When your child gets money for Xmas, birthday, etc - what do you do with it? Do you put it in a special savings account just for them and just let it sit there? Or do you use it when something is needed for them (i.e. clothing, etc.).

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DD is 18 months. For birthday and holidays, I had been using some of it to get her a toy I knew she would really like or clothing she needed. Part of it went into her piggy bank. Soon I will set her up a savings account and stick most of it in there this year.

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Mom to Kaylee (10/2006)
Waiting on our second bundle of joy to arrive January 2009!

In general we put it into her savings account. Although my brother sent money instead of a gift for her last birthday and said to get her summer things with it. we bought her a ride-on and a ball and put the rest in savings.

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It's not what you make; it's what you spend.

I feel like we just had a thread about this...maybe I can dig it up.

Dh and I have been putting all their monetary gifts in their investments and savings accounts. When they graduate from college, they will receive their 'nestegg' to do with, whatever they wish. My parents did that for me and it was WONDERFUL!

Here's the other thread:

Kids' Birthday money!

They can keep a small percentage of it, but the rest goes into their savings account. If they got $100.00 we would let them keep $20.00

We tend to both save and spend some. Not really half and half, sometimes they need something so we use that money to buy it but most of the time we put it all in their savings or college accounts.

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A woman is like a teabag. You never know how strong she is until she gets into hot water.-Eleanor Roosevelt

They have an ING account. I put all their money in it. I plan to give it to them as a starter checking account.

They don't get much money as gifts, when they do, they spend it on what they want.

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~Happiness is a large family~

I put it in the bank for college.

dd puts it into the bank and ds will bank half and spend half.