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What are some ways that millennialscan best budgettheir time and money when caring for boomer parents?
Also heres thirty-five useless expenses to cut from your budget.
Lead with compassion, and dont blame your parents for not doing enough sooner.
Planning for aging parents is a complex, overwhelming process, so tackle it in bits and pieces.
Dont take over the conversation, either.
Where do your parents stand?
Ensure they have health insurance, savings and know how to budget, Groberg said.
Are they saving for retirement?
Do they have an estate plan?
Start with these basics.
Additionally, FitzPatrick recommends asking your parents wealth manager or financial advisor for acomprehensive financial plan.
Otherwise, you’ve got the option to bring in professional help.
If you hire professional help, research local agencies and consider part-time options to balance costs.
Knowing who these people are might prevent future elder fraud/abuse.
Dont fall into this trap.
Once youve addressed their needs, focus on your own financial situation, Groberg said.
Most Americans face this reality.
Its also a reality that your parents are aging.
Need to Leave Work?
That includes preparing for any unexpected costs or the possibility of extending the leave.
The appropriate buffer would be about three to six months of expenses.
But know that there may be some available support not too far from your doorstep.
And they can help you budget your time and money.
Look into the local community services that offer support for caregivers.
Many non-profit organizations and community centers provide free or low-cost services like transportation, meal delivery and respite care.
Use apps to handle tasks like scheduling medical appointments, managing meds and tracking health data.
These tools save time and cut down on unnecessary trips, which means saving money and reducing stress.
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