Yahoo Finance 4 Ways To Earn Extra Money if You Suddenly Have To Support an Elderly Parent
Aging is a part of life and it’s unavoidable. There may come a point when your aging parents need more help. More often than not, they’ll lean on their adult children for help. If you already find yourself in this position, you’re not alone.
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Guardian Life’s recent 2023 Standing Up and Stepping study reported that caregiving in the U.S. is on the rise. By how much? Well, as of 2023, about 100 million U.S. adults care for a child, parent, or other relative.
More specifically, 53 million U.S. adults currently care for a spouse, elderly parent or relative, or a special-needs child. That’s up from 43.5 million in 2015, representing a 21.8% increase.
This includes caregivers who also work full-time jobs. With 61% of U.S. households reliant on two incomes, the need to step back from work to spend time caring for an elderly parent can negatively affect your household finances. This is where flexible side hustles come into play.
Money aside, taking on side hustles that you’re passionate about is also important to take you away from your caregiving responsibilities and focus on yourself.
“I think the burden of caregiving is quite real and can become damaging,” explained Lisa Kaufmann, an aging life care manager and end-of-life doula at SeniorCare Options in Atlanta, to Care.com. “Self-care is crucial, and if other projects or hobbies allow caregivers to focus on their interests, then that is a very good thing. There is life outside of caregiving.”
Fortunately, you can make several money moves that will allow you to care for your elderly parents, make extra cash, and perhaps bring you personal satisfaction too.
Here are four money moves you can make if you suddenly have to support an elderly parent, according to Care.com:
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1. Delivery Driver
Becoming a delivery driver is an easy and flexible way to make extra cash. The dawn of the gig work economy has ushered in many ways for people to make money on their own time. Consider becoming a personal grocery shopper on Instacart or Shipt, where you’ll shop and deliver customer orders. Also, Amazon and UPS often hire part-time delivery drivers, which offer a reduced working schedule. For some delivery driver jobs, you can use your vehicle.
2. Rideshare Driver
If you have a reliable vehicle and a clean driving record, consider signing up as a rideshare driver in your area on platforms like Uber and Lyft. If you like driving around and you’re comfortable with interacting with new people, then this might be the side hustle for you. This is a flexible gig where you can choose to work only when it’s convenient. This is a crucial element when your schedule revolves around caregiving.
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3. Babysitter or Nanny
If you’re great with kids or have experience being a caregiver for your children, consider babysitting. Check out local Facebook groups and community boards. There might already be people looking for a babysitter, especially during the summer when schools are out of session. Marketing yourself in your local community is a great way to get started.
4. Pet Sitting or Dog Walking
When people travel or they’re stuck at the office, they need someone to watch their pets and walk their dogs. If you’re a pet parent or an animal lover, consider advertising yourself as a pet sitter and/or dog walker. Signing up on platforms like Rover and Wag is a great way to start.
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