Buying too many presents for grandkids
Grandparents want to spoil their grandchildren all the time. And there’s nothing wrong with that. Except when all that spoiling turns into overspending on things your grandkids don’t really need.
To save not just your wallet but also your grandchildren from becoming plain materialists, try to refrain from buying the latest must have toys. Or at least consult with their parents and find out what the kids really like and need.
Providing financial support for adult children
Life is hard and parents will always want to make their children’s life easier. More often than not, this help extends past childhood, into adulthood.
According to a study performed by Merrill Lynch in 2018, parents spend around $500 billion every year to provide financial support for their adult children. And most of the times, such money comes from retirement savings that will eventually come to an end.
