GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
On the bright side, millennials may have a bit more money on their side.
According to economist Kevin Drum ofJabberWocking.com, the average 40-year-old millennial had an income of $49,000 in 2021.
Thats more than the $39,000 the average boomer earned when they were the same age.
For perspective, thats almost as many as the 4.4 million who made mandatory child support payments.
Reduce Expenses
That budget for your parents may also help you reduce their expenses.
you might see where their money is going and possible areas to cut back.
You could look forbig and small waysto reduce expenses.
You may even consider having them move in with you.
Youre going to need to set ground rules.
These rules will look different depending on your situation, your parents situation and your relationship.
You may set rules about how much money it’s possible for you to give or how often.
If you have siblings, this may be a time to get them involved.
Or maybe its time to look into the services of a financial advisor.
However, its important to not give so much that you go into debt.
Racking up credit card debt or co-signing on a loan for them may not end well for you.
More From GOBankingRates
Share This Article:
