Planning Your Future
5 Financial Tips for Sandwich Generation to Stay Balanced
13 Nov 2024
5 Financial Tips for Sandwich Generation to Stay Balanced
13 Nov 2024

The term sandwich generation was first introduced by Dorothy A. Miller, a Professor and Director of Practicum at the University of Kentucky, in 1981. Sandwich generation refers to individuals who have the responsibility of caring for three generations at once: their parents, themselves, and their children. Their lives are often described as a sandwich, where they have to manage their time, energy, and money wisely to balance family responsibilities with personal needs.

Here are some tips on how to manage finances for the sandwich generation:

  1. Allocate Salary Well
    It is important to prioritize your spending to keep your finances under control. Start by ensuring that basic needs, such as debt repayment and living expenses, are met first. With proper financial management, we can avoid financial problems in the future.

  2. Set aside Money for Yourself
    Aside from being responsible for your family, don't forget about yourself. Set aside some of your income for personal happiness, such as buying things you like or doing fun activities. This is important to maintain a balanced life and prevent burnout.

  3. Avoid Buying Unnecessary Items
    Often we are tempted to buy things that only fulfill wants, not needs. Start to be wiser in spending by assessing whether the item is really needed or just a momentary whim. Controlling these purchases can help maintain financial stability.

  4. Find Additional Income
    If your main income is not enough to fulfill your daily needs, looking for additional income can be a solution. Utilize your skills or try a new field to get another source of income. This can also provide valuable new experiences.

  5. Pay Attention to Yourself and Keep Chasing Your Dreams
    Family responsibilities often mean less time for yourself. However, it is important to maintain a balance between fulfilling family obligations and achieving personal dreams. Use your free time to pursue your passions or plan for the future to keep you motivated.


Source: banten.idntimes.com