625 Financial tips and laws for today and tomorrow

Here are the best tips for working adults looking after their children and parents to manage their finances.

• Discuss your parent's expense-related needs, like healthcare plan payments, medication costs, etc. with them.
• Plan your family expenses around such details and prepare a revised budget.

• Encourage your parents and children to follow a controlled financial plan.
• Stop spending money on unnecessary expenses.

• Teach life skills to your children so they become more self-sufficient, like getting a part-time job.
• Train your kids about money management and personal finance like debt budgeting, etc.

• Browse options for term life insurance and purchase a suitable policy.
• Focus on estate planning, like preparing a living trust for your family.

• Contribute consistently to your employer's 401(k) plan.
• Use available paid leaves at work for your caregiving duties, like going to doctor's appointments, etc.