Bay Alarm Medical
Lisa Wurth

Tips for baby boomers who are acting as banks

Topic(s) : Financial Planning for 50 plus

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. 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.

  • Which Medical Alert System is right for you?
    Medical Alert Systems Package Learn More >
  • Shop Online
    Shop Online

    Order your medical alert system online! Ships same day if ordered before 2PM PST.

    Compare All Systems >
  • Interested?

    Request additional information from a Bay Alarm Medical Senior Care Consultant.

    Request Information >

Chat Live Now