You've probably heard the term Sandwich Generation before, and it's perfectly natural to want to avoid or escape this situation, but how do you escape Sandwich Generation? Well, actually many of us fall into this category. Before giving ways apart from Sandwich Generation, let's first understand what Sandwich Generation is
What is Sandwich Generation?
The Sandwich Generation is someone who is in a position that requires them to take care of their family and parents both financially and in other ways. In this situation, you feel compelled or perhaps forced to support your parents financially and otherwise while building a life of your own with your own family. It's like being caught between two buns and you are the content of the sandwich, that's why it's called the Sandwich Generation!
How to break away from the Sandwich Generation
For those of you who fall into this generation category, you may find it difficult to deal with it and are confused about how to get out of this situation. Well, please see how to escape from Sandwich Generation!
1. Start Cleaning Up
If you are already in this position, the first step you should take is to improve yourself. How to? If your income is still mediocre in managing the two camps in your life, it's a good idea to look for job opportunities that provide higher salaries or benefits. In addition, you can find a side job that certainly doesn't drain you too much besides your regular job.
Well, at this point, you already know exactly what it's like to be someone in the Sandwich Generation. So, it's a good idea to break this chain of events so that your children don't have to go through the same thing. How to?
2. Organize Your Finances
The way to keep your children from going through the same thing is to tidy up your finances. Incoming and outgoing, all transactions that you make must be recorded neatly so that you can make a detailed budget and reduce unnecessary expenses.
Thus, you can have a better financial health condition and can manage financial support to your parents and your financial obligations to your family better, smoothly and neatly.
Besides, to break the Sandwich Generation chain that you are currently going through, the next step is to create a Pension Fund
3. Create a Retirement Fund
A pension fund is a fund that you will use in your daily life when you retire. By having a retirement fund that you have been saving little by little since now, later on you will still have plenty of money to meet your needs when you are old, reducing or maybe eliminating the need for your children to support you financially in old age.
Read also: Tips for Securing Family Finances, Must Try!
4. Prepare Health Insurance
You should also prepare health insurance. This is important to do as soon as possible, because if an accident occurs, you will have a financial safety net, without having to worry about the needs of you, your family, and the rest of your parents. Remember, as you get older your health condition will decline, so you and your family must prepare for it.
5. Prepare Children's Education Fund
The last way that can help you get out of the Sandwich Generation is to set up a children's education fund. In addition to pension funds and health insurance, you also need to set up an education fund for your children. Why? So that when you retire but your children still have to go to school, you don't have to worry about finding money to provide them with a proper education.
Without a child's education fund, you will find it difficult to finance them, especially after retirement. At a young age, you still have to earn money to educate them properly, isn't that confusing? Therefore, prepare an education fund for your child as soon as possible! The sooner, the more funds will be collected later.
Those are the ways apart from Sandwich Generation. One more thing, you must discuss it well with your parents and family, manage finances together so that everything remains transparent, fair and everyone gets what they need!
Financial literacy is one of the most important aspects that you can learn to get out of this situation, and it doesn't hurt not to learn and practice it with your child? Well, Whiz has tons of features that can help you and your kids do just that!
So, what are you waiting for? Feel the ease for your finances by using Whiz!
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