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AIBU?

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Original poster

To ask what you do with cash gifted to your kids?

161 replies

Monoblock67 · 26/12/2017 18:49

DS1 + 2 (aged 2 + 4) have been gifted some cash as part of their Christmas, £40 in total each.

I struggle with how to spend it each year, so can I ask, do you:

  1. keep it till they need it for practical stuff (socks, clothes, shoes) etc. Which I’m not against but at the same time I feel a bit bad spending ‘their’ money on practical stuff when as a parent I should be providing it anyway.

  2. put it towards their birthdays (both in January) so they can get bigger/more presents, which again feels cheeky

  3. let them have at it and buy whatever they want, which results in meltdowns in the shop when they want a bigger present than they can buy, as they don’t ‘get’ the £40 limit (well the big one does but the little one doesn’t)

  4. let them have at it and buy whatever they want which results in more useless clutter

  5. suggest what they buy-which I don’t particularly like as as child my mum forever ‘told’ me what to spend my money on

Help!! I’m driving myself mad over something so bloody ridiculous

OP posts:
Hatethinkingofusernames82 · 26/12/2017 18:53

We put it in their bank accounts to save!

Bryna · 26/12/2017 18:54

How about putting it away til they’re older, or waiting til the summer and buying a shared garden toy eg a slide, or using it for a fun trip/day out?

lashesonfleek · 26/12/2017 18:54

Why don't you get a savings account for both children and save it for them ? I did this with mine and it's soon mounted up over the years (11yr) so much more practical than wasting it plus I'm sure they they will appreciate a little lump sum when they are older

Wanderwall · 26/12/2017 18:54

I invest it in their Junior ISAs.

Arion · 26/12/2017 18:55

At that age we put it in their bank accounts. My DD ended up with £70 on her 7th birthday, that went into her bank account as she wanted to save for an iPod touch. My eldest now has pocket money, she has 1/2 to spend each week and 1/2 goes into savings for either something big, or some for spending money in the holidays.

RainbowCookie · 26/12/2017 18:56

Yep straight into ISAs here as well, they have plenty of pressies and will be glad of the money when they’re older

FluffyMcCloud · 26/12/2017 18:56

When they were younger I'd put it in my kids bank account for them to save. Now they keep it and spend it themselves!

Jenala · 26/12/2017 18:57

Mine both have a savings account and I put everything straight in there. My grandad gifted them both £500 when they were born which was a ridiculously generous start and my 2 year old has £1100 in his now! Shock More than me.

I pay £10 a month in but all the bits at Christmas and birthdays have really added up - no one else has given him a big lump sum.

TeenTimesTwo · 26/12/2017 18:59

Let them have £5/£10 to fritter or choose something specific. The rest goes into a savings account e.g. Nationwide passbook.

Savings we do for the children are kept entirely separate. We don't want children having unrestricted access to thousands when they are 18. You don't know what they will be like by then.

Though actually, at that age, I would have whisked the money away before they even received it and substituted a gift.

Saladtongs · 26/12/2017 19:00

I invest in premium bonds or ISA accounts for my two, they currently have £5k each. They are both under 10 so I'm hoping the investment grows into a decent amount by the time they get to 18.

SimultaneousEquation · 26/12/2017 19:00

Put it in their savings account

jetSTAR · 26/12/2017 19:00

When they were too young to understand I would do 1
Especially for shoes 😉

Herewegoagain01 · 26/12/2017 19:01

We let them buy something small, then save the rest. Wouldn’t depend on essentials or their birthday

Annabelle4 · 26/12/2017 19:01

I usually buy premium bonds or something practical like new pj's or shoes.

This year I'm keeping it towards spending money for our holiday in June.

Herewegoagain01 · 26/12/2017 19:01

Spend, not depend

Rebeccaslicker · 26/12/2017 19:03

I spend cash/cash cheques and then transfer the equivalent online to her junior ISA.

When she's a bit older we will pick an amount such as £20 that she can spend and the rest will go in her ISA.

ASqueakingInTheShrubbery · 26/12/2017 19:03

I usually let her spend about £10 and put the rest in her savings account. Well, really I Dodd the cash and do a bank transfer when I remember, but the end result is it goes into the bank for her.

ASqueakingInTheShrubbery · 26/12/2017 19:03

"Spend"

AnonymousToday2 · 26/12/2017 19:04

Mine save theirs short term, for spending money on days out or on holidays.

They have everything they need from us and also have plenty of their 'wants' on Xmas and Birthdays so they don't need money for stuff at all. And I don't personally see the point in making them save it long term at a young age.

TonTonMacoute · 26/12/2017 19:04

Let them have a bit to spend and put the rest in a savings account. At 19 DS has just bought his first car with what I put by for him.

MrsHarveySpecterV · 26/12/2017 19:05

We put it in their savings accounts. Our 3 year old has over £5,000 from us saving £50 a month and savings the money she was given when she was born, birthdays, christening, Christmas. I didn't realise how quickly it would build up! If she's going on a day out with her grandparents or uncles we give her £10 from her account to buy a toy or ice creams. As she gets older we will probably split half and save half.

glow1984 · 26/12/2017 19:06

Savings accounts, or buy something DS needs. He’s growing out of all his tops so that’s what his Xmas money will be going on

Comeonmommy · 26/12/2017 19:09

When they were little I would save 1/2 and use the other half for bigger items like slide, sand pit etc. For the last 2 year’s, any money they get they put 1/2 in savings and can spend the other half. They are 10 so savings isn’t forever, savings is something bigger they have wanted for a while.

GeorgeTheHamster · 26/12/2017 19:09

If they were given money we put it in their bank accounts.

Talkingfrog · 26/12/2017 19:13

At that age i either bought clothes in the sales that were a bit more special than I would normally have bought, carefully selected toys, something for her bedroom or put in her savings account. Maybe a bit of each depending on what you see.

I wouldn't feel guilty using it to buy clothes as a lot of people buy clothes to give as gifts and it amounts to the same thing.

Dd is 6 now and the last few birthdays have let her choose how to spend it, but she can only spend it once.

Saving it to buy something they can both use in the summer is a nice idea.

How about using some for an activity or day out you would not otherwise have done. We have had vouchers for the nearby community farm, soft play, cinema, pottery workshop (they are not too young) and build a bear before.

This yr my dd was delighted we had techniquest vouchers(hands on science for kids and adults) and a pot throwing voucher.

(she has also had lots of toys, and some clothes but I suggested the vouchers when asked. I know my aunt would prefer not to buy toys, we will all enjoy the activities and they don't take up storage space)