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Kids' money

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  • Dopey406 Dopey406's Avatar 07-09-09 | 10:55 PM
  • When your kiddos receive money as a gift or otherwise, what do you do with it? Allow them to spend it? Save it in the bank or elsewhere? Spend it?
     
  • brandimichelle brandimichelle's Avatar 07-09-09 | 10:57 PM
  • Avery has a savings account we deposit her money into.
  • skyqueen skyqueen's Avatar 07-09-09 | 11:35 PM
  • when they were younger and had no clue they were receiving money, it all went directly into their savings accounts (each child has their own account).
    now that they're older and reading their cards, I am letting them see that they sometimes get money in the cards. The rule is that 1/2 goes into the bank and they can spend the other 1/2.
  • rudolphia rudolphia's Avatar 07-09-09 | 11:36 PM
  • It all goes into their 529 college accounts.
  • Janine Janine's Avatar 07-10-09 | 12:04 AM
  • So far kimmie has never gotten more than $20 as a gift so we have always let her spend it. I know her dad opened a savings account for her that I guess his family puts into. My kids are more likely to get gift cards anyway. My MIL is a big gift card giver. The kids love using thier "credit cards".
     

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