Your Grandchildren and Financial Health
Source: AARP.org | September 13, 2007
It's a great idea for grandparents to support their grandchildren as they learn about money. Whether they live with you or are miles away, you can help grandchildren of all ages learn and practice good money skills and give them a head start on the road to financial health.
The most important thing you can do is to learn about managing your own money and be a good role model for your grandchildren.
5 Tips for Helping your Grandchildren Learn Good Money Skills
Grandchildren of all ages can learn about money and saving:- Give your grandchildren savings bonds as gifts
- Help them set long-term and short-term goals for their money
- Help them open a savings account and put their money in it regularly
- Help them decide how to spend their money and compare prices
- Remind them to share money with those in need
Remember to consult with your grandchildren's parents…and always celebrate with your grandchildren as they learn and reach their goals!
For more great tips on your family's financial health, download our publication (Adobe pdf) "15 Minutes to Your Family's Financial Health". Or order a print copy here.
AARP Resources
Money Management Plus
This fact sheet gives you a quick overview of the Money Management Plus program.
Smart Money I: A Tool for Planning Your Personal Budget
This booklet can help you set financial goals and create a spending plan.
A Grandparent's Role in the Family
Tips for all grandparents.
3 Other Savvy Ways to Pass Money to Grandchildren
Information on gift taxes, direct tuition payments, and generation-skipping trusts
Section 529 Plans Offer Tax Incentive to Save for Grandkids' Education
Advantages of Section 529 plans and a few cautions
Other Resources
It's Never Too Late to Simplify and Organize Your Finances
These financial tips can help you organize your money, whether you are retired or thinking about it.
Kiplinger.com "Kids Eager to Learn about Money"
Teach children how to handle finances responsibly.
Books
These books are available from Barnes & Noble.com:
"A Boomer's Guide to Grandparenting"
Kathryn and Allan Zullo, Andrews McMeel Publishing, August 2004
"Raising Money Smart Kids"
Janet Bodnar, Dearborn Trade Publishing, August 2005
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