Millions of people nationwide are in “The Sandwich Generation” — the generation of people who are trying to afford caring for their aging parents and their kids in college or early in their careers.

It’s not easy being pulled in two directions or pressured from both sides to provide emotional, financial and logistical assistance to the people closest to you. And at the same time, you’re trying to provide for your own needs, including food, clothing and shelter.

Here are a few tips for creating a financial strategy for this particularly stressful time period in your life:

Fund yourself first.

The first thing you need to do is ensure your own health is taken care of. This includes your mental and physical health, of course, but also your financial health. Don’t fall behind on your mortgage or rent, stay up to date on your own bills and keep saving for retirement. Your personal and financial wellbeing needs to come first so you have the energy and ability to help care for others.

Make a list of non-negotiable needs for everyone.

It’s a good idea to sit down and consider what everyone’s absolute needs are.

Everyone needs a place to live, food and money for day-to-day living expenses. You may want a new car, but maybe the one you have can last a little bit longer.

Your college student may want that large frozen latte every day, but skipping it a few times a week can help them reduce expenses. (This is a good time to talk to them about creating a budget.)

Seek out expertise!

There are so many resources available to help navigate this complicated period! Here are a few:

• There are dozens of free resources in your community to help seniors, and engaging your local government’s senior services office will help you find low-cost or no-cost options.
• An elder care navigator from an organization like SeniorNavigator.org, a non-profit organization, can help connect you with additional resources and help you figure out where to get financial assistance for seniors, including what can and cannot be covered by health insurance.
• In addition, you may want to seek out an estate attorney who can ensure everyone’s wills, estate plans, powers of attorney and more are up to date.
• You should also check in with a financial advisor, who can help you figure out if you’re still on the right track for your own retirement. This financial advisor can also help you navigate college costs, financial aid for higher education and much more. (All you have to do is call CommonWealth One or schedule a complimentary consultation with CommonWealth One Financial Network Advisor Timothy States.)

In August, CommonWealth One hosted a webinar, “Caregivers Money and Legal Matters.” You can watch a replay here. 

If you have any questions about life in The Sandwich Generation, don’t hesitate to reach out. Our certified financial counselors are just a click or a call away! There are millions of people going through the same thing and several resources to help you navigate through these years.