Money given to your kids

E&RMommy · April 2011

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!

kaitley44 · April 2011

We usually spend the money on toys or clothes for the kids and tell the person who gave them the money what it went to buy. I should also note that the only person who has ever given our kids money has been my brother who tells us to go buy something they need or would like with it. I think if they were given money by anyone else, I would put it in their piggy banks.

Temp6313048411121614 · April 2011

It always goes in their piggy bank. IMO, baby food, formula, and clothes you have to buy anyway. I could personally see spending the money on toys, but other than that I would never spend their money. I only have a few years to save all of their money, pretty soon they're going to want to take birthday money to the store to buy a neat toy, so may as well enjoy them saving while I can'.

blondek8 · April 2011

Any monies given to the twins from people goes straight into their bank accounts. As far as I'm concerned, it's not money for me to spend. Even it is spent on stuff for them.

sawyer918 · April 2011

I am with you! Whenever we were given money for the Christmas or their b-day, it went into a savings account that we already had, but is now designated to their money. I am not saying your Dh is wrong, I guess it was how it was given....like if the person said spend it on things you need for them then it would be ok to spend. But I bet most people are hoping it's for their college fund.

kafunder · April 2011

I always put it away in the college fund, even cash. I also started putting most cash gifts that DH or I get into their college fund. Sometimes my mom sends a random check for $20 just to say "hi" or to get ourselves a treat, and even that usually goes into the college fund. I figure it's an easy way to save.

PianoPlayingSarah · April 2011

It goes in a bank account just for them. For later.

tSquared1987 · April 2011

blondek8:
Any monies given to the twins from people goes straight into their bank accounts. As far as I'm concerned, it's not money for me to spend. Even it is spent on stuff for them.

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.

E&RMommy · April 2011

Thanks loves......I knew I was not crazy! Big Smile

I'm glad you all think the way I do.

jenkm · April 2011

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.

nikinikinine · May 2011

All of their monetary gifts have gone into the bank in a savings account I have set up for them.

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!)

SoldiersGreenBean · May 2011

We spend the cash, but transfer the matching funds from our savings into their savings.

sarabrad79 · May 2011

kafunder:
I always put it away in the college fund, even cash. I also started putting most cash gifts that DH or I get into their college fund. Sometimes my mom sends a random check for $20 just to say "hi" or to get ourselves a treat, and even that usually goes into the college fund. I figure it's an easy way to save.

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).

Money given to your kids

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