To think money given to your child should be saved for them?

[pontipinemum]

For context my children and 2 yrs and a baby. When they are older I will let them make their own choices, but will guide them.

When I receive money for them I put it into their credit union account. Some parents apparently do not do this. Money I received as a child often didn't make it to my account, and I have heard others saying the same. Then I've hear mums in groups saying they will put it towards something for the child or towards the zoo tickets etc.

AIBU to think they only thing you should do with it is save it for the child?

This is outside of extreme circumstances such as without the money the child wouldn't have a winter coat etc

Buying a present or day out for the child is fine.

When my eldest was a baby/toddler any money we got went on bills!

Well said!

Thankyou.. nasty ass poster with shitty weird opinions doesn’t know how to reply 😆 I’ll let my kids know next time we have an amazing day at the zoo helped with money from family that I’m stealing from them! 😂😂

Any money given to us in our mother's presence was rapidly snatched away "for safekeeping" and used towards shoes and clothing.We didn't get a choice in that, but we were a big family & hard up like everyone else at the time so I understand now - didn't at the time, but it was nice to have new clothes that hadn't been worn by two older sisters before I got them .
I opened bank accounts for my two and when they were old enough to understand what money was they were given the choice to save or spend.

My DS often gets money for his birthday from family as it’s not that long after Christmas and we’ve used up all our toy/gift ideas.

They give this with the thought that we will use it to buy him some toys or something for the garden later in the year. I think if we didn’t buy him anything with the money and saved it all they would be a little disappointed as that wasn’t why they gave the gift

We save for my son separately, as do the GPs. Any money he is given is still kept separately so it’s only spent on him.

Your children are very young. Before long they’ll get much more opinionated and have views on how they want to spend gifted money. We tend to do a mixture of short/medium term saving and spending on days out. I see the money that is gifted as for the benefit of my children but that benefit can be realised in lots of different ways.

I also think children need to learn how to spend money as well as to save it. One of the best lessons my 8 year old has had was spending her own money at summer fetes last year. First one, she spent her money in about 10 minutes on absolute shite and then was so disappointed she couldn’t do what she really wanted to do. Second one, she was much more careful and really thought about what would give her the best value and what she really wanted to do. I’d much rather my children learn with relatively small amounts now than go nuts at 18.

I will also say inflation is your enemy here. Unless you are investing or ensuring savings in high interest accounts that keep pace with inflation, there is an argument you get much better value by spending it now. Something that cost £100 in 2009 would now cost £160. If you only had it in an interest account paying 2% it would be worth £137. If that £100 had been invested with an average return of 5% it would be worth £222.

I see where you are coming from and it’s nice your not just spending it some parents will just do what they want with it as far as they are concerned the kids are too young to know I agree either buy them a gift or some clothes or save it. But if you went the zoo and there old enough to understand you could say here is some money from relatives you can buy yourself something from the shop.

I think as long as the money is actually spent on the DC that is fair enough. It is obviously best if parents can save the money for the DC for when they are older. Not all parents can afford to do this. It is not acceptable to keep the money or throw it into the general household pot.

Wow!

...I'm shocked at the number of folk who appeared to be thinking that YABU!

You still wouldn't be stealing from the child...stop accusing people of if that when you're just wrong. Accept it and move on
It's okay, we all make mistakes..

You'd be buying them a ticket to the zoo...as a present...with money given to buy them a present.

It might be the difference between them going and not going. Because perhaps you can only afford one ticket, but with this birthday money, you can take them.

Stop being obtuse and rude because you're wrong.

Why? Every penny given to children shouldn't be saved.

Because the money is more often than my, given with the intention that it is spent on a present for the child...

My kids loved having £30 to spend in the toy shop. It was the only time they got to actually choose toys.
Now teens, they get £30 for Xmas and birthday from their nan. Ds tends to spend it on computer games - so he only really gets to buy 2 a year and DD saves hers and spends it all on theatre tickets.

It's still the only money they get to choose how to spend so I'd not take that away from them.

I saved any money given to me for my daughter and gave her access to the bank account when she was 16. She blew the lot partying with her friends!!

but surely that's OK too, it was fun money? otherwise it might have been spent on slime, sweets and toys she didn't keep?

Says who? "You".....

9/10 it goes in the credit union account but if they’re asking for something in particular and I don’t have the money for it I will say ok, but you can use your money

I do put it into his savings, yes. Although, not every time. If it's a bigger amount I do. Most the time people want me to buy my son a toy with the money so I do, but I prefer to save it! I've always been a keen saver.

Ridiculous to think your way is the only way. I don't have any savings accounts for my children. If they get money, I give it to them. They can spend it or save it as they like.

When they were younger I might have spent it on a day out for them, or a treat, or helped them choose something in the toy store.

Different to you doesn't mean equal

I put every penny we receive for DS into investments in his name. We also top it up regularly with some of our own money. The main reason is to help avoid unnecessary IHT later in life.

It is a personal choice.
Wait until they have the choice, they'll probably choose the zoo or some stickers.

It shouldn’t necessarily be saved but it should be spent on the child. If youre tight for money, I don’t see any issue with spending it on a nice day out for them, a new outfit or toy. When they’re older, they may well choose to spend it on crap anyway.

If it’s the only way the kid will go to the zoo, then absolutely they should use the money for that. Stop being so judgemental

wow - event he money that Auntie gave to buy a toy with? Granddad gave them £2 and said buy yourself some sweeties... that gets put into savings?
What if granny says "here's £10, go and buy everyone an ice-cream" - does our child not get ice cream whilst you do..?

says soiety .. ff you give a child birthday money - it is because you want them to buy something fun with it. IT might go towards a bigger present the child has been after. Its the same as if they gave them a £20 voucher to Smyths toy shop. or an amazon voucher.

If giver says "here's £50 for premium bonds" fair enough put it in the savings account of your choice. But it really isn't stealing from children, or wrong to buy them things with money given to them at 4.

I still buy them the equivalent stuff out of my own pocket. Same at Christmas/birthdays etc.