Financially Responsible Grandkids
June 8, 2023
Many grandparents look forward to and enjoy spoiling their grandchildren. We get it – it’s fun to always see a smile on your grandchild’s face when you hand them the things they want! But you do not want to lose out on building a healthy relationship with your grandchildren as a friend and mentor because you spoiled them. These 3 simple tips can help you raise financially responsible grandchildren:
Change your own behavior
It’s hard to not indulge in your grandchildren, but in the long run you want them to love and respect you for the quality time you spend with them and the lessons you teach them, not just for the things you buy for them. Demonstrate your love to them by building memories with them that will last a lifetime.
Empower your grandkids to earn their own money
Do you remember saving up your money for something you really wanted as a child? Odds are, once you bought the item for yourself, you took care of it, and really appreciated it. Try empowering your grandkids in the same way by giving them small chores or odd jobs around the house and give them the opportunity to earn some money for their hard work. These activities will help your grandkids get closer to their goal without undermining their hard work by just handing them money for the things that they want.
Set up a real debit card and investing tool for your grandkids
Be sure to get your children’s permission first, but childhood is a great time for you to set up a real debit card, spending plan, and investing solution for your grandchildren. This is another way to encourage them to earn their own money while making it a learning tool at the same time and will better prepare them for a financially independent and responsible future.
As Father’s Day nears and you are spending more time with your kids and grandkids, remember that you don’t have to spoil your grandkids to receive their love and to have fun with them. Cherish making wonderful and lasting memories with your grandkids over spoiling them. This can help ensure a healthy relationship with them having you as a trusted friend and mentor.
If you have any questions or points you would like to talk about further, please contact our office to schedule a complimentary consultation. We look forward to helping you!
Source: How Grandparents Can Help Their Kids to Raise Financially Responsible Grandkids | Kiplinger