Checks in LO's name: what do you do with it?

ifwisheswerefishes · December 2012

Just got our first check written out to Marian specifically. What do you do with money given to your child at this age? Do you use it on things for them, do you save it in a piggy bank or in a bank account, depending on amount? I'm unsure what to do with it at this time.

Side note: I'm annoyed that they made the check out to her instead of to us with her name in the memo. Our bank is going to put me through the ringer trying to cash or deposit this money...

hmp1 · December 2012

We have savings accounts for both our boys, not part of their college funds. We put any money they get in there even if it is made out to us. We do a 100% match too so we double what we put in. This year we even "bought" there gift cards they received. They both just got $20 gift cards to Target, so I pocketed those and put $40 in both their accounts. Once they are old enough to shop and know they have money, we will have them put half in their account (to learn about saving) and let them spend the rest. We will still match 100% of the amount they received though.

ifwisheswerefishes · December 2012

hmp&mrj:
We have savings accounts for both our boys, not part of their college funds. We put any money they get in there even if it is made out to us. We do a 100% match too so we double what we put in. This year we even "bought" there gift cards they received. They both just got $20 gift cards to Target, so I pocketed those and put $40 in both their accounts. Once they are old enough to shop and know they have money, we will have them put half in their account (to learn about saving) and let them spend the rest. We will still match 100% of the amount they received though.

This is a really good idea, actually! My parents opened a college fund for Marian as a gift to her, and they are putting money into that for her. Never even thought of a separate savings account...seems like a no-brainer now!

bosha711 · December 2012

we deposit them into their accounts.

i would not put a check in a piggy bank.

cmumama · December 2012

rachelandjon09:
Just got our first check written out to Marian specifically. What do you do with money given to your child at this age? Do you use it on things for them, do you save it in a piggy bank or in a bank account, depending on amount? I'm unsure what to do with it at this time.
Side note: I'm annoyed that they made the check out to her instead of to us with her name in the memo. Our bank is going to put me through the ringer trying to cash or deposit this money...

I just sign my name and put "mother of minor" underneath. I've never had any problems. I do use a credit union, so maybe that makes a difference?

I deposit the checks in a sub-account in my account or I send the money to their college funds.

kayohh · December 2012

savings account

mrsbhk22 · December 2012

We bank at a credit union and they've never had a problem cashing them for us, even when they are in our kids names.

We cash the checks and then deposit them in their 529s. One day, we can tell them how their whole extended family helped fund their college/trade school etc.

ifwisheswerefishes · December 2012

bosha711:
we deposit them into their accounts.
i would not put a check in a piggy bank.

Which is why I would cash it...

kelbel527 · December 2012

hmp&mrj:
We have savings accounts for both our boys, not part of their college funds. We put any money they get in there even if it is made out to us. We do a 100% match too so we double what we put in. This year we even "bought" there gift cards they received. They both just got $20 gift cards to Target, so I pocketed those and put $40 in both their accounts. Once they are old enough to shop and know they have money, we will have them put half in their account (to learn about saving) and let them spend the rest. We will still match 100% of the amount they received though.

This is a great idea. We have savings accounts for them, but I really like the match idea. It's just another good way to save for them besides their college fund.

olsentobe · December 2012

bosha711:

we deposit them into their accounts.

i would not put a check in a piggy bank.

This.

bosha711 · December 2012

rachelandjon09:
bosha711:
we deposit them into their accounts.
i would not put a check in a piggy bank.
Which is why I would cash it...

ok?

Part of your question was if we put it in a piggy bank, so I answered no.

JaZavitz · December 2012

we have savings accounts for both our boys that are seperate from their education funds. any money given to them as gifts go into that account. DH's grandma lives in Florida and we are in Canada - she always sends cheques in the boys name and it has never been an issue at our bank.

ktnicole · December 2012

Banker here... You can cash it by signing your name, followed with "parent of minor child" and print their name. NBD. If so switch banks.. I can rec a great one!

danabsd · December 2012

I opened her a a savings account. :

danabsd · December 2012

hmp&mrj:
We have savings accounts for both our boys, not part of their college funds. We put any money they get in there even if it is made out to us. We do a 100% match too so we double what we put in. This year we even "bought" there gift cards they received. They both just got $20 gift cards to Target, so I pocketed those and put $40 in both their accounts. Once they are old enough to shop and know they have money, we will have them put half in their account (to learn about saving) and let them spend the rest. We will still match 100% of the amount they received though.

We plan on doing this as well.

Unem · December 2012

We're saving it in her piggy bank until it's enough to open up an account with.

Want a personalized experience?

Checks in LO's name: what do you do with it?

Re: Checks in LO's name: what do you do with it?

Choose Another Board

Search Boards