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!
