nknapp5 Posted January 13, 2011 Share Posted January 13, 2011 I have 4 kids (ages 1-6) who over the years have gotten small amounts of money for birthdays, Christmas, etc. It is starting to add up a bit and while I have used some of it when they wanted to get something I don't know what to do with it. I want to get them audiobooks to listen to or something to do with school but I feel alittle guilty b/c technically it's not my money. What do you do? Nadia Quote Link to comment Share on other sites More sharing options...
Jean in Newcastle Posted January 13, 2011 Share Posted January 13, 2011 Each of my kids have a savings account at the bank. We put the money there. Quote Link to comment Share on other sites More sharing options...
Sherry in OH Posted January 13, 2011 Share Posted January 13, 2011 We buy savings bonds. Quote Link to comment Share on other sites More sharing options...
Dawn in OH Posted January 13, 2011 Share Posted January 13, 2011 We let our kids keep the money and spend it on what they choose. They've bought toys at the store, saved the money for the Medieval fair each summer, and spent some at the book store. Quote Link to comment Share on other sites More sharing options...
K&Rs Mom Posted January 13, 2011 Share Posted January 13, 2011 When mine were tiny, we bought them savings bonds (usually with a $25 gift from relatives). They both opened a savings account as soon as they could sign their name in cursive, and now their money mostly goes there, but we allow them to spend some on stuff we wouldn't otherwise buy them. When it was just $5 or so, I'd put it in a bank in their room, and when they opened their accounts most of that went in. We also had some inheritance money for them that we used for day camp (after talking to dc about it). Quote Link to comment Share on other sites More sharing options...
bethben Posted January 13, 2011 Share Posted January 13, 2011 I have my kids contribute to a pool pass each year. They are willing to do that because it's a fun activity. Beth Quote Link to comment Share on other sites More sharing options...
Chris in VA Posted January 13, 2011 Share Posted January 13, 2011 I let them spend it--I usually chose something I approved of that I knew they'd like. I figure it's in lieu of a material gift--so I try to find one. If it were an inheritance or something really substantial, that'd be different--I'd make them save some. Quote Link to comment Share on other sites More sharing options...
elise1mds Posted January 13, 2011 Share Posted January 13, 2011 I let them pick. Usually DD wants to save hers; DS wants to spend it (though he usually gets guilted by DD into saving at least some of it, which saves me the effort of having to try to encourage better habits). Quote Link to comment Share on other sites More sharing options...
FeFe Posted January 13, 2011 Share Posted January 13, 2011 I wouldn't feel guilty about getting educational things. One of my friends takes all the money that her kids are gifted with and puts them in CD's on whatever is earning a decent amount. She then matches it (her kids are all about 4 years apart so it gives her time to save) and they plan a trip with a parent when they turn 17 or 18. She's been able to do this once so far (the other kids are younger still). She and her daughter went to England. That had a fantastic time. I bet it's really neat for the people who have given her those gifts through the years see her spend it like that. It was a special time for them. Quote Link to comment Share on other sites More sharing options...
missiemick Posted January 13, 2011 Share Posted January 13, 2011 Ours spend it. BUT we do have a wish list for each child (they can put anything they want on the list) and they are only allowed to purchase things that are already on their wishlist. It helps to cut down on impulse buying. Quote Link to comment Share on other sites More sharing options...
ScoutTN Posted January 13, 2011 Share Posted January 13, 2011 Our kids give (roughly) 10% as an offering in worship at church. We let them keep some for buying small, fun things and the rest goes into savings accounts. If they get a check, it all goes into the bank. Quote Link to comment Share on other sites More sharing options...
LidiyaDawn Posted January 13, 2011 Share Posted January 13, 2011 Birthday/Christmas/etc money that is given to our kids belongs solely to them, so they decide what they want to do with it. :) Quote Link to comment Share on other sites More sharing options...
Julie in CA Posted January 13, 2011 Share Posted January 13, 2011 10% to the church. 10% for them to keep as cash and spend as they wish. The rest into their savings account (we have one for each dc). The savings account is used for college. Quote Link to comment Share on other sites More sharing options...
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