Thank you for attending today’s session on budgeting and saving as a caregiver. We explored how caregiving affects both finances and daily life and shared tools and strategies to help you plan more confidently and effectively.

Key Takeaways and Next Steps

Understand the Financial Impact

Caregiving brings added costs—medical expenses, home modifications, increased utility use, and potential income loss if you reduce or stop working. Factor in emotional tolls and potential isolation.

Create a Budget and Track Expenses

Set up a clear caregiving budget and keep records of all related expenses. This will help with financial planning and may qualify you for tax deductions.

Explore Support Options

Consider outside help (e.g., part-time caregivers or adult daycare centers) or develop a “family caregiving plan” to share responsibilities. These options can reduce stress and preserve your family role.

Look Into Tax Benefits and Assistance Programs

Review IRS Publication 502 and speak with a tax advisor to understand deductions for medical expenses and possible tax credits. You may also be able to claim an elderly parent as a dependent under certain conditions.

Use Helpful Tools and Community Resources

Apps like Everlance and caregiver support websites can help with budgeting, organization, and finding local services. Search for local programs like Meals on Wheels, transportation services, and caregiver seminars for ongoing support.

And remember: Always consult with a financial or tax professional before making decisions that could affect your long-term planning.