Tips for baby boomers who are acting as banks
January 20, 2011
For many baby boomers taking care of adult children and older adults, finances can often be a contentious issue. Parents want to help their kids, but don't want them to become dependent. AARP.org recently suggested some tips for boomers who are trying to stay budget-conscious:
1. Talk About Finances – If parents are providing for adult children, money is a family issue. The best way to start outlining limits is to discuss what parents can and can't afford for their kids.
2. Set Limits – Parents are still the homeowners and should seek some contribution from children. If some rent isn't possible, try having a child look after an elderly family member or run errands.
3. Install An Elderly Alert System – This device enables seniors to send a medical alert if they need assistance, so it may take a load off a caregiver's mind and help them better manage their finances.
3. Be Positive About Plans – Adult children should also be encouraged to seek out job opportunities, from careers to internships to part-time work. Asking them about plans in a non-confrontational way can help them build lasting strategies.