Gifting Life Skills Along with Money
We’re all tempted at times to spoil our loved ones. Seeing their little faces light up is as much of a treat as all the gifts we have to offer. Every now and then, we have to remind ourselves that the things we give come with life lessons and that it’s important to teach the right things. When gifting money to your grandchildren, there are some simple tips that can help teach them important lessons while you make them smile.
Leave Some Room to Make the Difference
If you have an idea of your grandkids' wish lists, you can teach important lessons about saving by providing just enough to bring them close to their goal but not enough to cover it in full. Leave some room for them to cover the difference, and if they want that certain something badly enough, they’ll make it happen.
Give in Regular and Predictable Intervals
Whether it’s once a year or every holiday on the calendar, sending a predictable sum of cash can teach your grandkids important lessons about income. This approach can help grandchildren learn to plan with wish lists and budgets based around the money they can expect to receive and translate that knowledge into adult life skills as they grow older.
Plan for the Future
Your granddaughter may want nothing more in the world than a pony for Christmas, and your grandson may have Corvettes plastered across every corner of his bedroom. Big ticket items are big winners, but the greatest gifts really focus on the long haul. Placing money into a trust or a college fund isn’t going to win them over in the here and now, but it will make a real difference in their lives. Dedicating what you have to offer, however big or small, to things that really matter will teach them about the true value of money.
The nice thing about grandkids is that you’ve been through the process before, and by now you know that the greatest gift you can give them is knowledge.