Carers suffer from lack of finances

Some people might be underpaid for the work they contribute which can take its toll on finances.

09:55 05 August 2013

If you have ever been underpaid for your work you can identify with many carers who received less than the minimum amount allowed for caring for others including relatives. Monetary support is essential for carers who take on unexpected burdens of providing all the necessities for another person.

A recent complaint from a woman trying to care for her nephew without receiving the proper monetary support resulted in a finding that she was owed £10,000. If your finances are looking less than stellar, you might not be able to remedy the issue as expeditiously as this particular woman, but there are things you can do to help improve your situation.

• Save what you can, but if you’re able to save a sizeable amount look into investments to maximize the potential and really improve your finances. Property is a good way to invest since it provides resale value, the opportunity for rental income, or can be passed onto heirs to help family.

 

• Reducing expenses can go a long way to help you simplify. Reduce monthly bills where possible by combining or choosing a lower level of services. Reduce shopping trips, spending allowances, and use public transportation or make one day your errand day to avoid wasting petrol and finances.

 

• Use discount programmes, coupons, certificates, and any other legitimate pricing reduction schemes to make the most of the purchases that are necessary. Even if you decide to splurge a little, try to choose an option with a price reduction or a special deal that makes it less expensive than alternatives.

 

• Being creative can help stretch finances. Using existing ingredients in the pantry to create multiple dishes can go a long way, and special outings might be visiting a park with a luncheon packed from home, rather than eating at a restaurant. You can still have fun, and you may find the creative solutions make more meaningful memories.