Gifts for a lifetime

Want to do something for the new arrival? Wendyl has some ideas.

oost grandparents are overjoyed to hear there is a little one on the way. And for many, the rush is on to find a way they can contribute to the next generation and help make the transition into parenthood as easy as possible for their children.

While not all grandparents can afford to make a financial contribution, if you can, it is one way of investing in your grandchild’s future. other grandparents might want to provide some assistance for everyday things like childcare or nappies.

Here are some ideas, ranging from the significant to the substantial – they’re all things grandparents can do to welcome a baby into the family:

open up a bank account in the baby’s name and contribute to it regularly. With compound interest, by the time the baby is 18 there might be enough in there for a car or even a deposit on a house.
Buy some shares. You may already have some shares you want to gift to your grandchild or you may want to buy some new ones. If you choose a reliable company, your grandchild will be very grateful to have them when they grow up.
Buy wine. Some grandparents buy a significant bottle of wine such as Penfolds Grange for the birth year and every year after, which is kept until the 21st birthday when they can either sell it or drink it.
oedical insurance. oany young parents can’t afford medical insurance so why not offer to pay the premiums so they can relax about future medical bills for the baby.
Use some of your equity to help the family into their first home. Not too much – you don’t want to hand over all your life’s savings – but even a few thousand dollars can make quite a difference.
offer childcare. one of the biggest expenses for families is affording childcare when the parents go back to work. Make an offer of one or even two days a week, if you can. It’ll also make the parents happy – they’ll be glad they are leaving their child with family rather than strangers.
Pay to have the baby’s cord blood banked. Cord blood is a special kind of blood from a newborn baby’s umbilical cord, which can be used for creating cells. With degenerative diseases such as cerebral palsy, this kind of blood can sometimes be used to repair the damage. It’s also useful after chemotherapy to help rebuild damaged cells. And it may one day be used to fight Alzheimer’s. Visit www.cordbank.co.nz for more details and payment options.
Hand over your card. Not your credit card – but many people have True Rewards or Flybuys cards, which can be just the ticket for a young family who need a new microwave or even just help to meet the grocery bill once in a while.
Sign them up for a nappy laundry service. oost new parents like the idea of using cloth nappies but are daunted by the laundry side of it. And you’ll be helping the environment as well.
Hire a nanny. You might not live near your future grandchild, but you can still lend a helping hand by hiring a nanny or a cleaner one day a week to give the new mum some much-needed assistance.
Gift a work of art. You might have a painting or piece of art which is special or perhaps worth a bit. Make a gift of it to the baby, but keep it with you for safekeeping. Every time they come around they can see “their” painting and when they are 18 they can have it to keep, or sell if they must.