Some families live in a multigenerational household because they want to—and others do because they need to. When a mix of generations live in one home, their financial pressures and goals may look different.

These four tips can help you keep track of what’s important to you—and important to your family, too.

1. Focus on your financial goals and needs—first.

Why is this so critical? Because you may not be able to help other family members if you don't have a plan for your own financial security. That includes:

• Establishing an emergency fund: Instead of focusing on a total, start small and keep at it.
• Starting and boosting retirement savings: If your employer-sponsored plan offers a match, work your way up to getting the full percent.
• Setting a budget and paying down debt: Track expenses and eliminate debt as you’re able.

2. Discuss roles and responsibilities

Adult children may move home while they work and pay off student loans. Mom and Dad may want to support their own parents. There are twists and turns to setting budgets and evaluating goals for each generation, and that may impact who pays for what.

For example, if one adult family member is job-hunting, maybe there are other non-financial ways they can help around the house. If everyone is working, create a plan for who pays for what.

“Multigenerational families often have aunts or grandparents who take care of the children in their household while their parents work, which is great for everyone,” says Inaam Ziyadeh, a Principal^® financial professional in El Paso, Texas.

3. Save for immediate expenses for the youngest and oldest household members.

Kids grow out of clothes and grow into lessons and sports. Parents and grandparents may need caregiving or specialty medical attention as they age.

If you’re in a multigenerational household, planning and saving as early as you’re able for those short-term needs can help cushion your budget from unexpected impacts.

“But it’s important to set aside money in an emergency fund,” Ziyadeh says. “If a grandparent becomes ill and needs additional care, the family may suddenly have extra expenses to absorb—both day care and caregiving.”

4. Save for the future, too.

For kids, that includes college. “One thing you can count on is that college costs, over time, are going up, not down. The key is to start early with a college savings plan,” Ziyadeh says. “The longer you wait to start saving for their education, the more expensive it becomes to play catch-up.” Learn about 529 plans.

For adults, planning conversations can revolve around health insurance and long-term care policies. If they don’t have the assets to ensure their financial security, consider enlisting the help of extended family, if possible. That may entail a reevaluation of living arrangements, too, such as a move to a larger home or an addition to your current one. Read about tips for talking to your parents about money.

Every family is different, and that includes every multigenerational family, too. Consider talking to a financial professional who can help you with your own personal financial plan, including the needs you may have to support every member of your family. Learn more about working with a financial professional.