May 29, 2018  | Tags: carer, government allowance, financial planning

Our Insights

As a carer, you sacrifice a lot just to make sure your loved one has what he or she needs. Being a carer often means quitting a job or only accepting part-time positions. This situation usually comes at a huge financial cost.

Here's some tips to help you keep your footing financially while you continue to provide care to your loved one. 

Set Up a Financial Plan

Leave nothing to chance if you’re caring for someone else while barely earning income. You need to have a plan in place so that you can continue to plan for the future while living off of what you earn. A financial adviser can help you prepare a realistic financial plan that meets your needs. 

Live on a Budget

If you can stick to a budget, then you’ll be in a better position to manage your day to day expenses and may even save for the future, no matter how little your savings deposits may be. Budgeting will help you sort out your priorities and determine which expenses are necessary and which ones you can afford to reduce or eliminate. 

Seek Government Assistance

Providing care full-time can leave you with no opportunities to work. Fortunately, there are government resources that can provide you with financial support. Your financial adviser may be able to provide advice about what avenues you may qualify for.

Some popular government subsidies include the Young Carers Bursary Program, Carer Allowance and Youth Allowance. There are others besides these which you’ll want to explore and you may even qualify for more than one at a time.

Explore Passive Income Opportunities

Even if you can’t work full or part-time, you may still be able to earn a little income. 

Passive income includes earnings from assets like property and shares. Online businesses can also generate passive income. Basically, these are money-making ventures that require little time or effort on your part.

Generating passive income from scratch isn't for everyone - it may involve an upfront investment of time or money which some caregivers may not have. But explore all options, particularly if you have the skillset to make it happen.

Get Emotional Support

Caregiving is an emotionally-taxing occupation. If you don’t feel that your network of family and friends is meeting your emotional needs, ask your doctor for some recommended counselling resources.

Contact

Want to know where to start with your finances as a carer? Contact Calder Wealth Management.

Call us on (08) 8373 3333 to schedule your free initial appointment.

Written by Ben Calder, Private Client Adviser at Calder Wealth Management.