Are you in the ‘Sandwich Generation’? If you have the responsibility of simultaneously raising kids and looking after your aging parents, then this article is for you. We know you have an extremely challenging lifestyle that requires a lot of resilience and patience, so this article will provide tips on how to better manage your day-to-day responsibilities.
Forty-seven percent of American adults are in the Sandwich generation, and that number is expected to rise as Baby Boomers age. Americans live until 78 years old on average, so the amount of adults sandwiched between their parents and kids continues to grow.
One of the major responsibilities you may face is taking over your parents’ financial well-being. This can take a toll on your own finances, as well as your emotional health. To help you better understand how you can manage this load, we’ve compiled some helpful tips and advice to better manage your money, your parents’ finances, and the stress associated with it.
1. Tackle Stress Efficiently
It’s completely normal to feel like there isn’t enough time in the day to handle all your personal and financial responsibilities. Tackling your stress is critical to ensuring you and your family are looked after. It’s important to remember to take care of yourself first in order to properly provide for the rest of your family. Here are a few things you can do to help with your stress levels:
- Make a list of important tasks and also the tasks that can wait. This can help you prioritize what you need to do.
- Make sure you are getting enough sleep.
- Exercise more.
- Make time to socialize with friends and other family members.
2. Don’t Feel Guilty
3. Gather and Organize All Financial Document
4. Don’t Forget Your Parents’ Role
5. Ask for Professional Help
Managing another person’s wealth is not an easy thing to handle. Working with a financial professional can help you with all aspects of your life, including retirement planning, education planning for your kids, and investing. Financial professionals can help you prepare the necessary documents for your parents and avoid costly mistakes.
Managing the finances and wellbeing of both your children and parents can be stressful and challenging, but the tips above can help you stay on track with your health and financial goals. Contact us today to see how we can further assist you in navigating these challenges.