Financial Management Tips for Millennial Caregivers

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Sleep-deprived and knee-deep in debt—these are often the favorite ways of blog sites to describe the ever-controversial millennial generation. Often painted as the materialistic crew running on caffeine from over-priced coffee, this generation has been on the receiving end of eye rolls and judgment from their predecessors.

However, time’s a-changing and these millennials are stepping up as the next batch of America’s caregivers. This brings up the burning question on everyone’s minds: can millennial handle the responsibility of being family caregivers?

The answer may not be what you expect.

Becoming Millennial Caregivers

They are no longer whining children that the media portray them as. As Crystal White shares with CBS News, millennials are now hard-working adults working to get to where their parents were and to do even better. But finding stable ground in post-economic crisis America is harder than it seems.

These individuals are struggling to find their way around student and credit card debt. A survey conducted by TNS on behalf of Citizens Bank found that a person between the ages of 18 and 35 owe $41,286.60 on student loans on average.

Now, compound that with the worries brought about by caregiving to a loved one. Similar to college tuition fees, long term care costs are becoming unaffordable for the majority of Americans.

Of course, the natural course here is to find a high paying job enough to cover all costs. But how can they manage to do so? Reports state that caregivers who help with at least three or more tasks per day devote 253 hours a month to caregiving. This is the equivalent of almost two full-time jobs.

Financial Management Tips, and Then Some

No man is an island, and no human being can and should survive caregiving alone. If you are a millennial caregiver, here are financial management tips and other key points that might help.

Get an Overview and Budget

Caregiving does not only involve health care and emotional support. For many individuals providing care—and millennials are slowly learning this—caregiving entails taking over their finances.

Financial management is tricky, and it can have you at your wits’ end rapidly. Budget your finances and your care recipients can help immensely, as discussed in our previous post.

Use Technology to Your Advantage

If it is a problem, then there is a big chance that there is an app for it. Instead of hiring someone else to monitor your loved ones while you are away, you can use technology to help you do the work (as long as their condition permits it). Mobile and web apps let caregivers monitor their loved ones on-the-go. These options may provide a cheaper alternative to hiring help.

Look as Far Ahead as You Possibly Can

This may sound like a shot in the dark, but strategically navigating your way to a stable retirement is possible. Don’t fall into the trap of delaying your retirement plan. Plan ahead, and plan well.

Consult with professionals, and lay your cards on the table. Tackle the biggest struggle that retirees face as soon as you can: long term care. You can start by requesting long term care insurance quotes just to get a good picture.

A Final Note

To answer the question above: yes, we think the millennial can handle caregiving, and they will do so wonderfully. In fact, studies show that they are more willing to be caregivers than in previous generations. However, they will need all the help and support that they can get—and we must always be ready to lend a hand to the next-gen unsung heroes.

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