Worksheet icon Worksheet

Financial Planning for Caregivers

Amid life’s unpredictability, one thing you can control is your financial plan.

Your journey toward financial wellness and your journey as a caregiver happen at the same time, and both paths include twists and turns.

Regardless of your loved ones’ situation, your age, and your role – be it spouse, parent, child, sibling, friend, or other loved one – your foresight and resilience will shape your journey together. Having a financial plan in place is key for your shared security, stability, and well-being.

Define Your Vision of Financial Freedom

As you define your financial goals, consider these factors:

  • Time

    What do you want for the short-term? How about the long-term? Time can be a money multiplier, so the earlier you start saving and investing, the sooner you can accumulate money to reach your goals.

  • Financial factors

    Think through money matters such as income and expenses, needs versus wants, appetite for investment risk, and employment as you set goals.

  • Family dynamics

    Life is constantly changing. At times, your personal health or the health of your loved one may affect your target or timeline. That’s okay – you can adjust your plan to make the most of your resources and chart new goals throughout your journey. A plan that flexes to accommodate your shifting reality is the only plan you can actually stick with.

Set SMART Goals

Once you have a clear vision, apply this simple framework to turn it into goals. Follow the SMART goal method to plan and measure your progress along the way. Use the worksheet at the bottom of this page to create an action plan.

SMART Goals: Specific, Measurable, Attainable, Relevant, Time-Bound

Be very specific in terms of what you would like to accomplish. Goals should be straightforward and emphasize what you want to happen. Being specific helps you focus your efforts and clearly define what you are going to do.

Define your goals in a manner that allows you to track your progress and know when you’ve succeeded. Goals can often be broken into a series of smaller achievements with their own target dates, so you can celebrate small wins on your road to success.

Set goals that are attainable and realistic, not just dreams. This helps you remain committed along the way.

Your goals need to be relevant and important to help you stay engaged.

Set a target date for completion. For short-term goals this can be a few weeks or months, while big goals may take several years to complete. Keep in mind that setting goals is not a one-and-done exercise. We recommend reviewing at least annually to account for shifts in your objectives, means, or life situation.

Financial Planning for Caregivers

SMART Savings Worksheet

Practice SMART goal setting and make a savings plan to set up for financial success.

Download the SMART Savings Worksheet

This content was developed in proud partnership with