Dan Easton

Introduction: Being a grandparent is special in many ways. It sometimes means overspending and spoiling our grandkids. We tend to cut down on other expenses rather than buying gifts for our cute little ones.

What’s so special about being a grandparent? Grand parenting brings along with it opportunities for loving a new person, the magic of childhood, play and fun and the joy of parenthood minus the heartache that often goes along with it. It is also an opportunity to share your hobbies with a young, curious mind, watch as the kids grow and develop, provide encouragement and make an impact, draw upon your breadth of experience to guide the child through life’s challenges. Many grandparents, in today’s graying America, provide care for their grandkids while mom goes off to work. This can be a very enriching experience for both.

Why do we overspend on our grandkids? A 2012 study by AARP shows that 89% of grandparents spoil their grandkids. USA Today says that 40% of Americans spend $500 or more per year on their grandchildren. Some grandparents even pay for their grandchildren college education and afterschool activities, such as piano lessons and dance classes. Grandparents often find themselves in a dilemma where they would like to be there for their adult kids financially but don’t want to jeopardize their retirement savings.

Where can I cut on spending?

• Give the gift of time. It doesn’t always have to be a gift. Going on a hike together or doing a baking project can be a very memorable one for the two of you, much more so then a gift. Share stories. Your grandchildren will be delighted to hear stories about when their parents were children. Get with the times and learn to text and build a relationship that will last.
• Make a budget. “Making a budget is the most important thing you can do because then you will be able to understand where your money is going and where you can afford to make cuts,” says Meg Favreau, senior editor of Wisebread.com. Grandparents should not fall into the trap of overspending on their grandkids. “If it’s affecting your ability to meet your obligations or is dipping into retirement savings, that’s a sign that it’s excessive spending,” says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. For full article, click here.

Save your retirement for the fun things in life. Very often, without proper planning, our retirement funds get totally wiped out down the road if a loved one requires long-term care. Medicaid will usually cover for many types of care, including in-home, assisted living and nursing home care. They will however “look back” for a period of five years prior to application to uncover monetary gifts granted- “spent down” during that period, in which case they will impose a penalty corresponding with the gifted funds. Plan ahead and gift the monies to your loved ones now, so it doesn’t hurt you in the years to come. A Medicaid planning company like Senior Planning Services can guide you through the application process if you’re eligible and help shoulder the burden in these stressful times.

Conclusion: Being a grandparent is one of life’s most meaningful pleasures, but it can also be a juggling act. Knowing when to educate, when to spoil, when to stop spending, when to “spend down” and when to save your retirement funds; are all part of this blessing called grandparenthood.

Save

Many people become caregivers with little or no warning. Unless this happens to be your field of expertise then you will not be ready for the challenges which will lie ahead and how best to deal with them. Even if this is something that you have trained to do and are happy to dedicate your life to caring for others there are some basic things which should always be avoided:

1.      Stealing

This is probably the most obvious statement to make but it is essential to remember that this is one of the biggest fears of many older people. You not only need to not steal, you should also be aware of any situations that might leave you either open to temptation or open to an accusation of stealing.

2.      Texting and web posting

Mobile phones are everywhere and you will probably have one with you whilst you are performing your caring duties. However, when you are providing care your focus should be on your patient and not on the latest web posting. The phone should only be used in times of emergency; otherwise leave it alone and focus on your patient.

3.      Services outside the contract

The more you care for a client the more you will become attached to them and this can then lead to ethical problems.  You may wish to help them and are happy to provide additional services for free. It is vital for your professional career to ensure that anything over the original contract is agreed in writing and signed off.

4.      Making decisions for the client

Your client is still a person and should be involved in any decision concerning his or her well-being or healthcare requirements. You should never leave them out of the loop when faced with a decision. It may be preferable to limit their choices in order to make it easier for them to make a choice, but you should never rush them to make a decision. You are on their time and they will probably not be worrying about time. It is also essential to accept their decision if your client says no to something you know they should have, such as medication. You will simply need to try a different approach later or speak to your manager concerning it.

5.      Shaming

It is quite possible that as your client ages they will ask you to help them with something more personal. This request may shock you or make you feel uncomfortable. It will probably have been very hard for them to ask you to assist with something that they used to do independently. Always keep a neutral, professional approach.

6.      Stubbornness

It can be tempting to refuse to do something that you do not consider to be your job or that you are not comfortable with. A good caregiver will not be stubborn, but will demonstrate to the client that she is flexible in her approach. This will help you to build a good level of communication, which is essential to providing good care and to learning from any mistakes. Additionally, you will build a relationship with your client which will make your life and theirs easier.

7.      Not respecting boundaries

Your client will have expectations of what service you are offering and what they expect you to do. You should also have an idea of your role and what behavior and tasks are appropriate and what is not. It is important to define these boundaries and to maintain your boundary even if your client wants more. You need to know what you can do and what you cannot do; this will ensure you provide the best care possible.

By Edward Francis and Foresthc.com!