Budgeting is a great way of ensuring you do not spend more money than you have coming in. If this is taken care of, you will be well on your way to ensuring your household's money stays on track.
It is particularly important to understand your income and outgoings if you already have debts building up, so you can get on top of your finances.
Better With Money budget template
Many people consider stopping work or reducing their hours to care for others, either permanently or temporarily.
Although the first thing on your mind won't be your pension or retirement savings, there are some things to consider that might help you financially in the long term.
It's important to think about how stopping work or reducing your hours will affect your private or workplace pension.
Things to consider
Getting a full state pension
A lasting power of attorney (LPA) is a legal document that lets you (the 'donor') appoint one or more people (known as 'attorneys') to help you make decisions or to make decisions on your behalf.
Acquiring a lasting power of attorney can be a big and difficult decision, but it can make things a lot easier for you and the person you're caring for in the long run. It can also help to initiate this process sooner rather than later, so you have more time to have these conversations with the person you help to look after.
This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you 'lack mental capacity').
You must be 18 or over and have mental capacity (the ability to make your own decisions) when you make your LPA. You do not need to live in the UK or be a British citizen.
There are 2 types of LPA:
- health and welfare
- property and financial affairs
You can choose to make one type or both.
Should I get a lasting Power of Attorney?
Register or end a lasting Power of Attorney
Everybody needs a little help sometimes. If it's getting harder to manage, you may be able to get the extra care and support you need through social care.
Your first step should be to ask your local council's social services department for a care needs assessment. They will identify where you might need extra support from social care and together you will agree on a support plan.
Providing long term care support can be a significant financial cost, so it's important to understand how large this cost could be and to plan for how to find it should it become necessary.
Social care and support guide
