When relatives send your children money for their birthday do you let the child decide what to do with it? Or do you take a portion of it and bank it? OR do you bank it all?

It depends on how much they get. If it's $10 or less they can keep it. If it's more, they keep $10 and we bank the rest in their account. That may sound strict, but if they save they can accumulate quite a few $10 bills. There is very little that my kids actually want to spend their money on. Purchases are made much more wisely when they are told they have to pay for it themselves.

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A track parent never stops running

Proud mom of 13 yo twins
Wife to the best dh in the midwest

ds spends half and banks half...dd banks all of it.

It's their money to do with as they wish. They like to buy themselves little treats every now and again when we go somewhere but for the most part, they put it in their piggy banks and watch it grow. The younger two have no clue what money is so we put it in their piggy banks for them. I've personally never understood why parents thought they had a right to tell their kids what to do with money they got as gifts or earned.

If they get cash, they get to keep it and spend it if they want. If it's a check it goes into their savings account.

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NatalieK
Mom to DS's AJ & Benny and DP (darling puppies) Cassie & Shadow

Noah doesnt know what money is. So when he recieves money from my dad I just buy him some toys or whatever he needs.

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Mom of one kangaroo!

I think it has to do with how you're choosing to teach your children about finances. My mom never told me what to do with my gift money or allowance. As a result to this day I still have no savings account at all. I'm trying to learn all of this stuff later in life. I wish she had made me save *some* of the money. I figure then I would have a better idea about where to go from here.

IMO Dividing funds is in the same category as telling your children what they can and can not wear. It's a matter of parenting styles. I'm not saying anyone is wrong, just that we can only do what we feel is right for our family and children.

we do some of both!!!

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Kelly mom to 2 gymmonkeys!!!

Our DS who is 9 yrs. likes to put his all in the bank and our DD 16 yrs. will keep a small percentage and put the rest in the bank.

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It depends on how much...If it is over $20 we suggest they put half in the piggy bank and half into their wallets so they can spend it when they want to, how they want to. If it is $10 or under, we let them decide what they want to do with it (most times they choose to save $2-$5 of it).

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