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your child's money
I was just lurking on money matters (first time over there) and they were discussing the money that is gifted to children (i.e. b-day, baptism, etc) and what parents do with it. There were many different opinions over there.
It got me curious, what do you MoM's think about the money given to your children? Should it only go into a savings account for your children to use when they are older? Or is it ok for the parent to use it to buy formula & diapers etc. for the child?
Or do you think it doesn't matter, it will go in your account and you know you will be spending 100 times that on your child at some point.
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Re: your child's money
For special events like their baptism (when generous amounts were given/ added up), we decided to put that money into a savings account for the girls.
Smaller monetary gifts (like, for ex., my mom sending them $10 each for Valentine's day), I use to buy them supplies, a onesie or toy, etc.
To answer my own question - we do not have accounts set up for our boys yet but I hope to soon (they have their own banks on their dresser though)
But we actually haven't received monetary gifts for them except for gift cards to BRU and Target and I spent them on mostly diapers and formula (our biggest expense)
I would never judge someone on how they spend a cash gift I gave them. Unless I gave them cash, they said they couldn't afford to feed their child, and they were carrying a new Louis Vuitton. Then I would probably get judgey.
so far i have used gift money toward pricy things like strollers... but the money was given with the intent that i would pick out things we needed.
from now on i'd like to save it.
Personally, I figure it's all the same. If I put it in savings, I'll have to add to it later to put them through college or buy a car, etc. If I spend it on items for them now, I'll have help with the immediate things and will have to put up all the money for college or big purchases later. The only situation that would bug me is if parents took the money and spent it on themselves for non-necessity items.
I know that when I was little, my parents were struggling financially so in many events, money for me went to help out with family stuff. All of my 1st Communion money was used to pay off the dress for my 1st Communion and the party they had after. The box of silver dollars from an uncle went to paying a few household bills like electricity and mortgage. They didn't have anything in savings for me as I got older, but b/c of the help they had when I was younger, they were able to get on their feet and paid for private high school and the majority of my college expenses. I don't care one bit about the savings that they didn't keep for me.
We have an account for DS and put all monetary gifts into the account.
We've been talking about what to do for the next 2 - all separate accounts? Do we match the balance of DS so they're all even??
With regards to your question, I think its important to set up a savings account for my children; however, I would not judge someone if they need to use the $$ to feed & care for their child in the short term.
They boys each have their own savings account, and I add to it every payday.
I did spend the gift money we got right after they were born to fill the gap when my pay was reduced during my leave. Any future money though will be put in their accounts.
When they are older, I will let them use some and save some and it will be something they are involved in. I really want to educate them on the importance of saving since it is a lesson my parents never taught me.
We put any monetary gifts right into the 529. I guess we will do the same for the next two.
Once they get old enough for an allowance, and lessons about money - then we will start a savings account and try to do the you can save half and spend half. But I think until they are ready for that to start, it will just go to college.
Each of my LOs has a savings account with my name and their name on it. When they get checks they go there. Plus I give them an allowance each week into the account.
I wouldn't judge someone for spending gift money to their LO on household stuff, if necessary, or baby items. I would judge if they spent the money on non-essentials that were not for their child.
this is so sweet!