Mine don't get alot, but when they do, they go shopping and pick out a toy or save it for something they are wanting.

__________________
~Happiness is a large family~

Right now since my DD is only 3 we put all of it in her bank account. As she gets older and wants to spend the money we will probably put a portion of it in the bank and let her blow the rest.

My mom always told us that we could keep cash but checks had to go in the bank. I guess she told family members that, because we would get a check and $10 from alot of people. We were happy with it though.

Because they're so little, it all goes into savings right now.

I always ask people this question, mostly bc my parents didn't save ANY of my money and it sure would have been nice. My DS is far too young to even know he is getting money...it all goes into an ING Savings account. We plan on saving every bit of it until he is old enough to realize he can buy things. Then, im sure we'll figure out some sort of 'rule' to make sure he continues to save. I just always think its important to have a 'nest egg' come time to buy a car, go to college, get married...I think having extra cash stashed away that they don't even know about is a bonus at times like those. Of course we plan on covering as much of those expenses as possible, but, im sure the kids will appreciate a nice chunk of change on special birthdays. I just want them to have as much as we can help them save!

My kids have never received money as a gift so I've never really thought it through. I think I would let them spend it if they wanted and then write to the person to thank them and tell them what they spent the money on.

__________________

I look at it this way -- if someone gave them cash it was a gift for them to do with as they please. If they gave them 10 books I wouldn't insist that they put 5 on a shelf and only read 5.

Now their allowance or "earned" money is a different story. We talk about social responsibility and giving to others as well as saving for our future. I talk about how nice a $10 movie might be, but wouldn't a $50 video game also be nice. The only way they will get $50 is to save up. My oldest daughter has figured it out and she likes knowing if something comes her way she has the money to but it. My middle child is spending it as fast as it comes in. (I figure eventually she will learn -- but we go through the lessons all the time.)

My Dad decided that my kids had enough "stuff" so he just stopped buying them presents all together. Now he makes a monthly contribution to their college funds instead of gifts and treats throughout the year. I put money into the account too and watch it go!!

__________________
Grace

Wife to Stoney

Mommy of Sarah (8.5), Hannah (7), and John(5)