After you hit 35, there’s every chance that you’re juggling your kids and their needs, caring for your parents and saving for your retirement. Apparently there’s a name for this life stage - sandwich generation. If you’re part of this, here are some ways to handle this phase of life smoothly.
Plan your finances with your family
In many families, only the breadwinner makes most of the financial plans. Let your parents know what your plans are and the steps you’re taking to ensure they’re taken care of. Also, include your spouse and kids. Children can be included once they’re old enough. This is to help them understand the value of money and let them have realistic expectations from you.
Have “the talk” with your parents
Talk to your parents and understand their needs, goals and financial resources they have in place. This will help you plan better to manage your finances. Having this talk might seem uncomfortable but being open about money is essential.
Set financial priorities
Look at the necessities of each member, including yours. Check the timelines and align them with your finances. Cater to the ones that seem to need attention right now, but make sure you set deadlines for the others too.
Start early for future expenses
Make sure that you don’t lose sight of long term expenses while focusing on the present. Make specific investment plans for potential expenses - parents’ health, higher education for the kids, your own retirement, are some such.
Prepare an investing budget before a spending one
“Save before you spend” continues to be the motto. Budget all your long term investments, as well as emergency funds if required, before you plan your spends.
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