5 Money Tips for Caregivers to Streamline their Finances

Caregivers have a lot on their plates. As a result, your focus may not be on finances or money matters. Luckily, you only need a few minutes to streamline money management, grow your balance, and minimize stress. Below are five money tips for caregivers so you have one less thing to worry about as you care for your loved one – and yourself! 

How to streamline your finances as a caregiver 

1. Passively grow your savings balance 

If you don’t have a lot of time to commit to a savings strategy, there are methods that require a few minutes of set up then run in the background after. These include: 

• Interest-earning accounts. A high-yield savings account can be opened online in minutes. These pay out interest on your balance, allowing you to grow it faster over time. You can even set up automatic transfers between a checking and savings account to keep savings goals on schedule.  
• Round-Up program. The best credit unions have a Round-Up program that rounds your debit card purchases up to the nearest dollar then deposits the difference into a savings account of your choice.

2. Set up automatic payments 

Set up automatic payments for any and all borrowing products. This includes mortgage and auto loans, but also credit cards. Doing so will ensure your payments are on time, which is a big factor in how your credit score is calculated. 

• There are many ways for General Electric Credit Union (GECU) borrowers to make payments for free, including through Online Banking and our mobile app.¹ Use either to set up automatic payments. 

3. Consolidate bills 

When monthly bills come around, how much time do you spend logging into each utility services’ website to submit a payment? Likely too long. Now, you can consolidate all of your eBills under one dashboard through Bill Pay. Login once, pay your bills, and get back to doing what’s most important to you. 

4. Get rewarded for purchases  

From grocery shopping to filling up at the pump, you likely swipe your card multiple times a week. Don’t miss out on getting rewarded for those purchases! Apply for a credit card with rewards online in minutes. In addition to cash back or points, the best credit cards come with other enticing perks like introductory offers, bonus opportunities, and the ability to make contactless payments through popular digital wallet options like Apple Pay®, Google Pay®, and Samsung PayTM.

5. Treat yourself 

Have you ever heard the saying, “you can’t pour from an empty cup?”  As a caregiver, you devote a lot of time and energy to taking care of those around you – make sure you’re doing the same for the person in the mirror! Commit to treating yourself, whether that means scheduling a massage or even just going out for a cup of coffee with a friend. 

What you do makes a difference. That’s why GECU offers a wealth of resources for caregivers to help streamline their finances and minimize stress – including all the above plus on-demand webinars you can watch on your schedule! Sit back and watch options like Helping Aging Parents Adapt to Change, Alzheimer’s: The 10 Warning Signs, and much more. We hope these and our five money tips for caregivers allow you to improve your financial life and free up time.