3 Ways You Can Help Your Grandchildren During Back-To-School Season

Grandparents play an important role in many Canadian families. From emotional support to financial support, their contributions are cherished and appreciated in many ways.

Back-to-school expenses can add up quickly for parents. Covering the cost of classroom supplies, enrollment fees, new clothes and technology can break the bank. Grandparents can help ease their adult kids’ stress at this time of year, and not just by offering financial support.

Offer financial advice. Whether your grandchildren are going into grade one or it’s their first year of university, there are a number of ways to help guide them.

For your school-aged grandchildren, talk to them about the difference between wants and needs. Your own kids will appreciate that since they likely have a limited amount of money to spend on back-to-school supplies.  

For grandkids starting college or university, talk to them about the importance of minimizing their debt, tracking their spending and monitoring their credit card purchases.

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Offer your time. If you’re looking to help but you can’t offer money, giving your time can be just as valuable.  Child care can be extremely pricey for Canadian parents. Offering to look after your grandkids after school or on school holidays could save your children thousands of dollars a year on child care.

If you’re comfortable, offer financial support. If you think your children might be struggling to cover the costs of their kids’ back to school needs, your financial help might be appreciated. Be cautious not to offer more support than you can handle. Adding to your own debt or dipping into your retirement savings could jeopardize your own financial goals.

Financial help is valuable during back-to-school season, but it’s not the only thing grandparents can offer. Giving your time can be just as helpful and more rewarding than giving money. Not only will it save your kids some of the costs on child care, it also gives you and your grandchildren a chance to spend quality time together.

Keep an eye out for my next column for more savings and debt tips. #DebtSolutions.