GRAND Fall 2021
Victoria Vancouver Island Grandparenting Magazine Fall 2021, Profile: Linda Rogers, poet, novelist, essayist and kid-at-heart; On-the Job Training: Learning from our grandchildren; 5 Photo Sharing Apps;Grandparent Giving: Financial help that makes a difference
Victoria Vancouver Island Grandparenting Magazine Fall 2021,
Profile: Linda Rogers, poet, novelist, essayist and kid-at-heart; On-the Job Training: Learning from our grandchildren; 5 Photo Sharing Apps;Grandparent Giving: Financial help that makes a difference
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Money &<br />
Finances<br />
Grandparent Giving<br />
Financial help that can make a difference<br />
Raising children now is much different<br />
than times in the past.<br />
Many families require two incomes<br />
along with an income suite just<br />
to get by. Real estate prices have been<br />
a driver of these changes but there are<br />
many other costs that have followed<br />
loan, of a down payment to reduce the<br />
financial stress load. This is an amazing<br />
and generous offering that allows<br />
families to become homeowners.<br />
However, there are many grandparents<br />
who are not in the position to bestow<br />
such a gift who still want to help.<br />
Lindsay Plumb is a<br />
financial coach and<br />
founder of MOOLA<br />
Financial. Download<br />
her free budget<br />
template at pretty<br />
moneyclub.com.<br />
closely behind. It is not uncommon for<br />
groceries to add up to over $1000 each<br />
month, childcare costs are often $900<br />
or more per child and gas has risen to<br />
several hundreds of dollars just to get<br />
to work and back.<br />
This current reality means that<br />
when families are discussing their<br />
finances, it can be a stressful situation<br />
with feelings of overwhelm, regret<br />
and hopelessness. There is no wonder<br />
why money has become the number<br />
one stressor and cause of marital<br />
breakdowns.<br />
We have seen an increase in grandparents<br />
helping parents with a gift, or<br />
Save for Education<br />
The responsibility to save for postsecondary<br />
education weighs heavily<br />
on parents. While children are allowed<br />
to have more than one Registered Education<br />
Savings Plan (RESP) open at a<br />
time, this option adds additional confusion<br />
around grants and bonds especially<br />
during the withdrawal period. You<br />
could encourage the parents to open<br />
the account as soon as possible and<br />
remind them that the BC government<br />
currently offers an additional $1200<br />
grant if applied for between the ages of<br />
6 and 9. Monthly, annual, or one-time<br />
contributions can be sent to the parents<br />
with the understanding that these<br />
funds will be deposited into the RESP.<br />
Help with Extracurriculars<br />
Playing multiple sports along with<br />
learning an instrument and swimming<br />
all in the same season is common<br />
these days. This comes along<br />
with significant costs, often into the<br />
thousands of dollars, for each child<br />
every year. When grandparents offer<br />
to pay for a class or summer camp<br />
they not only help with the parents’<br />
budgeting they also provide a skill<br />
your grandchild will cherish into their<br />
adult years.<br />
Invest for the Future<br />
Teaching the next generation to<br />
invest in their future allows them to<br />
12 Grand grandmag.ca
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