I have six grandchildren, ages 16, 15, 12, 9, 6 and 3. I want to start saving money for them, but I want them to participate in the savings program. I'd like to give the older kids an allowance plus a savings account. I don't have much money so I'm not going to be investing in the stock market or anything like that. But I could manage maybe $100/month to split between the six of them. Any ideas?

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I would start by having an honest conversation with them about money. They should know what you're trying to achieve and this would make them respect the process. As for the savings part, I believe a simple savings jar for the kids under 12 would do the trick. Meanwhile, consider opening accounts for older children.

Have you considered a 529 plan for saving for college?  We contribute to our grandkids plans every year around their birthday.  Their parents set up the account, not us, so you can set one up for each child or contribute to a 529 set up by others.  It must be used for education purposes, tho not necessarily a 4 years college. It can be used for a trade schools as well. 

Fidelity (Investments) has a good read about 3 different types of school savings plans https://www.fidelity.com/learn...an-help-fund-college

And this article from Schwab explains what happens if the grandchild does not seek further education https://www.schwab.com/resourc...account-what-happens

If you are not concerned about when and what your grandkids use the savings for, you have more options, such as general savings accounts (would recommend fee-free accounts), a CD, etc.

I remember one of my kids being frugal but the other one couldn't keep a penny in their pocket, so giving the latter money to be saved was assured it would be spent, usually on junk.

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