When we talk about gifts for children, we naturally think of something fancy and playful. No doubt, kids love a box of chocolate, they love games and will appreciate toys, but perhaps there is something worth more at a price not outrageous that can help secure their future.
A gift they will forever learn to appreciate. Taking your time to select a good gift for your grandkid can be a stressful thing, but grandparents want to impress the kids, so it is understandable if you go for the pinky princess, water guns, and fancy games collections or collectibles. However, other gifts are most worth your energy and plan, and taking time out to learn about them will be a lot helpful because you are in for the thing that will make your grandkids love you even more. This article will talk about three valuable gifts for your grandkid’s birthday. Read more.
- Child insurance plan
The child insurance plan is one of the most valuable gifts you can get your grandkids on their birthday. Think about the benefit of setting up an insurance scheme for your grandkid and putting them in such a position where they do not need to worry about money when growing up.
The truth is that financial life is an easy one, and many kids grow up understanding that they’ve got to do this on their own. We all know this can be hard, but repeatedly, we fail to take proactive decisions that set them up for life and eliminate little bumps in their ways.
Thinking about the benefits of a child plan insurance can get you overwhelmed. You can imagine that little girl going for college, and instead of taking a college loan that she has to pay for the rest of her life, you are setting up a plan that ensures that she can stay loan-free.
It is easy to get things confused, and you may be wondering how to go about this, however, you do not need to bother yourself because the Child Plan™ provides a tax-free insurance scheme that your grandkid can enjoy extensively from. One fantastic feature of this insurance scheme is that it is tax-free, which means you and your grandkid do not owe the government any part of the money.
Also, the plan allows you to opt-in and start saving for the child 14 days after birth. This means you can start a plan immediately after birth and tell your grandkid about it years later. Can you imagine the excitement when that little baby realizes just how thoughtful you are?
- Saving bonds
Another impressive gift is saving bonds. Naturally, kids can only think about spending their money, and that is understandable because they know nothing about adult life and how cumbersome paying bills can be. However, the fact that you know better puts you in a position to help them out a little. This is not saying it is wrong to buy your grandkids toys and cookies, but if there is something better, why not get that?
The truth is, aside from a child insurance scheme, a savings bond is another good way to help your grandkid secure a reasonable level of financial freedom as they grow up. One good news that comes with this gift is that it may be all they need to be set on a comfortable life forever.
Saving bonds also teaches your grandkid certain money principles, including patience, earning, and saving. This is because the kid knows about it does not mean he can make a withdrawal; they need to wait until certain years, usually until they are 18 years.
To set up an RESP account, you will need the parents’ consent. This also means that you can keep the bond a secret and tell your grandkids when you think they want to hear it the most.
- Registered Education Savings Plan [RESP]
The last gift is the popular RESP that comes with precisely educational benefits for your grandkid. This is a very memorable gift that your grandkid will love and appreciate.
However, it is essential to know that the money from this savings is only helpful for post-secondary education, which means paying for college fees and getting educational materials that make reading a lot more comfortable.
Things to consider when getting a financial gift
- Consider the child
I understand you want this to be a secret, but sometimes you need to consider this child. You don’t need to explain everything, but things like confirming their disposition to the gift will do more good than bad. This is not to say that your grandkid won’t love the present, but it does not hurt knowing that they will appreciate that.
Also, randomly talking about the gift and realizing that your grandkid loves the idea will make you happy, and trust me, nothing will be a better surprise than that.
- Tell the parents
You must inform the parents about your intention to get your grandkid financial gifts. Doing this can prevent you from starting a plan they already have in place for the kid. Also, you must know the parent’s disposition to the gift before opting for the procedure.
- Buy other gifts
It is essential that you also buy other gifts on your grandkid’s birthday because financial gifts are usually a surprise, and you may not want to tell your grandkid about it yet. This does not mean you shouldn’t bring anything to the party. Buy something pleasant for them.
Choosing gifts for your grandkid can be a little stressful because it may be hard to know what kids of this generation wants. This is where buying an everlasting gift is a suitable option to ensure that you make your grandkid happy on their birthday. So take time to examine the above options to know which one you are going for.