Tips for Taking Care of Yourself When You’re a Family Caregiver

By: Ann Arceo, AAMS®

November is National Family Caregivers Month! There are millions of heroes out there who provide care to their loved ones and their efforts are all too often overlooked. It’s not an easy job and the pressure caregivers put on themselves can be enormous. In honor of this important month, we’re outlining some steps you can take to take care of yourself emotionally and financially to make sure you can continue to provide great support to others. 

It’s Okay to Need a Break

There is no denying that being a family caregiver can be difficult and emotional. It's easy to fall into a trap of putting your own needs last, but how can you continue to be the best caregiver if you don’t also take care of your own mental and physical health? No one can do a job all the time without needing breaks to recharge. Think about the activities that would be most meaningful to you such as going to the gym, meeting up with friends, attending to personal chores and doctor’s appointments. You may feel guilty about wanting breaks, but it can be beneficial for your loved one as well as it gives them a chance to interact with someone new and have a change of scenery or routine. 

You can start by enlisting family and friends to help. Be specific with the help you need. CareGiver Action Network has an article that can assist you with “Defining the Help You Need.” It might be that you need half a day each month to attend to personal chores or maybe an out of town relative can come for a visit allowing you to take a vacation. Make a list of the care and chores you provide (mowing the lawn, cleaning, cooking, attending doctor’s appointments) and think about the ones that are the most difficult for you. This will help you find outside services such as Meals on Wheels or friends and family that can pitch in. Each state has an agency that lists the resources available for aging and disabled adults (Local Agency on Aging).

We know not everyone will have family and friends they can ask for help. There are also many services that provide respite care (in-home help, adult daycare) to give you a much needed break. ARCH National Respite Network and Resource Center is a wonderful tool that can help you find care assistance in your area. The website also discusses how to pay for respite care through state or federal programs such as Medicaid if your loved one qualifies. There are also volunteer organizations that offer free assistance. ElderHelp can help you find local volunteers. You may also want to check with your church as there are many faith based organizations that offer volunteer help. 

Talk to Someone

Being a caregiver for a loved one can certainly be rewarding, but if you aren’t careful to tend to your needs, it can also increase your risk of depression. “A report from the Family Caregiver Alliance found that 40%-70% of caregivers have symptoms of depression.” Certainly, following the steps above to give yourself breaks to recharge can be a huge help in boosting your own quality of life. Also, joining a support group or speaking to a therapist can help you cope with the demands of providing care. You can also talk to your doctor as they can offer advice for treatment or therapy if you are dealing with depression. 

There is no shame in acknowledging that you need support. Joining a group of other caregivers either in-person or online gives you the chance to connect with others who will understand the challenges and emotions involved in being a caregiver. This article lists several support groups so you can find the one that best matches your situation: 23 Popular Online and In-person Caregiver Support Groups

Take Charge & Plan For Your Own Financial & Long Term Care Goals

It’s understandable that in the middle of all that you have going on that it’s hard to think about planning for your financial future and possible long-term care needs. Remember that long-term care planning puts you in charge of your future and is a gift to your loved ones as they’ll have a clear idea of your wishes. Also, as you may know from your own experience as a caregiver, government programs can be limited when it comes to paying for long term care. That’s why it’s crucial to have a financial plan and explore options such as long term care insurance. It’s also important to meet with an estate planning attorney to make sure you have the proper documents in place including a Medical Power of Attorney. 

You know as a caregiver that there are lots of additional practical details to consider. If you decide to stay in your home, how will you deal with stairs, home maintenance, and cleaning?  The American Academy of Family Physicians Foundation has a list of resources that can help you think through the details and start a conversation with your family.   AARP has a detailed workbook that can help you build your own long term care plan. The process of making a plan and having those difficult conversations with family members isn’t easy. However, the peace of mind that comes with knowing you have a plan, and you’ve taken some of the burden off your loved ones is worth it.  

Caregivers certainly make our world a better place with their love, compassion, and patience, but even superheroes need a break.  We hope that as we celebrate you this month, you can use the resources and tools listed above to prioritize your needs, plan your future, and find a support network who will be there with you on your journey. 

The Pandemic Has Changed How Parents Save for College - Here’s How to Get Back on Track

By: Ann Arceo

As parents, we want what’s best for our kids and education is top of the list for many of us. Of course we had no way of knowing that this year would disrupt and change so many of our plans. From an economic downturn to school closures, 2020 is a year we won’t soon forget. As we’ve scrambled to adjust our family routine to make this school year work, it can be easy to put off planning for a future goal like college that’s years down the road. 

