X

Looking for the perfect gift for your loved ones? Head over to our holiday gift guide and let's make this festive season unforgettable!

CLICK HERE
  • Skip to main content
  • Skip to header right navigation
  • Skip to site footer
  • Pinterest
  • Twitter
  • Facebook
  • Instagram
Home Jobs by MOM

Home Jobs by MOM

Insights. Ideas. Improvements.

  • Lifestyle Insights
  • Business Ideas
    • Online Tools for Bloggers
  • Improving Family Life
  • Contact

Top Financial Strategies for the Sandwich Generation

Home » Top Financial Strategies for the Sandwich Generation

THIS WEBSITE USES AFFILIATE LINKS WHICH MEANS WE RECEIVE COMPENSATION IF YOU PURCHASE A PRODUCT THROUGH THEM. VISIT OUR DISCLOSURE PAGE FOR MORE INFORMATION.

April 9, 2021 by Home Jobs By Mom
Pin8
Tweet
Share
8 Shares

Top Financial Strategies for the Sandwich Generation parents

It may surprise you, but approximately 50% of Australians are living paycheck to paycheck. This is a common occurrence across the world. Economic difficulties, especially those resulting from the global pandemic, are placing incredible strain on the ability of people to survive. This strain is felt even more by the sandwich generation. This is the current group of middle-aged individuals who are still supporting their growing children and have an obligation to look after their parents.

That can mean a significant drain on finances that are already stretched. These issues are compounded as children are generally leaving home later and people are living longer.

That’s why the sandwich generation needs to develop the right money strategies.

Being part of the sandwich generation – meaning you’re caring for aging parents while also raising children – can create unique challenges in shaping your financial plan. Check out these financial tips! Click To Tweet

Save First


As a parent, you want what is best for your children. One of the best gifts you can give them is not to burden them in old age. That means you need to save for your retirement, and this should be your first concern.

You’ll want to speak to a financial planning expert and establish hat rate of saving you should be doing. This will help to ensure you’re not a burden in the future.

Kill The Debt

You need to sit down and work out what you owe and how you can best pay it down. This is usually a slow process, but the sooner you start, the quicker it will be done, freeing capital for other uses.

You can approach this in many different ways, but the best option is to pay the smallest debt first. It will help you to feel like you’re achieving something.

You’ll probably need to review your budget and cut costs to make this possible.

Get Insurance

This means spending more, but long-term care insurance can help you afford the care your parents need if they need helpers or have other special needs.

It’s best to purchase this insurance before your parents turn seventy.

Talk To Parents

Your parents may have money put aside, and they may have equity in a property. It’s time to talk to them and decide what the best option is for them and you.

It may mean selling your house and theirs to get a place that you can all share, freeing money up for care.

There is no right or wrong way forward for this. It’s simply important to talk to your parents and discuss the options.

Remember, it’s not just about finances; it’s also about the quality of life.

You also need to discuss what your parents would like to happen if they cannot care for themselves. It makes it easier if this actually happens.

Take On More

During this stage of your life, you still have the energy to take on additional work, which could help cover the financial burdens you currently face and prepare you for the future.

It can be exhausting to take on extra work, but there are various ways to boost your income that are worth considering.

Are you part of the sandwich generation?

Related Posts:

  • How to Teach Kids About Sustainable Living
    How to Teach Kids About Sustainable Living
  • Fantastic Methods Of Earning A Living Without Leaving Home
    Fantastic Methods Of Earning A Living Without Leaving Home
  • Work at Home Mom, Work at Home health, wahm, work at home health and wellness
    5 Tips to Make Co-Parenting Easier During COVID-19
  • Why Divorce Can Be Hard On Your Children
    Why Divorce Can Be Hard On Your Children
  • home budget, home budgeting, budget, budget tips
    A Step-By-Step Guide to Creating a Home Budget Plan
  • Helping Depression and Anxiety with CBD Oils
    5 Incredible Reasons Why You Should Try Therapy
  • Helping Kids Cope with Divorce During the Pandemic
    Helping Kids Cope with Divorce During the Pandemic
  • digital era, technology, technology and kids, technology and kids development, digital age
    6 Money-Related Tips for People Who Work From Home
Pin8
Tweet
Share
8 Shares
Category: Budgeting, Lifestyle, MoneyTag: Financial Planning

About Home Jobs By Mom

Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.

Previous Post:raspberry tartlet recipeIncorporating Creativity Into Your Cooking (Plus a Recipe for Raspberry Tartlets)
Next Post:Pet Travel Post COVID-19Pet Travel Post COVID-19

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sidebar

Welcome!

Get a look into a mom’s inkling into this crazy thing called life.

Read More

Recent Posts

  • Absolutely Essential Strategies to Blaze Ahead with SEO Outsourcing
  • Are You Ready: The 10 Most Painstaking Remote Working Struggles
  • Mightylicious Complete Flavor Pack Cookie Giveaway (Ends 1/15)
  • PepperMate Prize Pack Giveaway (Ends 1/10) @PinkNinjaBlogg
  • @MontgomeryInn_ Ribs Prize Pack Giveaway (Ends 1/10) @PinkNinjaBlogg
  • RawSpiceBar Subscription Giveaway (Ends 1/9) @PinkNinjaBlogg
  • @SafeCatch Tuna Prize Pack Giveaway (Ends 1/8) @PinkNinjaBlogg
  • Blogger Opp: VitaMedica Skin Supplements Giveaway #BloggersWanted
  • @VitaMedica Skin Supplements Giveaway (Ends 1/3)
  • Canvas Prints and Urban Photography: Cityscapes in Stunning Detail

Mightylicious Complete Flavor Pack Cookie Giveaway (Ends 1/15)

PepperMate Prize Pack Giveaway (Ends 1/10) @PinkNinjaBlogg

@MontgomeryInn_ Ribs Prize Pack Giveaway (Ends 1/10) @PinkNinjaBlogg

RawSpiceBar Subscription Giveaway (Ends 1/9) @PinkNinjaBlogg

@SafeCatch Tuna Prize Pack Giveaway (Ends 1/8) @PinkNinjaBlogg

@VitaMedica Skin Supplements Giveaway (Ends 1/3)

@HistoricallyModern Oaxaca Tequila Glass Set Giveaway (Ends 12/28) @DeliciouslySavv

Pete & Pedro $100 LEGEND Cologne Giveaway (Ends 12/31) @DeliciouslySavv @pandbuenohair

Enter More Giveaways!

Free Download

“Every day is another chance to get stronger, to eat better, to live healthier, and to be the best version of you.”

Productivity-Planner-Preview
Download the FREE Colorable Productivity Planner to get your life more organized. Sign up as a newsletter insider today!
Be a Better You!

  • Absolutely Essential Strategies to Blaze Ahead with SEO Outsourcing
  • Are You Ready: The 10 Most Painstaking Remote Working Struggles
  • Mightylicious Complete Flavor Pack Cookie Giveaway (Ends 1/15)
  • PepperMate Prize Pack Giveaway (Ends 1/10) @PinkNinjaBlogg
  • @MontgomeryInn_ Ribs Prize Pack Giveaway (Ends 1/10) @PinkNinjaBlogg
  • About Home Jobs By Mom
  • Terms & Privacy
  • Contact
  • Pinterest
  • Twitter
  • Facebook
  • Instagram

Copyright © 2023 · Home Jobs by MOM · All Rights Reserved

This website uses affiliate links which means we receive compensation if you purchase a product through them. Visit our disclosure page for more information.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT