Money Tips for Grandparents

• Introduce the concept of money to your grandchildren as soon as they are able to count.
  
• Teach them the difference between needs, wants, and wishes. Teach them to respect the value of money.
  
• When giving them, consider giving money in amounts that can be put towards savings (e.g., five $1 bills, spend $3, save $2).
  
• Consider opening a savings bank account or a money market mutual fund account in both your name and your grandchild’s.
  
• Take advantage of money “teachable moments” when you spend time with your grandchild.
  
• Set an example by being thoughtful in your own saving and spending habits – you are their role models. If you are still in debt, utilize a 'Money Merge Account'. People of retirement age should have their home paid for.
  
• The Youth & Money Survey found that 72 percent of students turn to relatives besides their parents for financial information – grandparents are included in this group!