Here are some of the tips I use in my wealth management practice to coach clients on this important stage in life.
Ease Financial Pressure – When people are sandwiched, they often put others first which can result in a financial drain by paying for elder care and/or saving for children’s college and one’s retirement.. Get finances in line and focus on key care-giving issues such as the cost of children’s education and elder medical care. Know how much money is in the bank to prioritize the family’s financial needs.
Set Boundaries – Sandwich generation parents often burn out by putting everyone else’s needs first. Build a team of caregivers that can help ease the burden and make more room for joy. For elders consider a nursing home or a membership at a senior center, and after school child care options for kids.
Create Schedules – Create a schedule and stick to it by arranging all necessary elder and childcare appointments on the same day if possible to allow a day or two for the caregiver’s needs.