Families have many options to consider as parents age and their lifestyle and needs change. One of those options is having parents move into their adult child's home.

Caring.com senior editor Melanie Haiken shared seven financial tips when considering this type of living situation for your family, based on her friend's experience and suggestions from financial planning experts.

In her article, Haiken's suggestions include:

1. Create a "caregiving budget."

2. Figure out how much your parent can contribute.

3. Calculate a fair contribution for the parent to make to household expenses.

4. Call on siblings to contribute.

5. Keep track of additional costs and share those, too.

6. Don't be afraid to hire outside caregiving help and share that expense.

7. What about being paid for your time?

Click here to read the full article, "So Your Parent Wants to Move In With You – Can You Afford It?" by Melanie Haiken, Caring.com senior editor