If you find yourself caring for both your children and aging parents, you’re part of the Sandwich Generation. Learn how to manage your finances with these seven tips.
The Sandwich Generation is a group of people who are responsible for caring for their aging parents while also taking care of their own children. According to seniorliving.org, this rising demographic accounts for about 47 percent of adults in their 40’s and 50’s who have a parent 65 or older and are also raising their own child under 18 or supporting an adult child. This statistic is on the rise and is an emotional, as well as financial, stressor for many adults.
Dealing with this situation can be overwhelming and it can be difficult to juggle your time. Here are a few things to consider to relieve stress on yourself:
- If your parents are currently in an assisted living home, consider moving them in with you to potentially save on expenses.
- Decide if a medical alert system would be beneficial for your loved one to reduce the added stress of their safety and health.
- Set guidelines, expectations, and a budget if you’re financially responsible for other people.
- If you are supporting your grown child, think about helping them become financially independent with advice as opposed to providing monetary help. Helpful tips and life advice will help them become responsible and self-sufficient with their finances. You can also seek professional guidance for them.
- Some employers are offering additional senior care benefits to help this new generation of workers. Check with your HR department to see if you can take advantage of any programs.
- Consult with a tax advisor on possible changes to dependent claims to help your financial situation.
It’s important to also be present and take time for yourself. Making sure you’re 100% there for your family and their needs also includes taking time to make sure you’re not stretched too thin. Schedule time for the things you like to do, get consistent exercise, lean on friends, and enjoy the time you do spend with your family. It’ll benefit your health and finances in the long run.