To recap. Kids generally have enough toys. They'd received plenty from others and the cash was a bonus.
If they needed anything or were short on their birthday, I would buy them a toy of their choice, but the money had been given to them, belonged to them, and was held in trust till they NEEDED IT.
I had 3 children, now have 4 grandchildren.
Ive done the same thing for them all.
Before anyone shoots me down for savings the funds, all 3 of my children have been Very Grateful that I didnt make them spend their gifts. They have grown up to be adults who value money and save for what they need.
Receiving those bank accounts when they came of age really set them on a path of monetary efficiency and wisdom over their spending habits.
My eldest son (42 yrs) told me last year that he still quotes my rule to himself
When the kids wanted the latest plastic fad toy i would ask them
"OK, last month you wanted He man. This month its the new GI Joe, think about it.... next month the toy moguls will bring out another hit toy..... which one will you prefer then?
And the punch line, which they would parrot with me (laughing)
" we dont pander to the Yankee Dollar"
If anyone is going to have my money, it will be my kids!