ATLANTA, May 2, 2016 /PRNewswire/ -- An increasing number of women across America comprise the 'sandwich generation' – those who are both raising children and caring for aging parents. This dual-caretaker role can be immensely rewarding, but also a source of ongoing financial stress. This Mother's Day, SunTrust Banks, Inc. (NYSE: STI) is offering tips to help women address these financial challenges so they can focus on the moments that matter with their loved ones.
- Don't cut back on smart spending. Spending less isn't always the answer. Instead, make investments that save you money in the long run. Consider meeting with an advisor to determine whether a parent's life insurance policy or retirement savings are adequate. Make sure you are part of that conversation by discussing your own insurance needs, such as long-term care, to better position yourself and your family for the future. The majority of women feel actively involved in the management of their household finances, but many don't truly own the financial planning conversation until a major life event requires them to do so.
- Identify your financial stress triggers. Financial stress can be brought on by specific events like receiving an unexpected bill or discussing college tuition costs. One way to counter these stressors is by automating your saving. Make savings automatic by diverting a percentage of your earnings into a savings account for unexpected expenses. Also consider setting your 401(k) or 529 plan contributions to automatically increase by one or two percent each year. These simple steps not only get you on track toward your saving goals, but also can help counter anxious feelings next time you're reminded of future expenses.
- Open a dialogue with your parents about money. If you are the primary caretaker of an aging parent, your financial situation is likely intertwined with theirs. Should they sell assets to help with costs associated with their care, or should they leave them as an inheritance? Do they have a life insurance policy that will cover funeral costs? Parents don't want to be a burden, and talking about these issues could help prevent costs to you and anxiety for them.
- Create a Caregiving Account. Open a spending account dedicated to your caregiving expenses. Not only does keeping your caregiving costs separate from your personal spending help you keep your budget on track, it also may help you during tax time. Certain caregiving expenses are tax deductible and a dedicated account can help you stay organized. If your bank offers online bill pay, you can also automate payment of your caregiving bills to help cross items off your to-do list.
- Make taking care of yourself a top priority. Taking time to focus on yourself now – including finding ways to alleviate stress and stay healthy – will likely pay financial dividends in the future. Giving yourself a physically fit retirement can reduce your medical expenses and ease the burden on your children as well.
"We recognize the heroic efforts of women who are raising children and caring for aging parents," said Leah Wehinger, head of the wealth services group at SunTrust Bank. "The responsibilities that come with this role can be both gratifying and overwhelming. While there is no one-size-fits-all solution, we are committed to helping women take purposeful steps toward providing for their loved ones as they achieve their personal financial goals."
Financial stress is one of the largest concerns Americans face. SunTrust is leading the onUp movement to help people move from financial stress to confidence. Visit onUp.com to take the first step toward financial confidence and gain access to a variety of budgeting solutions, saving tips, retirement investing strategies and more.
SunTrust also shares financial tips on Facebook and Twitter. Visit twitter.com/suntrust and facebook.com/suntrust. To find an advisor near you, visit SunTrust.com.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses and communities it serves. Headquartered in Atlanta, the company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate and institutional clients nationally. As of March 31, 2016, SunTrust had total assets of $194 billion and total deposits of $152 billion. The company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
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SOURCE SunTrust Banks, Inc.