How Can You Afford Elderly Care with Most of the Money Gone Due to the Recession?

Over the past year seniors watched their 401K, pension plans and other investments loose over 50% of the original value. Seniors lost most of their savings due to the recession. The young and the middle age crowd will have time to make up for the losses in the next decades. Elderly or disabled don't have a lifetime to financially recover from the losses.

How much money does it cost to hire a live-in care provider? How much does a nursing home cost? How about assisted living community?

The exact amount will depend on the type of care, location and the facility itself. However, in majority of cases, you can expect to spend thousands of dollars per month. The question is: does the elderly need a full-time, round the clock care due to a debilitating illness or does he need part-time assistance with home care, driving, running errands and daily chores?
Instead of moving into a nursing home or letting senior home care agency manage your money and your live for you, think about exchanging your spare bedroom for part-time help. There are plenty of students and graduates working hard just to pay for their room and board. Getting free room in exchange for helping you out on part-time basis would allow young person to have more time for studying or saving all the money they earn from a part-time job. You would have no additional expense. The guest bedroom gets heated and cooled one way or the other. In addition to helping a young person in need you also help to save the environment. Most of all, you help yourself. You don't need to spend a penny to be driven to the Mall or to the church. You no longer have to pay bills for all the services you spend your money on. You get to keep all your money.

There is another advantage you could get from opening your home to a student - companionship. If you opt for an international student who came here to polish her English language skills you would have a companion to talk to all day long.