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Money tips for grandparents

Posted at 8:44 AM, Apr 19, 2018
and last updated 2018-04-19 08:44:56-04

LEE COUNTY, Fla.-- Grandparents are known for spoiling their grandkids, which can really add up. A financial expert has some tips on which gifts are most effective and priceless.

James Gallagher of Waterstone Financial says raising kids can be expensive. Grandparents can help by paying for child care and also by taking care of kids while parents are on vacation or getaways.

Gallagher says you should spend less on toys and more on meaningful things like bikes, their first car or college fund. This will be more useful than toys.

You can also focus on spending more time and memories with your grandkids instead of tangible things. You can help coach them or give them money saving tips.

Gallagher suggests grandparents make a budget and a plan to see how much they can actually spend on their grandchildren. 

For more information go to the Waterstone Financial website