Using money wisely is a basic life skill that you should teach your grandchildren at an early age. Even if you have little money in your home, look for ways to involve the children in deciding how to spend it. Help your children understand how money is used to pay for goods and services.
Communication is the key. If they are old enough to understand, have a family meeting and talk about your expenses and your income. Ask for their help in deciding how the money is spent.
For all these reasons, don't neglect teaching your grandchildren about money. They will gain important values and skills, which they will need as they grow older.
If possible, consider giving the children an allowance. With an allowance, grandchildren can learn to make spending and saving decisions. To determine an allowance for your grandchildren, follow these guidelines: