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Financial Tips for New Grandparents

Grandfather and grandson playing on floorBecoming a new grandparent can easily spark a desire to help your children and new grandchildren out financially anyway that you can. Here are a few financial tips for new grandparents:

  1. Consider opening a 529 college savings plan—One way that you can help your children, and in turn, your grandchildren financially is to consider a 529 college savings plan. A 529 college savings plan is intended to help people save for a future college education.
  2. Open a new savings accountAnother simple way to help your grandchildren financially is for you to open a new savings account on behalf of your grandchildren. You can begin putting money that you want to save specifically for your grandchildren in this account, that way it will be separate from your personal savings account.
  3. Give your time—An easy (and free) way to help out financially as a grandparent is to give your time... Offer to babysit your grandchildren for free so the parents can either have a night out, get some needed rest or even to have some baby-free time to get things done around the house!
  4. Pay for school—If your grandchild is attending a private school, you can also offer to pay for the tuition... If they attend public school you can still offer to pay for school supplies and fees as well as by paying or chipping in later for the cost of college tuition. Helping out with the cost of school is not only a way to help out financially but also to help them achieve the desired career path that may require higher education.
  5. Create a challenge—One way that you can help your grandchildren financially, and still instill in them good financial habits, is to create a financial challenge. Tell them that you will match however much they save or that you will give them "x" amount of money if they can show you that they can work for it.

 

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