Monetary gifts

-T- · February 2014

DS gets $5 here and there from grandparents and between $20 and $30 from each for b day and Christmas. We just have it in a savings account at the bank. Just curious what you're doing with the money? I'm not sure if it's worth looking into a college fund for that little amount of money or if I should make it more accessible to him for his own spending money.

Ricola · February 2014

Alex has never received money as a present. Is that sad? If he had, I would probably stick it in his piggy bank for now. Once it's a bigger amount, I'd probably open a savings account for him.

[Deleted User] · February 2014

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KellyR33486 · February 2014

Any monetary gift I put in his 529 account

jesselayne8 · February 2014

My kids have never received money as a gift.

moosebaby2011 · February 2014

So far we've just stuck it in his piggy bank. There's enough in there now that we really should just go ahead and start a savings account for him.

Jmcmahon21 · February 2014

I'm the mom that buys toys or clothes that he needs, oops

sportsmomma · February 2014

Jmcmahon21 said:
I'm the mom that buys toys or clothes that he needs, oops

Me too

Oasismomma · February 2014

KellyR33486 said:
Any monetary gift I put in his 529 account

Ditto.

MesmrEwe · February 2014

Given what tax laws tend to do - I try to "keep cash as cash"... With DD we saved each year's gift money and then one year she decided that she wanted the American Girl "Doll of the year" so we let her use her own money and earn the remaining amount to pay for the rest. She's still happy with having spent her money on the doll because she knows it wasn't something she just got because she wanted it, she had to save and use her money wisely! With DS' we're doing the same and when he's older and decides he HAS to have something we'll let him choose to get something responsibly with it. My take is if the grandparents or whomever wanted them to have money for a college fund, they'd say "put this in their college fund", but instead they're giving you the option to get something your kiddo wants/needs now instead of buying something random you may or may not want them to have...

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