Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
Latest activity
Earn Money
Money apps
Passive Income
Paid Survey
Forex
Stock
Real estate
Paid to write
Social Media Monetization
Review Website/Apps
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Retirement
Personal loan
Savings for Students
Debt help
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Personal Finance Forums
Smart Steps to Take When Helping Your Grandchildren Financially
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="Yusra3, post: 330276, member: 31907"] One of the joys of grandparenting is being able to help your grandchildren financially as they grow. However, some approaches are smarter than handing over cash gifts. Consider these steps for effectively assisting your grandchildren financially: [B]Start a Savings Account[/B] Opening a savings account in your grandchild’s name gives them a solid financial foundation from a young age. Make regular small deposits each month and for birthdays/holidays. Watching the account grow will teach valuable lessons on saving. Agree to match their own contributions as they start earning money to encourage good habits. [B]Invest in a 529 Plan[/B] A 529 college savings plan is a smart gift that can really impact your grandchildren’s future. 529 plans enjoy tax-advantaged growth. Name your grandchild as beneficiary and retain control as owner. Set up recurring contributions. Give larger gifts as major milestones approach. [B]Pay Down Expenses[/B] Rather than cash, offer to cover specific expenses for your grandchildren directly. For example, pay a semester’s tuition bill or activity fees for the year. Offer to host them on a special trip. Pay for driving lessons. This is often more impactful than general gifts. [B]Give Financial Mentoring [/B] Alongside any monetary contributions, provide continuous mentoring on smart personal finance habits. Offer advice on budgeting, saving and avoiding debt that sets them up for success. Give guidance on managing “first” accounts and credit responsibly. Share your financial experience. [B]Communicate Intentions [/B] Be transparent with parents about any financial gifts or inheritance plans for grandchildren. Make sure gifts align with the family’s values around work ethic and money management. Gifts shouldn’t be “expected”. With careful execution, grandparents can make a big difference financially in the lives of their treasured grandchildren. Seek a balance between generosity and guidance. Financial support coupled with mentoring does a world of good. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Personal Finance Forums
Smart Steps to Take When Helping Your Grandchildren Financially
Top