The cost of raising children is well known. Recent estimates put it at about $250,000 before a child even enters college. But it's not just parents who end up paying a hefty "price." It's grandparents, too.

According to a January 2017 article in the Miami Herald, grandparents spend an average of $2,383 a year just to benefit their children's children. They pay for toys, school supplies, college savings, and even extracurricular lessons.

This breakdown shows the percentage of grandparents who give money to grandkids for each purpose: College savings: 19% Clothing: 55% Toys: 58% Non-cash gifts: 39% Cash gifts: 42% School vacations: 27% Family vacations: 16% Meals out/entertainment: 38% Extracurricular activities: 14% Allowance/payment for chores: 10%