Steve wants to register his grandkids' names as a domain. But how expensive is it really? GoDaddy charges a lot. Leo says that there are various registrars out there, and the price isn't fixed. So if GoDaddy is too expensive (and they'll also try and upsell you with hosting and other features), then go to another registrar. Leo recommends Google Domains. They're probably the most affordable out there. About $10 a year. It shouldn't be more than that. Another good registrar is Hover.
Once you've set it up with a registrar, you can set up a forward to Gmail, for instance. You don't need a website or pay someone to host your email. Gmail can pick it up for free.