Your First Grandchild - Page 2

Wiscfan3 · ‎05-28-2015

I agree that you should do whatever you want and can afford, but future grandkids should be treated equally. It may sound petty but kids (and adults) do compare and it is hurtful when it comes out that some are getting more than others. It is only human nature to want those types of things to be fair/equal. Yes, there may be different needs and circumstances but grandparents should be fair.

insomniac2 · ‎02-20-2016

I cannot afford to do anything like that.

I will keep him supplied with books, however!

Carmie · ‎10-25-2010

Nope, I have never set up any thing for my grandchildren. My oldest son has two kids. He and his wife make a lot more money than DH and I. They can afford whatever is needed, but I do buy them whatever they ask me for for birthdays and Christmas.

My daughter struggles financially. ( she is married to a loser) She has one daughter. I buy most of her clothing and fund almost everything she needs. This girl is a wonderful student and very smart. She was upset because her parents can not afford to send her to college. I told her not to worry about it. I will pay for her if she works to keep her grades up. She is in 8th grade, so I have a few years to go. I figure I can't take it with me.

IMW · ‎06-15-2014

Gave the parents $$$ to start a 529, let them have the tax deduction. Every birthday and holiday we add to it.

dulwich · ‎01-18-2012

We paid - and are still - financing college education for our three grandchildren. Two now working, teacher and CPA our third at law school in final year. All doing well worth every dollar spent and glad we could do this. Love them all very much.

Catiele · ‎08-20-2012

No I never even thought about it. Just happy to be a grandmother. My thoughts were to love and enjoy him which I did. We did give generous money gifts plus toys and clothes. His father could afford college for him but he chose not to go.

nana59 · ‎05-12-2012

@Imaoldhippie wrote:
Do whatever you can afford and want to do, but be sure you can do the same for all the grands that come along in the future.

my thought exactly....what i do for one grandchild, i do for the other three....that's how i want to be remembered.....

Financialgrl · ‎03-13-2010

@Mz iMac wrote:
Well, the first thing I did was to remind everyone, that I was too young to be a grandmother. Since the "other" grandmother was already called one, she will continue to be "grandmom."
I am NaNa.

The 2nd thing I did was purchase stock. Cashed it out a week before the 18th birthday. Gave him the $$$$ & told him, to spend it anyway you wish or save it. It's on you. Don't let your parents touch it. It's yours you earned it.

I did the same thing for 2 nieces and a nephew. The girls were the same age and my nephew came 1.5 years later. When the girls were 10, I began dollar cost averaging into the stock market each month and the money was put on a separate line item to segregate it. I put it in moderate to aggresssive holdings and I just let t ride till the youngest was 18.

At that time I pulled it out of the stock market, divided it by 3 and wrote each a check for their third of the money. One niece used it toward a new car, the other used it to defray college costs and my nephew used it toward his first apartment. In my case I never told anyone I was doing it so if I lost a lot of the money it didn't matter bc they never knew to expect it.

Lots of volatility over those years and it turned out they each got a pretty sizable check.

Sadiesadie · ‎08-05-2011

We started a 529 when our oldest grandchild was born and add to it automatically every month. When our 4 year old twins were born we did the same thing. It's not a ton of money but should help some when it is needed.

The other grandparents have quite a bit of money but I have a feeling, if they wish to give them money down the road, the grandmother will put a stipulation that she will only give them money if they go to a certain school....their alma mater.

sandy53 · ‎03-12-2010

We have two granddaughters and bought each a life insurance policy when they were born. The policies were a one-time payment and guarantee insurablity for their lifetime.

We also started a 529 plan for each girl. We add to it on their birthdays instead of giving them more "stuff" that they don't really need.