Budgeting when you have grandchildren

There are a number of ways you can contribute financially to your grandchildren, from a cheque in a birthday card to a savings account. We’ll look at some of the ways you can contribute – with a few ideas to suit every budget.


Grandparents can still make a contribution to their grandchildren without reaching for their wallet.

Many grandparents help with childcare. You can help by looking after your grandchildren for a couple of days a week – especially if their parents work – and you could be saving them $1,000s every year in childcare expenses.

According to the last US census figures, 30% of children under 5, whose mothers went to work, were cared for on a regular basis by a grandparent while their moms worked. Having reliable and free childcare can really help a working mom’s budget.

Donating childcare is a really affordable way to contribute if you’re on a budget too. Many people need help with their finances – and there are services out there that could help you with managing your budget and finances.

Gifts made by grandparents

You may like to give your grandchildren money as a gift on their birthday, in the holidays, or to help them with their savings.  Using voucher codes can save you a lot.

However, before making any kind of contribution, you should consider the value of your own assets and what you can realistically afford. Everyone would spoil their grandchildren if they could – but be realistic.

If you would like to help them prepare for college, you could consider a Trust Fund in their name.

Visiting your grandchildren

For those who live near to their grandchildren, it’s not so expensive to take a short drive to their house or pick them up from school. If you live in another state, you might only see them once or twice every year.

You could share the travel responsibility – so your family comes to you at the start of the year and you go to see them mid-year to share the travel costs.

If you really want to see more of your grandkids, and they live in another state, you could start a savings account to pay for the cost of flights to get them over to see you as often as you can.

They’re always welcome for a holiday – right?

Of course the best thing about being a grandparent is you get to be a part of a child’s life, but you don’t have the responsibility of raising them or being 100% financially responsible for them – so anything you do contribute is a bonus!