Children's Money Gifts

[Windsorian]

My children have started to receive money gifts from family members for birthdays, christmas etc

Can I ask on how you deal with it? Do you let the children spend it all on whatever they want or do you put it away in the bank? The amount can be quite considerable, in the range of 150/200 for each occasion. I know it's the children's money and they have a right to spend it as they please but I don't want them to waste it. Children are 7 and 9.

Ours are both pre-school so currently get more things than money but any money goes straight into savings.
We’ve discussed future gifts and have decided we’ll ask them to save half and spend half.

Christmas and birthday money is theirs to do with as they please. It was given in lieu of a gift and not meant to be saved. I see it as no different than a physical gift that would be theirs to keep.

We save separately for them and they get a monthly allowance.

My 8 and 6 year olds money usually goes into the bank, they never get large amounts like you mention though £40 maximum.
Occasionally they'll want to add to a gift they've received and it gets used for that or they'll add to their pocket money to buy something.
My older kids are 18 and 15, they choose what they want to do with it. They tend to get more like £100-£150, 18 year old inevitably saves it then takes it out of her savings and spends it on concert tickets etc, 15 year old usually gives himself a small allowance and saves the rest.

Christmas and birthday money is theirs to do with as they please. It was given in lieu of a gift and not meant to be saved. I see it as no different than a physical gift that would be theirs to keep.

This ^