GRAND Fall 2021

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Money & Finances Grandparent Giving Financial help that can make a difference Raising children now is much different than times in the past. Many families require two incomes along with an income suite just to get by. Real estate prices have been a driver of these changes but there are many other costs that have followed loan, of a down payment to reduce the financial stress load. This is an amazing and generous offering that allows families to become homeowners. However, there are many grandparents who are not in the position to bestow such a gift who still want to help. Lindsay Plumb is a financial coach and founder of MOOLA Financial. Download her free budget template at pretty moneyclub.com. closely behind. It is not uncommon for groceries to add up to over $1000 each month, childcare costs are often $900 or more per child and gas has risen to several hundreds of dollars just to get to work and back. This current reality means that when families are discussing their finances, it can be a stressful situation with feelings of overwhelm, regret and hopelessness. There is no wonder why money has become the number one stressor and cause of marital breakdowns. We have seen an increase in grandparents helping parents with a gift, or Save for Education The responsibility to save for postsecondary education weighs heavily on parents. While children are allowed to have more than one Registered Education Savings Plan (RESP) open at a time, this option adds additional confusion around grants and bonds especially during the withdrawal period. You could encourage the parents to open the account as soon as possible and remind them that the BC government currently offers an additional $1200 grant if applied for between the ages of 6 and 9. Monthly, annual, or one-time contributions can be sent to the parents with the understanding that these funds will be deposited into the RESP. Help with Extracurriculars Playing multiple sports along with learning an instrument and swimming all in the same season is common these days. This comes along with significant costs, often into the thousands of dollars, for each child every year. When grandparents offer to pay for a class or summer camp they not only help with the parents’ budgeting they also provide a skill your grandchild will cherish into their adult years. Invest for the Future Teaching the next generation to invest in their future allows them to 12 Grand grandmag.ca
learn while the mistakes have little consequence. Include your grandchild by discussing the investment options based on your experience and knowledge, choosing the best fit, and regularly reviewing the progress and objectives. With your support, your grandchild will feel comfortable to ask questions, make mistakes and learn valuable lessons that will pay dividends in perpetuity. Share Your Stories History is the best teacher. Sharing stories of your first paycheque, how you saved for a house, what pension plans were offered or the cost of groceries when your kids were young give perspective to the current reality. While they may not be able to follow in your footsteps they will find their own path easier. Give Experiences During the long, wet, winters on the island parents are often looking for activities to fill the weekends. Unfortunately, indoor activities often come with a large price tag like those at museums, movies and trampoline parks. Many of these establishments offer annual passes and gift cards which make wonderful Christmas and birthday gifts. Buy the Equipment If your grandchild is in extracurricular activities like sports and music, they likely need new equipment on a semi-regular basis. Before their next season starts, take them shopping for their new baseball glove or hockey skates and consider making this an annual event for the two of you. Offer to Babysit Babysitters can quickly double the cost of a night out for a couple looking for some time alone. Either a sleepover at your house or a visit to theirs can mean that mom and dad get to have some fun and the kids eat ice cream and stay up late creating memories with their grandparent. Any grandparent who wants to help can find a way that works with their financial situation, location, and schedule. Raising children feels harder now than it used to be so this help can make a real difference. Regardless of how you choose to pitch in, please keep in mind of the additional stress parents are facing and do your best to help without judgement of the differences. grandmag.ca Vol. IV, Ed. III 13
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Page 5 and 6: Lifelong Learning Elders Assistance
Page 7 and 8: observed and experienced at home wo
Page 9 and 10: am liable to jump in the air and dr
Page 11: her attention. As much as I wanted
Page 15 and 16: Tiny Beans Tiny Beans is like a dig
Page 17 and 18: westcoast families JUNE/JULY 2021 C
Page 19 and 20: during COVID, it’s a little scary
Page 21 and 22: I have always found that young chil
Page 23 and 24: MORE difficult to get to sleep. Sur
Page 25 and 26: I was right there beside them via t
Page 27: your previous year’s income and a

GRAND Fall 2021

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