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Helping an Aging Parent Manage Debt

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Debt is unfortunately a lingering burden on individuals in every age group. However, it may feel especially burdensome to those who have already retired and live on a fixed income. Luckily, there are still many effective and realistic ways to help senior loved ones manage debt. Home Care Assistance, a leading provider of senior care in Palm Beach, has some practical ideas.

Find a Side Gig

Just because your senior loved one may have retired from the normal daily grind doesn’t mean he or she has also retired their talents. Talk to your elderly relative about ways he or she could pick up some part-time freelance work. For instance, seniors with a musical background could offer lessons at a local music center, or a retired teacher could offer part-time tutoring services. There may also be part time options for consulting work, especially in finance and hard science fields.

Transfer High-Interest Balances 

If your loved one is struggling with a high balance on a credit card, look into options for transferring the balance to a different card that offers no interest for a specified amount of time (usually a year), or at least a reduced interest rate. It is also advisable to complete this switch utilizing a card with significant returns, such as one with air miles or cash back. By doing so, your senior loved one can continue doing things he or she enjoys while still saving.

Create a Budget 

If your senior loved one isn’t already using a budget, create one immediately. It may be eye opening to find out how his or her income is being spent. Creating a budget will give him or her greater control over incoming and outgoing expenses and pinpoint areas of imbalance. While there are literal budgeting systems such as labeling envelopes to use for grocery money and the like, there are also many online budgeting systems that can connect directly to your loved one’s bank account and provide a detailed breakdown of spending.

With a little time and discipline, you can help your senior loved one reduce his or her debt. For more ways to help manage senior debt, reach out to Home Care Assistance of Palm Beach. Our senior care experts can answer any questions you may have and explain how having a part-time caregiver in Palm Beach can help your senior loved one reduce expenses, cut unnecessary spending, and keep an eye out for signs of financial hardship. Call (561) 429-8292 to speak with a friendly Care Manager today.