One of the most important things that we can teach our grandchildren is learning to save. It will stand them in good stead for the rest of their lives however they should not just be given the money but at an appropriate age earn it.
If you live in New Zealand, if possible open a Kiwi Saver Account, you can deposit in it as much as you feel comfortable with per month, discuss this with your bank.
If your grandchild’s school offers savings account ensure that your grandchild deposits something into at least once a month. If not, purchase an inexpensive money box for them so that their hard earned money can go into it.
Our granddaughter gets $2.00 a week but she has to earn it, if she fails in doing her chores then 10 cents is deducted. At the age of 7 her responsibilities are not great, but it does make her feel that she is contributing in some way to the running of the house. Those responsibilities are as follows:
Setting the breakfast table and clearing away afterwards.
Putting her washing in the laundry.
Opening the blinds in the morning.
Clearing the table after dinner.
Making her bed.
Helping feed her dog.
If she does more than what is asked of her then she is given extra.
Opening a savings account for your grandchild is always a good idea, any monies that they earn can then be deposited and it is amazing how quickly it grows.
Please let me know how you help your grandchild save their money.