4 Financial Tips for the Sandwich Generation

Money_and_Calculator-LR.jpgBeing the sandwich generation caretaker can often feel like being peanut butter that’s getting squished from both sides. Below you are your kids, with their ever-expanding pool of needs from new school supplies to fresh clothes to compensate for their growth spurts. Then above you are your parents, whom you thought would go on forever, but who now need you to help care for them. That’s a stressful situation, but it’s made even more stressful by trying to stretch your finances.
These 4 tips might not erase your burden, but they will make it easier being caught in the middle.
Financial Tips for The Sandwich Generation
Tip #1: If You Have Investments, This Is The Time To Use Them
Many times your parents will only come to you when they can’t function on their own any longer. However, if they’re put aside investments, this is the time to make use of them. Everything from a retirement savings account to a stock portfolio can provide the additional resources you need. They should be used sparingly, but if you’re in a crunch, don’t be afraid to break the piggy bank.
Tip #2: Don’t Hold On To Things You Don’t Need
No one likes to get rid of their possessions, and this can be especially true for the older generation. There is a lot of energy, and a lot of memories, tied up in those things. However, an estate sale, a house sale, or just offloading a car your parents can’t actually drive any longer can take the burden off your finances if you’re trying to provide for both your parents and children.
Tip #3: Combine Households
Moving in with your parents, or having them move in with you, can be rough. However, it provides a lot of benefits, and cuts down on a lot of expenses that would otherwise be draining your coffers. It isn’t for everyone, but is an option worth considering for many families.
Tip #4: Claim Your Parent as a Dependent
Turnabout is fair play, and many times when you are a caregiver providing for an aging parent, you can claim your parent on your taxes. That can mean a big savings throughout the year, and it can lead to a significantly smaller portion of your income going to the government.
At Caring Senior Service we are always ready to help seniors and their families by providing professional advice and services. As you consider ways to give support to your aging parents or relatives, consider including us in your plans. Contact our care team today!