I am squeezed between supporting my parents and supporting my own family. How do I balance it?

The basic needs of the family under your care come first, then you help your parents according to the means that remain. The Prophet ﷺ taught to “begin with those under your care” (Sahih al-Bukhari 1426), and this is not neglecting parents, but ordering priorities. Talk with your spouse so the help to your parents is understood and agreed on, rather than becoming a cause of quarrels. If you can, set a reasonable fixed amount for your parents each month. Involve your siblings so the burden is shared. Have good intentions and do your best; honest effort in hard circumstances still counts. See maintenance of parents.