If you or a loved one is considering memory care in Delray Beach, FL, you’re likely looking for ways to make the process as affordable as possible. While many factors will impact the total cost of your loved one’s care, some things can help keep costs down. Here are some tips on saving money for memory care:
Look For Ways To Reduce Living Expenses
It’s easy to get caught up in spending money on things you don’t need, but before you do that, look at your current expenses and see where you can cut back. It’s also important to identify any activities that are free or low-cost which would be beneficial for your loved one.
Having a list of your expenses is the first step to getting a handle on your spending habits. To make one, start by writing down your monthly bills and other regular payments. This includes rent or mortgage payments, utilities like electricity, cable TV, internet service and phone bills—but not groceries or other food costs (you’ll add those later) as well as listing each bill individually by the amount due each month and its due date, including any annual fees you pay for services like car insurance or gym memberships (which don’t recur monthly).
Next on your list should be all savings and investments accounts that aren’t part of an employer-sponsored retirement plan: If you’re contributing to an IRA or another retirement account through work but depositing money into another investment account outside of work (an example might be contributing extra money toward long-term investing), include both accounts in this section. Finally, write down any debts such as credit cards or student loans that are currently being paid off with monthly installments; if there’s no regular payment plan associated with the debt, list what it was originally charged at instead so you can compare interest rates when deciding how much wiggle room there is on payments before they become unmanageable.
Borrow Money Only After Exhausting Any Other Option
As a last resort, you can borrow money from a bank or credit union. This may sound like a good idea, but it’s important to realize that these loans have higher interest rates than other places, and you’ll need to pay back the entire amount in one lump sum. You should also be aware of the terms because some banks require collateral and/or you to make regular payments on the loan.
If you don’t want to take out another loan, consider asking friends or family members for help instead. Many people are hesitant because they don’t want their loved ones living in poor conditions. At the same time, they pay off their debts—but if this is really what it takes for them to stay put in their homes and communities until they pass away naturally, that should be considered as well!
Seek Advice From A Financial Planner
Seeking advice from a financial planner can help you determine the best ways to save for memory care. While it’s true that some people can manage their finances by themselves, many others need guidance in this area.
When choosing a financial planner, look for someone with experience in the needs of Golden-age adults and those with cognitive impairments. They should also have expertise in working with families and caregivers who want to plan for future costs associated with memory care services.
We hope these tips have helped you better understand how to save money for your loved one’s memory care. If you have any more questions, please feel free to contact us!