Are You Part Of The Sandwich Generation? Here’s How You Can Stretch Your Dollar A Bit Further
People live longer than ever, and celebrating your 80th or 90th birthday is slowly becoming the norm in many places.
However, managing everything can get tricky for the “sandwich” generation, which cares for aging relatives while raising kids.
Despite all the added challenges, balancing everything can be easier with careful planning and creativity. Let’s explore a few ways you can manage your money and stretch your dollar further!
What Is The “Sandwich” Generation?
The sandwich generation refers to people who care for their older parents and children simultaneously.
About 25 percent of Americans are in this category, and we expect that number to uptick as more people live longer. In many families, the sandwich generation provides financial support and manages their parents’ medical needs. If that’s not challenging enough, they’ll still need to juggle work, children, family responsibilities, and retirement.
Unsurprisingly, being pressured on all sides can lead many of those in the sandwich generation to stress and anxiety, making it crucial for them to find creative ways to manage everything.
5 Simple Ways The Sandwich Generation Can Manage Their Money
If you’re in this situation, here are some practical strategies to manage your money and keep the stress to a minimum:
Explore Government and Community Programs
Many government assistance programs or community organizations help families in your situation.
Programs like Medicaid, Social Security, or Medicare can offer valuable support for managing healthcare needs and living costs. Community organizations like senior centers also have resources, support groups, and special events to help your aging relatives. Using these resources, cut down on out-of-pocket expenses and get some much-needed relief.
Look Into Family Health Insurance Plans
A good family health insurance plan will save you thousands of dollars.
Many companies offer inclusive family plans at a relatively affordable price. If you can’t find one that fits your needs, remember that Medicare could be a cheaper but effective alternative if your parents are over 65. High-deductible plans combined with Health Savings Accounts (HSAs) can also help you save on premiums while covering major medical expenses.
Consider Working From Home
A one-hour commute to and from work won’t help if you’re already stretched for time.
Working from home gives you much more flexibility to manage your responsibilities easily. You’ll have more time, save money on commuting costs, and be able to care for your loved ones when you need to.
Discuss your situation with your employer about working remotely or having more flexible hours. If they don’t, plenty of freelance, part-time, or even full-time positions do!
Create A “Sandwich” Budget
A specific budget for your parents and children could be the best way to cut costs where necessary. It’s also a great way to save up for emergencies like college, hospital bills, or other expenses as they come up.
Simply track all expenses, categorizing them into essential and non-essential costs, and create a stable budget that works for you. Utilize cash back apps to help stretch your money further.
Find Time For Self Care
There’s nothing better than being there for your family when they need you and ensuring they’re okay.
But if you’re not there for yourself, how can you be there for anyone else?
Staying on top of your mental, emotional, and physical health is essential to caring for your loved ones. Taking an hour each day to exercise, meditate, or practice your favorite hobby can make a huge difference. Doing this can help you “get away” from life’s problems while reducing stress.
The Bottom Line
Caring for aging parents, raising children, and staying on top of other life responsibilities isn’t a walk in the park.
But by planning ahead and managing your resources, you can achieve financial stability and stress-free manage “sandwich” generation challenges.
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