Money Management Tips for the Sandwich Generation
Here are the best tips for working adults looking after their children and parents to manage their finances.
Tip 1:
Discuss your parent's expense-related needs, like healthcare plan payments, medication costs, etc. with them.
Plan your family expenses around such details and prepare a revised budget.
Tip 2:
Encourage your parents and children to follow a controlled financial plan.
Stop spending money on unnecessary expenses.
Tip 3:
Teach life skills to your children so they become more self-sufficient, like getting a part-time job.
Train your kids about money management and personal finance like debt budgeting, etc.
Tip 4:
Browse options for term life insurance and purchase a suitable policy.
Focus on estate planning, like preparing a living trust for your family.
Tip 5:
Contribute consistently to your employer's 401(k) plan.
Use available paid leaves at work for your caregiving duties, like going to doctor's appointments, etc.
Updated on: April 22, 2024
