Gift Money, what do you do

MommyToAshley wrote: Just curious.

mummy2girls replied: so far i have put loonies and toonies and any change that was given to her and what i saved in a big baby bottle bank...so far there is nearly 1000.00 in there. Once its full im going to roll it all and deposit it in a bank acc for her so when she is 18 she can do what she wants with it..Hopefully college but who knows....

~CrazieMama~ replied: I put all the money my kids get into a money bank. I plan on getting a savings account and putting the money there.

supermom replied: When the kids got old enough to shop, they got to spend half and had to save half. It worked out pretty good, they've got some money in savings now, and even though it's not a LOT, it's some.....

Anders is going to have to do the same, but right now we put it all in there for him cuz he really doesn't NEED anything - if he did, I would probably spend some for him, but he's getting quite a good chunk too.

amynicole21 replied: So far, we've been using it to buy diapers I think we'll start a little account for her soon and only let her spend half of what she gets.

Kirstenmumof3 replied: Okay I voted too soon! When they were babies we put the money in a bank account for them! But it didn't take them long to figure out the value of a buck! So now we just let them spend it, reasonably of course!

Kirstenmumof3 replied:
WOW that's awesome! It's amazing what you can save with all that canadian change! LOL!

Kaitlin'smom replied: right now it all goes into her savings account, or if change into her jiant coke bank. She will also get shopping money from grandpa (or as they call it Kohls money) so if there is something she need we will go shoppin for it with her money then whats left I leave 1/2 and put the rest away. She had quite a bit of money for an 7 1/2 month old!

ediep replied: we put all of Jasons gifts into his savings account. We opened it when he was baptised because he got lots of $$ gifts. When heis older, I'll let him keep some out to buy things that he wants, but for now it all goes int he bank

coasterqueen replied: All of the money Kylie has gotten so far has gone into her savings account. DH and I also save all of our change and put it in her piggy bank. Once it gets full it goes into her savings account. Most all of her savings account money so far has gone into a college education fund and then we save so much a month which will just stay in her savings account for other things.

Now we just had this discussion, because DH and I are thinking about whatever $$ she gets for her 1st birthday, 1/2 will go in her savings, and the other 1/2 will go towards buying her clothes. She is growing out of her summer clothes and has no fall clothes. None of it will go towards toys.

natchie replied: i would put it in his savings account

MomToJade&Jordan replied: So far I have spent it for her. My mother just sent Jade a $50 savings bond and will do that for every special occasion from now on. I think if she gets any money for her birthday I will start her a savings account.

Hillbilly Housewife replied: I put it all in savings for when he's older. There's about 1000 in there right now. Plus it's a high savings account, so he gets like 6$ worth of interest every month - it's compounded as well.

We put all our extra change in a piggy bank - and we roll it. When there's 2 rolls of something, we put them in 2 separate small boxes, and when there's at least 10$ in rolls, we deposit one box of coin rolls in Zach's account, and one in our account.

I'm really impressed at the end of the month, when we count the change - there can be anywhere from 10$ to 50$!

I forgot to mention - when he's old enough to be responsible with is money, he'll get an allowance - and that, he'll be able to spend HALF ONLY. The other half will go into a separate chequing account, for things he REALLY REALLY wants, like a school cafeteria lunch, or an outing to the movies, or something like that - but when he's like... dunno...13? He'll have access to that chequing account, but not the savings. I plan to use some of that money, every year, to put in bonds for him. Even if it's only 200$. So that when he's 18 or so, he'll always have a chuink of money coming to him around his birthday, on top of whatever else he gets.



I like planning ahead for things like that!