If you can relate to that feeling, you’re not alone. A recent CNBC article highlighted a survey showing “16% of parents saving for college paused their contributions” while 13% reduced contributions and 17% planned to withdraw funds” because of financial concerns due to the pandemic. Worrying about your finances during this time is certainly understandable, but the one rule parents should keep in mind when saving for college or any major financial goal is that time is one of your biggest assets. By starting early, you’ll ultimately need to save less given that your money will have time to grow. So if you’ve started saving and stopped or even if you haven’t started saving at all, the 4 steps below can help you make a plan and get on track. 

Set up a 529 Plan 

A 529 Plan is a college savings account that offers special tax benefits. You contribute to the account with after-tax money. As the account grows, earnings are tax deferred and withdrawals are tax free as long as you use the account to pay for qualified expenses related to education. Each state offers their own 529 plan, but that doesn’t mean you’re limited to your state’s plan. 35 states offer an income tax deduction or tax credit for residents who contribute to the state’s plan. You should consider not only the state income tax deduction but also the fees that the plan charges as high fees can hurt the growth of your savings. 

Most plans make it easy to invest the money you contribute by offering age-based investment options that will automatically become more conservative as your child nears college age. There are several other features that make 529 plans an attractive option such as the fact that there is no age limit for using the money in your account so it could be applied to graduate school if your child continues their education. 

The drawback of a 529 plan is that in order to avoid taxes and penalties the funds must be used for qualified expenses. If your child decides not to go to college you can change the beneficiary on the account making the funds available to a sibling. Also, taxes and penalties will only apply to the growth on your account, not the principle balance. For example, if you contribute $10,000 to a 529 plan and it grows to $12,000 then you have $2,000 in earnings on the account which could be taxed and penalized if the funds are used for something other than qualified college expenses. 

Start Early & Make Saving Automatic

There is no denying that college is expensive, and that doesn’t seem likely to change anytime soon. It can feel overwhelming to think of saving thousands of dollars, but if helping your child pay for school is a goal on your list then starting early and saving consistently can make a big difference. As a mom of a 2 and 4 year old, I get how hectic life with little ones can be. Try to set aside a little time to establish your child’s 529 plan and set up an automatic contribution and investment. For example, you could set up a $50 monthly contribution (more or less depending on your goal and budget) that automatically pulls from your checking account, goes into the 529 plan, and is then invested in the age based investment option. You could increase the contribution amount each year as your income grows. This will make saving easy and automatic and before you know it you’ll be well on your way to funding your child’s education. 

Don’t Let Your College Savings Fund Become Your Emergency Fund 

No parent who has worked hard to establish a college savings fund for their child wants to dip into that fund to pay for an unexpected expense. In order to avoid that scenario, It’s important to prioritize saving for an emergency on top of building a college savings account. Be realistic about your budget and what you can afford to save for college. Paying down high interest debt, building a solid cash cushion, and saving for retirement should also be priorities. 

Set a Goal & Review it Regularly 

Saying that you’d like to pay for your child’s education is a wonderful dream, but if that dream is ever going to come to fruition then you need an actionable plan. There are several online college savings calculators like this one from SavingForCollege.com (https://www.savingforcollege.com/calculators/college-savings-calculator) that can help you set a savings goal and research 529 plans. 

Here at Rooted Planning Group, we also work with clients to help them with college planning from setting up an account, to selecting investments, to determining how much you should save. Whether you’re in the newborn days of parenting or navigating the teenage years, we can help you build a plan that will work for you and your family to make your financial goals a reality. 

About Ann Arceo: Ann Arceo has been working in the financial planning industry for over 10 years. She began her career in financial planning at PartnersInWealth, a wealth management firm based in Houston, Texas, which caters to high net worth clientele. She worked with the firm’s president to develop a new method of training to help advisors learn to deliver technical financial plans in an easy, "plain English" format that clients would understand.

​She then worked for LPL Financial, an independent broker dealer, where she earned her Series 7 & 66 securities licenses. She worked alongside a branch manager creating financial plans, account summaries, and investment performance reports for high net worth clients.

Ann also has a passion for writing, and her financial articles have been featured on Investopedia.com, a website which has 20 million unique visitors per month. She has also written for ReadyForZero.com, BudgetTracker.com, and has been quoted in articles for Forbes and U.S. News & World Report.
 
Ann holds a bachelor’s degree in Business Management from the University of Houston, Victoria. She lives with her husband and two children in Fort Collins, CO. They enjoy spending time with friends, hiking, and of course planning their financial future together.