When Someone Gives $ As a Gift...

sschwege · April 2013

The post below got me thinking, if someone gives your kid money as a gift, be it Christmas/Birthday/Christening, etc. What do you do with it? We always put it into a college account even if it's just like $10 or something, we figure the kids don't need anything and it's better saved for their future. Not sure what we will do when they get old enough to want to spend it, maybe do half? What do you do?

LadyXaverian · April 2013

We buy her something with it. Savings or at least partial savings is a good idea, though.

dragon_chica · April 2013

We already have a separate college savings acct set aside for both kids that we put money into every month. Money from gifts go into a savings acct for each of them and will stay in there until they turn 18 or maybe even later. Sure, we could

mbgreenwalt · April 2013

It goes in their savings account (we aren't allowing access to it until they are 21). When they get older half will go in their savings and they can spend the other half.

memali26 · April 2013

It depends. We always try to honor the wishes of the gift giver. If the gift giver specifies that they want it to go into savings (DH's grandma usually does) then we put it in their savings account that they will have access to at some point in the fut

fancynewbeesly · April 2013

It depends on the amount--usually 10 and under go into her piggy bank. Everything over goes into her savings account.

Typically my daughter seems to get gift cards instead of money though--except for my parents--who give money for her college acc

LSU628 · April 2013

It depends on the amount. DD is to the point where she understands that certain things (like ice cream) cost money, so she will ask us if she has enough money in her piggy bank for ice cream. Larger sums we either deposit or use to purchase zoo/museum mem

RayRay007 · April 2013

Depends who it's from and whether they give any indication what they want done with it. I know my gma would like to see it spent on something for A. My mom gives her a pretty substantial gift of money at xmas but I know it's for her education savings.

brettsmama · April 2013

Depends on the amount and whether or not the person giving it specified what they want it spent on. If it's given freely, it typically goes in his bank account.

chardonnay24 · April 2013

We put it in his 529. However, most people do gift cards so it hasn't been much of an issue.

I'm not sure what to do when he gets old enough to want it. I know parents who matched funds deposited in a savings account, so maybe we'll try something

tracy41 · April 2013

It's funny because my family always gives him lots of 1's in his cards so he can put money in his piggy bank. And I've never taken anything out because we haven't worked much on money yet so who knows how much is in there. But his dad's family always give

12bailey18 · April 2013

We usually always put it in their separate checking account. This last time, however, I spent it on clothes/new shoes for them that they needed. So, I guess it just depends but normally it goes into the bank.

mle929 · April 2013

Wow! DD has never received $ as a gift yet.

Kingston54 · April 2013

We put it in the TAP529 college savings account. We set it aside and when we have a sizeable amount (few hundred dollars), we deposit it in there.

lynsef · April 2013

If they get a lot of money from one person or money from multiple people we put it in their college savings. If it's a smaller amount $10 or so we just put it in their piggy bank.

ksyknelvr73 · April 2013

It depends...we typically throw it in his college account, but sometimes we use it to either buy some needed clothes or to get him something that maybe we wouldn't normally spend the money on. DS turned 2 in February and we put some money in his college a

Sonadora · April 2013

It goes into savings. Doesn't matter if it's $5 or $50. She's already got a good savings account built up, it will be her money for books/incidentals in college.

I will continue to do so as long as she's a minor. My parents did that for me and

missesru · April 2013

It depends. If the giver specifies it's for school (usually the IL's do this) then it goes to DD's education plan. We also contribute to that plan monthly, so we ensure to stay within the annual maximum contributions (it's an RESP - canadia

logoz80 · April 2013

I stick it in her bank account. She has so much, there's nothing I need to buy for her, let her have some money when she's a bit older. I wish more people would give her money, I'm running out of room for toys, lol

BelhurstBride · April 2013

Right now it goes completely into her college fund.

My parents used to let us spend some and put the rest in savings. (You know, when we were old enough to care.) They determined what the split was.

DH wants to teach DD to save, spen

logoz80 · April 2013

I opened Emma's account and 529 as soon as she had a social security number. We put $50/month into the 529 and most gifts go into her savings. I was also putting $5/paycheck in her savings when I still worked, but that's over now. My mom actually puts in

logoz80 · April 2013

oh and when someone gives a small amount like $5 or $10, I transfer that money to her account from my checking, take the money and throw it in a little jug and I use it towards her birthday party. That way she still gets it and I have a little start for h

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