Sandwich Generation: Caring For Parents and Kids
It can get very tough looking after your parents and your kids at the same time. We live in an age where every other person is dealing with the same stress and anxiety from having to look after so many people simultaneously, which is why we are known as the sandwich generation. It exhausts you and drains you both mentally and physically while sometimes also making you struggle financially. You have to juggle with home loans, medical bills, school fees, university plans, household expenses and much more.
Unless you have planned well, you can be on track for a very challenging and difficult financial situation ahead. Here are some of the things you need to ensure in order to manage both your parents and your children well, all while ensuring that your own well-being and comfort are not being compromised.
A sustainable retirement plan for your parents
Ensuring that your parents are financially stable and independent is of the utmost importance. Their age and health might not allow them to be as active as they used to be which is why you need to help them develop an efficient retirement plan.
Do not neglect your own retirement plan
While it is important that you help your parents with their retirement plan, finances, and general well-being, it is equally important that you do not neglect your own future in the process. Continue to save a small amount of your income and develop a retirement plan for yourself as well so as to avoid complicating matters for your own children in the future.
Plan your children’s future education
It will become increasingly difficult for you to save as you progress. The medical bills, household expenses, and education fees will all keep increasing, which is why it is important that you plan ahead. Invest in insurance policies and education plans for your children and put aside some money to ensure that their education does not suffer. And if your children are already at universities or preparing to go to one soon, opt for unsecured loans to fund their education. These are easier to repay and can be secured with minimum efforts.
If there is anything that you do not need in life when you already have the responsibility to care for so many people, it is debt. Avoid debt at all costs, and try to ensure that you take out smaller loans and repay them in regular instalments. If you are need of money urgently, seek easier, friendlier options such as unsecured loans or even short-term loans. Opting for loans such as short-term or unsecured loans will make it easier for you to repay them and your family and finances will not be endangered.
Regardless of how much you have saved and your net worth, reconsider your investment plans and invest wisely. In case you have already profited from an investment opportunity, you should consider reinvesting in it. Increase your cash inflows, assets, and savings. This would make you more stable financially and make looking after your parents and family easier for you.
Try reducing unnecessary expenses and avoid overspending for a penny saved is a penny earned. Create a budget and follow it strictly. Pay your bills and loan instalments on time and avoiding taking out big loans. Instead, opt for unsecured loans if you absolutely need some extra cash. And most importantly, do not forget that both your parents and children can be eligible for government sponsored financial plans and programmes. They can be of great use and can help you with your finances significantly.
These are all the steps that you can take when looking after your parents as well as your own family. Being from the sandwich generation has its own challenges but as long as you are well prepared, there is nothing to worry about. Hopefully, these tips will help you look after your parents and children better.