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How to ease financial strains while caring for your parents and children

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CBS News business analyst Jill Schlesinger joins "CBS Mornings Plus" with tips on how to ease financial strains while caring for both your parents and children. A new survey shows 52% of these adults feel financially disadvantaged because of the support they're providing.
The MSN article titled "How to Ease Financial Strains While Caring for Your Parents and Children" discusses strategies for managing the financial challenges of being a sandwich generation caregiver, responsible for both aging parents and dependent children. It highlights the importance of creating a comprehensive financial plan that includes budgeting for both immediate and future needs. Key advice includes setting up a caregiving budget, exploring government benefits like Medicaid or veterans' benefits for parents, and looking into tax credits or deductions that can alleviate some financial burden. The article also suggests having open conversations about finances with family members to align expectations and responsibilities. Additionally, it recommends considering long-term care insurance for parents, utilizing community resources, and possibly downsizing or cohabitating to reduce living expenses. The piece emphasizes the need for self-care and seeking support from support groups or financial advisors to navigate this complex life stage effectively.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/personalfinance/how-to-ease-financial-strains-while-caring-for-your-parents-and-children/vi-AA1yxqca ]