Birthday money for preschool children(9 Posts)
What do you so when people give your small children (preschool age) money for birthdays or Christmas?
Do you take them to the toy shop and let them choose things to buy?
Do you spend it on essentials (clothing etc)?
Do you spend it on a day out / activity for the child?
Do you save it?
Would any of the above options feel wrong to you?
I’m saying preschool age because I know some older children will have their own ideas about what they want to spend it on.
I have always put any money my own young children were given into their bank account as I figure that they have just had toys from me and others for the special occasion and I see clothing as an essential purchase that I should fund.
Once my children got a bit older they tended to want to spend some and save some which was fine.
My youngest (preschool) just got money for his birthday and my friend thinks I am mean for banking it in my child’s account.
I don't think any of the options you list are wrong except maybe the "spend it on essentials" one which I'd be fine with if it was a case that the parents couldn't otherwise have afforded the essential item eg new coat, shoes etc but not if it's done just to save the parents money (looking at you bro and sil ).
When mine were that age we usually put any larger sums into their bank account, especially if it was Christmas and they'd already had lots of toys. I don't like to encourage the attitude of if you have it spend it.
If it was just a few euro it would go in their piggy banks and they could bring some to buy sweets or a magazine next time we went to the shops.
We put it into their savings accounts. They don't need anymore toys or tat and we've built up quite a tidy little sum for them over a few years along with savings that we add monthly for them that'll be useful in their futures.
I wouldn't 'use for essentials' unless we were absolutely unable to buy them things like a winter coat for example. It'd feel like stealing. It's down to us as partners to provide essentials, not spend the children's money on them (though I do understand and sympathise that parents in dire straits have little choice).
I should have said: yes, I totally understand if the parents need it to buy essentials. If they need it to but food then I would absolutely say that it should be used to put food in the child’s belly. No point in the child having savings if they have no food or clothes.
I was really thinking about situations where the family can afford clothing and shoes for young children.
We out it into their account and of a big item they want pops up over the year then we buy it. For example, my toddler loves tool benches. Whenever we're over friends or at groups he plays and crys when we leave so we got him one from his own money.
We would generally put it in their savings accounts unless there was something that they really wanted. It does add up over the years.
I think when DC was 5 we pooled some birthday money from friends and relatives and bought them a bike with it.
When they get older they can get some fairly substantial amounts of money at birthdays and Christmas and we encourage 'spend half and save half'.
It was very rare for us to get money but if it’s common then I think putting it into a bank account (or junior isa) is fine.
I now encourage DS (12) to put some of his birthday money into his savings account as if it’s sat in his piggy bank he will take it to school and spend at cake sales or similar.
I buy them what they need with it. Clothes shoes ect. Their wealthy grandparents have bank accounts for them with a lot of money.
We used to do a 'present buying' service. So relatives would send money in advance and we would turn it into presents from the relative.
But it depends a bit on the amount I guess.
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