6 KEY MONEY MOVES FOR Caregivers

In addition to its emotional toll, tending to a loved one can be financially overwhelming. Here, 6 steps that will help you cut costs and ease stress

- GABRIELLE LICHTERMAN

MORE THAN 48 MILLION AMERICANS are caregivers. If youre among these everyday heroes, you likely feel not only the emotional stress of caregiving but also the weight of daunting financial responsibilities. And you're far from alone: A recent AARP study found that caregivers spend an average of $7,200 per year on food, personal care items, home modifications and other necessities. Costs climb even higher if your loved one needs a home health aide to assist with daily routines, like getting dressed, or requires in-home physical therapy.

In addition to the practical costs of caregiving, there are less visible—but no less taxing—financial logistics, such as securing legal access to your loved one's bank accounts, managing their medical bills and making sure all the pieces fit together. With so many moving parts, caregiving often feels like assembling a puzzle without a guide. The good news? You don’t have to figure it out on your own.

Keep reading for six financial steps that can help you navigate legal matters and reduce caregiving costs—and stress—so you can focus on what matters most: your loved one.

1 GET LEGALLY AUTHORIZED

If your relative needs help managing finances, it’s crucial to have legal authorization to step in on their behalf. Before taking on this role, consider having a conversation with family, says Danaya Wright, Ph.D., author of the forthcoming book