Setting Good Financial Examples
As a grandparent, you can have a deep impact on your grandchildren’s financial futures. As soon as your grandchildren can count, you should introduce them to money – what it is and how it works – because observation and repetition are two important ways children learn.
1. Set goals, and encourage your grandkids to reach them. If you know they want a toy, tell them you’ll match what they save – and help them buy it themselves.
2. Open a bank account for them, and contribute to it regularly – even if it’s in small denominations here and there. When they visit, go over the balances and help them set goals on how to spend the money when they’re older. Will this go towards their first car? A college education? A wedding?
3. Start talking about college early, and show them you mean business. Grandparents can open a 529 account for grandkids, or if they already have one contribute to it.
These are three tips to give your grandkids a good financial foundation without breaking the bank!
I’ve been a part of the WOOD TV8 team since 2005. As Special Projects Producer, I work side by side with Maranda making things happen behind the scenes. I coordinate Maranda’s Park Parties each summer and produce a variety of station broadcasts and events through out the year. I also serve as the producer of Maranda’s weekly half-hour show, Where You Live. I love the variety of my job and getting to be a part of the impact Maranda is making on kids in our community!
Outside of work, I've been married for seven years to my husband John and we have two beautiful daughters, Sophia and Stella. When I'm not busy trying to keep up with the kids, I spend "me time" reading fashion or celebrity magazines, sneaking in some good reality television, walking around Reeds Lake with girlfriends and exploring new restaurants with my hubby.
Inspirations for my blog come from my daily life as a busy working mom -- trying to juggle a full time job and be a full time mom to a spitfire five year old and a new baby.