Savings
Grandparent of a hs grandaughter who will be traveling to europe this spring with the school. We want to help financially and we have a money market savings acct valued at 120.000.00…we r not touching that balance just thinking of using the interest that is added to this acct. The acct pays 3.92% we know the balance will not increase but after we gift her a few months of thr accrued interest.. it will then continue to add to the balance once again. Just want to know if you think this is the best way to help her out.we only have 2 grandaughters we r retired we try to invest our money to make money . I always wonder if have our money in the best .place. husband worked for cp dept for 34 yrs ..retired 26 years we own our house .we probably have approx 6 000.00 in outstanding debt w car and recently shower upgrade. Im 71. Hes 80. I would appreciate your thoughts…
Terry Says
I think it’s lovely of you to want to make a gift to your granddaughter for her trip. But don’t try to justify it based on “just the interest” on an account. Decide what you want to give — maybe $200 or $300 — and make it a cash gift to her. And tell her you’d love to hear how she spent it — hopefully on something memorable, not fast food — when she returns.
You raised your children. Now let them provide the basics of her trip.
