5 Tips for Managing Stress in the Sandwich Generation
About 25% of adults in their 40s and 50s belong to the sandwich generation—the population of middle-aged adults who are taking care of their children and at the same time providing some level of care or support to their elderly parents. Mothers feel more stress trying to balance caring for their young children as well as their aging parents. At Garden Savings Federal Credit Union, we understand the unique financial challenges faced by the sandwich generation. We offer a range of services to support your financial needs, including Custodial Accounts, Fiduciary Accounts, and Senior Checking Accounts tailored to provide extra benefits for our senior members. Here's how to manage your parents, your kids, and your sanity with the help of Garden Savings FCU:
1. Be proactive about finances. Get everyone's finances out in the open. You can't plan effectively without the proper information. Utilize our Custodial Accounts to manage funds on behalf of your children, ensuring their financial well-being as they grow. Simultaneously, our Fiduciary Accounts offer a secure way to handle your aging parents' financial needs, providing peace of mind for all parties involved. Sharing financial information with your kids makes it easier for them when it's their turn but also helps them understand your financial constraints.
2. Be clear about whose money it is. When you're assisting your parents with their financial needs, remember that it's their money, not yours. With our Fiduciary Accounts, you can manage your parents' finances transparently, ensuring their funds are handled with care. Conversely, when you help your kids pay for certain expenses, our Kid Club Savings Accounts ensure that they contribute their fair share, instilling financial responsibility from an early age.
3. Get professional help. Our commitment to your financial well-being extends to providing professional assistance. Garden Savings FCU offers access to certified financial counselors who can help you tackle significant financial issues, from college planning to retirement. Seek legal advice from an estate attorney about preparing documents (for yourself and for your parents) such as a will, a living will, and a power of attorney. Use the Eldercare Locator to find services for the older adults in your family.
4. Find good care and companionship. Most likely your elderly parent not only needs care but is lonely and alone. Ask friends, family members, and neighbors for help.
5. Make time for yourself. Guilt comes with the territory of living in the sandwich generation. No matter how much you do, it never feels like enough. Make time to do the things you enjoy, whether it’s reading a novel, working out, lunch with friends, or playing your favorite sport.
At Garden Savings Federal Credit Union, we're here to help you navigate the financial complexities of the sandwich generation. Our range of tailored financial services ensures that your family's needs are met, allowing you to focus on what truly matters.
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Garden Savings Federal Credit Union
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