Many caregivers are underpaid. In fact, the national caregiver pay report suggests that professional caregivers are underpaid, and as a result, are less likely to stay in their jobs. The truth is that you likely chose caregiving because it is your calling and you find it rewarding to help others. It does, however, mean that you may want to focus on financial management a little more than others. The following are three tips that your might find useful to enhance your financial well-being:
Saving Money is Important
There are a few different kinds of caregiving and the kind you offer will depend on your individual circumstances and preferences. For example, if you decide to provide live-in care services, you will not have to pay rent or mortgage. Living with your client can be a good way to save money. While living in is not an option that suits everyone, for caregivers without children it can be a good fit. It would be important to save so that when your caregiving duties end, you have funds to pay for housing. If you work on call, a regular shift, or as a traveling caregiver, you might position your training and experience to negotiate better wages. Whichever route you take, saving some portion of your wages is a way to create security for your future.
Use your Marketable Skills to Create another Revenue Stream
Consider making a little extra cash by using your marketable skills. For example, maybe you might become a freelance writer to write blog articles that focus on caregiving or other interests you have outside of caregiving. Or perhaps you have excellent typing stills and could work part-time as a medical transcriptionist. You might also use an interest outside of caregiving like jewelry making, creating self-care kits, or themed baskets for holidays to create another revenue stream. Try doing something that you enjoy and set a scheduled time to focus your interest so that your revenue stream can flourish.
Invest for the Future
If you are able, you might want to invest a small amount of your income in stocks, bonds, or a Roth IRA. If your wages do not support making major investments, start with small amount and allow your investments to grow. Getting financial advice about investments can be of benefit, especially if you are unsure or nervous. You may prefer to start a savings account, which is a great way to start saving money, however the return will be minimal because interest rates are low. Once you have a bit saved, then you might consider investing a small portion of your savings into stocks or bonds. Having one eye on the future can help ensure that you have a solid foundation moving forward.