

Source: discover.com