We put it right into their ING accounts.

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SAHM of 4

August food budget (groceries/take-out): $500.00/$75.00
Total spent: $238.97/$14.12

July budget/spent: $500.00/$650.00

It depends on the amount and what is going on in our lives. They usually only get about $15 for bday money, so for the older girls if they have something coming up they ususally use their own money for it. recently they had saved thier money to buy souvineers at Disney. The older girls received larger sums for their first communion and they spend some and some is being saved for rides at the fair. we do pay for a certain amount of rides/games and after that they have to use their own money.
They do occasionally put it into savings.

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allgirls, mom to 3 girls

Same here. If they have a lot of expenses at that time we may use it toward those, such as paying for therapies or medical equiptment for DS1. Sometimes we let them buy something or save toward something, other times we put it to their savings accounts.

If the giver makes a note in the card we usually follow that (use this to buy some summer clothes, use for a new bike). If there is no note then we put most of it into savings and they get to go pick out something (CD, book, DVD, game).

When it comes to larger sums of money like communion money (DH and I both have large families) we let each DD (we have 2) take $100 and do whatever they wanted. DD1 bought American Girl clothes for herself and her doll - matching PJ's and outfits. DD2 just made her communion and wants to use her $ towards a portable dance floor for tap dancing. She loves to tap and has no real place to practice in our home (basement is painted concrete - very slippery). The rest of the $ goes directly into their savings account. They actually have 2 , one at a local bank and one with our financial planner, so I try to split it evenly.

We usually use it for something they need. They are always growing so fast and always need new clothing or shoes or something like that. Occasionally we'll buy them a toy but not very often since they have so many already. I think once they're both at ages where they last longer in their clothing and whatnot then we'll start saving it up for them.

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Tiffany, Full-time SAHM/Part-time WAHM to Tiernan(2.5yrs) & Ava(14mos)
I'm a sewing, crafting, baking, cloth diapering, eco-friendly, frugal canadian mama.

When our kids recieve money for a birthday or christmas we'll buy them NEEDED items ( last summer my dd got $100 for her birthday, we bought her summer clothes with it, and what was left about $20 she was able to buy whatever she wanted or put it into her savings.) That is what we continue to do when they recieve money, buy anything that is needed then give them the rest.

All of it goes in her special saving, as well as $5 we transfer into the account. When it gets big enough we will move the account into something high yeild. When she gets older we will do the half and half thing but at 2 she doesn't care

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Kimberly Proud Mommy to Bethany Rose April 2006

DD doesn't have anyone in her life who would give her a lot of money (no grandparents) but gifts to her are hers to do as she wishes. She is already good at saving money so I don't feel like I need to encourage that by dictating how her gifts should be used.

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"I've been rich and I've been poor but independently wealthy is where it is at."

We put 1/2 of their money into a yearly CD and the other 1/2 into a saving account. After every birthday or Christmas I am going to put more money into their CDs