Caregiving is a journey that can last five to ten years. The individuals who will benefit from caregiving will have to spend a significant amount of money for the service – which will be financially detrimental over time. There are some strategies caregivers can use to save money. These include: finding out the local discounts for low-income elderly persons or finding new deals, changing ones cell-phone plan to a pay as you go service, finding savings on items a caregiver already purchases, creating a budget, and finding discounts on prescriptions. Caregivers must be focused on finding the senior discounts with every purchase they make.

Key Takeaways:

• There is a huge financial cost to being a caregiver that people rarely speak about. Missing work, traveling, can really hurt your budget.
• Look online for deals on items you normally buy. Know what you are paying, then see where you can purchase items cheaper with online deals, or big box store pricing.
• Create a budget and see what you can exchange or cut our all together. There are ways to get around larger expenses with some negotiation and swapping. Netflix or hulu for cable for instance.

“Check for new deals: If you have had your car insurance, cable contract and cell phone contract for a long time, chances are, they may have special offers that you’re missing out on.”