Grandparents play a unique role in helping future generations thrive. With the right products and a thoughtful savings strategy, you can give your grandchildren a stronger financial foundation that will stay with them the rest of their lives.
Check out these three tips for saving for your grandchildren's future.
3 Ways to Help Prepare Your Grandchildren for the Future
1. Open a Certificate
A Certificate can be a great option to help save for both short- and long-term goals. If your child has a baby on the way, consider contributing to a shorter-term Certificate like our 6-Month Certificate or our 12-Month Starter Certificate. They’ll be grateful for the extra money to use on diapers or clothes.
If you want to work towards a larger purchase for your grandchild, like a car, our longer-term Certificates are a great way to take advantage of premium, locked-in rates. Check out our rates today, and act fast if you see one you like.
2. Explore a Coverdell ESA
A Coverdell ESA lets you contribute to your grandchild’s future education with tax-free withdrawals. You can deposit up to $2,000 every year per designated beneficiary, which can eventually be used for tuition, books and other supplies they’ll need.
3. Include Them in Your Estate Planning
Update your estate plan to include your grandchildren. If you want them to inherit your assets, you can add them as beneficiaries to ensure they receive everything without hassle.
If you don’t have an estate plan, get started today with Trust & Will. An estate plan is a great way to give your family peace of mind and know exactly what your final wishes are.
Tips for Saving for Your Grandchildren
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Talk to your children. As your grandkids’ parents, they might have shorter-term goals figured out, but may need assistance with saving for college or a car.
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Develop a savings plan. No matter what you’re saving for, do some research to get a good estimate of how much your grandchildren will need.
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Make regular contributions. Even if you can only contribute a small amount every month, those contributions add up over time.
Keep Them Financially Well for Years to Come
If you want to be a little more involved in your grandkids’ financial wellbeing, check out our tips for talking to both younger and older kids about money.
