What do you do with it?
DH pocketed some Easter cash given to the babies. It was only $10 each baby. To me, that's their money and should be put aside (say in an envelope until there is enough to warrant a bank account). DH thinks I am crazy and the money is for us to spend on them (formula, clothes, toys, etc). He thinks of it as the same big pot. I compartmentalize it in my mind; it's not our money to spend.
Just wondering if I am crazy or if I am normal. Ha!
Re: Money given to your kids
This exactly! We opened a bank account for the boys when they got their first savings bonds (Christmas). Ever since then, any money that they get goes into the account right away.
Is it ok if I chime in late? We opened 2 bank accounts for the boys. They are sacred. All baptism gifts went there, and all future gifts will too. We'd have to be losing the house to tap that.
I'm opening the 529s next week.
I bonused last year right after I put in my notice and my company was awesome enough to give me my full end of year bonus - I used that money to start 529's for the kids. We contribute money to their 529's each month and at the end of the year I'll send one check with all of their gift money in savings to their 529.
Being so young this is what I thought made th most sense. Once they're a little older I'll probably start leaving it in savings so they have accounts for things like their first car, etc. (sigh, their first car. Oy!)
This is what we've started doing, too. I've also let family members know that this is our plan so that they know when they give the twins money it is going to something for their future. We opened up a savings but it will eventually go into something similar to an IRA, and if one or both of them decide not to go to college they can still pull out the money later to help them do something else. (Right now our account has around $200 in it, and we joke that they each have enough money to buy one book for college).