Here are our top 4 money hack tips: 

1. You don’t have to spoil them

It’s hard to resist when you see their big smiles after handing them a gift, but constant gifting might mean they come to expect it! 

Instead, focus on creating lasting memories and passing on valuable life lessons. Share meaningful items that hold sentimental value, like your treasured books, jewellery, or trinket boxes. These cherished keepsakes will be appreciated for years to come. 

2. Let them earn and save towards their goals

Your grandkids will probably hear it from their parents too, but teaching them how to set and save for goals could be one of the best financial lessons you can share. 

Help them save for their next big thing! With their parents’ approval, help set up a high-interest savings account for them and encourage them to earn extra pocket money while they visit. Celebrate when they reach their goal by going shopping together for that special thing they’ve been saving for. 

3. Teach them about investing

If your budget allows, you could consider investing on their behalf¹, but kids learn best by example. Why not get them involved in the process? Share what you've learned about investing—both the good and the bad—and show them how they might avoid the pitfalls. 

It could be as simple as saving for something of better quality that will last longer. Or, with their parents' permission, consider investing together in some shares and track how they perform. 

If you’re unsure about investing yourself, try the ASX Sharemarket game as a fun, low-risk way to learn about the share market before jumping into real investments. 

4. If they’re old enough to have a super account, help them to sort it out ASAP

Many of us wish we’d paid more attention to our super when we were younger. Don’t let your grandkids make the same mistake. 

If they have a super account, help them understand how it works, so they can make the most of compound returns. This could include: 

• checking if their employer is paying super contributions (if applicable). 
• understanding the importance of choosing a super fund that performs well in the long term. 
• explaining their annual statement and how to combine accounts to avoid multiple fees. 
• discussing their insurance needs within their super. 

The bottom line

There’s an old saying: give someone a fish, and you’ll feed them for a day. Teach them to fish, and you’ll feed them for life. 

Aussies face rising debt and low financial literacy. By helping your grandkids develop smart money habits early on, you’ll set them up for long-term financial success. While you might think this job is for their parents or teachers, you might be the perfect person to teach them–after all, they may be more likely to listen to you – their biggest fan.  

See how small changes today can make a big impact on their financial future with our Spare change calculator. Start teaching your grandkids the power of saving now! 

 

1. There are tax issues to consider if the child is under age 18.  
This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you. We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and take no responsibility for this content, including any errors or omissions.