GOLDEN VALLEY, Minn. - Grandparents Day is Sunday, September 10. Many grandparents dedicate time, money and lots of love to their grandkids. Financial professional Mike Kojonen, owner of Principal Preservation Services, shared some ways to turn a simple financial gift into a thoughtful present.
“One thing grandparents may be hesitant to do is spend a significant amount on themselves,” said Kojonen. “Whether it’s a Caribbean cruise, a speedboat or a kitchen remodel, you can start a dream fund for that big-ticket item. Don’t just tell your grandparents what the money is for, give them something visual to go along with it, like a picture or postcard.”
Grandparents can give gifts on Grandparents Day as well. Grandparents can give the gift of childcare. “Whether you can babysit so the parents can have a night out or become a part-time nanny, the savings can add up to hundreds, even thousands of dollars a year,” said Kojonen.
You can also volunteer to help pay for your grandkids’ extracurricular activities and you can set up a grandparent match. Think of it like an employer match for a 401(k). You can reward your grandkids for responsible savings by matching a certain percentage of the money they save.
“You can apply the idea to smaller savings goals, like a new video game or a new bike, or larger goals, like a new car or paying for college,” said Kojonen. “For example, you could give them 400% up to a fixed amount. So, if they donate $1, you’ll put in 4. That may just be the incentive your grandkids need to start saving!”
Additional information is available at preserveyourdollars.com.
For information on a wide variety of aging-related topics, call the Minnesota Board on Aging's Senior Linkage Line.
Experts are on hand to answer your questions weekdays from 8 a.m. to 4:30 p.m.
The toll free number is 1 (800) 333-2433.