If you’re like me then you can’t imagine your parents getting older, less independent and needing more help. They’re the people that raised you, the ones who always seemed to have an answer for any question you had, and those who hopefully guided you through your younger years. Seeing them get older and more frail can be very hard for anyone. If you hope to be able to financially help your parents as they get older, then here are some tips for budgeting for ageing parents.

1. Do Some Research
The first thing you’ll need to do is to compare options available in your area. Are you wanting to assist your ageing parents in your own home? Do they have a preference for some home care, something like https://seniorsforseniors.ca and what would your plan of action be in case of a surprising event, such as needing great palliative care for cancer. Covering your options now and seeing how much prices really are is important so that you can be realistic about how much you can help, how much money you’ll need and what will be the best options for your parents. Of course you’ll want to have an open discussion to see what their preference is, and also what kind of preparations they’ve implemented for their own ageing care. But this is definitely a topic that’s better to bring up sooner than later.

2. Speak to Your Siblings
It’s important to have a meeting with your siblings to see how involved each sibling wants to be in terms of hands on care, but also the finances. Due to other family commitments you might find that you or another siblings take the lead role and the others are more of an assisting nature. Likewise the financial contributions each sibling can afford will obviously depend on their family situation as well. It’s good to have an open discussion about things before it’s even needed, so that emotions and heads are level.

3. Set Money Aside

You’re going to want to financially prepare for this extra cost well in advance. It might mean setting up a savings account where you make a regular contribution each week or month so that you’re building up a tidy some you can contribute to your parent’s care. It may mean setting up an investment portfolio that can grow and generate income with these expenses. You might even want to go as far as to buy a property to rent on Airbnb, in order to use the rental income from Airbnb to cover your parent’s expenses. There are so many options, it will depend on your own financial situation as to which or which combination suits you best. But across the board it will be better if you start sooner than later.

These are my top 3 tips for budgeting for ageing parents. I hope they help you feel more empowered and prepared for that stage in your life.