The members of the sandwich generation are growing as people live longer. Caring for aging parents and school-aged children is stressful for any caregiver, but it can be particularly difficult to financially cater to the needs of aging parents and grown children, whether they are in college or are trying to find their way afterward.
Businessweek reports that members of the sandwich generation should continue contributing to their savings despite any family obligations. Adult children who live at home should not be paid for and treated like they were then they were young if it can be detrimental to savings plans.
Parents should ask adult children to help pay for groceries or other household expenses if they choose to live at home as adults, the news outlet suggests. Helping them to understand spending and debt is also important to prevent a vicious cycle of borrowing and spending in the family.
U.S. World News and Report suggests that retirees cut back on spending by getting rid of their mortgage and commuting costs. They can also save money by getting rid of duplicate services like phone lines or cable channels.