Birthday money

With both of my children I have always let them spend half of the money that they receive on things that they would like to have. So, basically that money goes towards toys that they didn't receive for their birthdays or Christmas. The other half of the money I've always used to buy them clothes for the summer because both of their birthdays fall in the fall they don't get any summer clothes for them so it makes sense to me to hold on to it and get them the clothes that they will soon be needing.

My little guy is still young, he's only 4, and is just now learning about money. To him, it's just fun to get coins so he can put them in his piggy bank. When he gets B-day or holiday money, we put it all right into his savings account. When he's older, and earns his money with an allowance, he'll have to put half into his account. We want him to learn about the responsibility of having (or not having) money, but we also want to make sure he (we) have the money for his first car, or for college, or his wedding... whatever. Usually every year around this time, we take a portion of our tax refunds and put that in his account too - we wouldn't get such a return without him! Right?? LOL

I think I side with your husband on this. A birthday gift is meant to be something for the kid to enjoy. I would say put most in the bank (to teach responsibility and save for college) but let her have a small amount and take her "shopping". When I was younger, we'd get 10$, go to the store and buy crayons, or candy and other small things. It was fun and I loved being able to decide what to buy :) I don't know how much money you are talking about that she gets each year, but I don't see anything wrong with giving her a portion to buy something fun for herself with.

They keep it and spend it as they please. Not having a lot of money means the kids also don't have some of the luxuries as their friends do, such as having a dollar to buy an ice cream at school lunch, or buying themselves the latest video game everyone is talking about. Thinking about their future is important... but allowing them to fit in with their peers who probably have more money than them doesn't hurt now and then.

I remember when I was young and I would get money from my aunts and uncles and family friends, my mom would always make sure I put most of it away in the bank. and I think this helped train me early on in my life that money does not grow on trees and people have to work hard to earn it. although she would usually allow me to buy some stuff like books or small trinkets.

yes this is right

Our son gets some money from his father everyday…usually loose change that accumulates in the purse at the end of the day…he has his piggy bank where the money used to gather and then we would put it in his account….but ditto like your 7yr old, now that my son’s turned 10 last year, he started demanding a part of that to spend as he wants to. we have in to him only last year…like some special 10th b’day treat but I know that now the damn has been broken so no stopping him (you know how kids are)…so I’ve bargained with him like for six months, whatever money accumulates in the box, goes to his account and the remaining six month’s money can be his. Oh he’s a shrewd fellow LOL…he spent some part of the money on games CD, he kept some to spend later for his dad’s b’day (forgetting mum as usual) and still had some 50 bucks left which is there with his dad…so he knows that this year, he’ll have 50 bucks more to spend LOL

When it comes to birthday and Christmas money I let my kids spend it on whatever they want. My daughter does not usually get cash, but my son does. He will sometimes save it, but other times he spends it right away. He spent most of his birthday and Christmas money on things that he wanted already. He saves his money up if there is something more expensive that he wants. I see the point of saving for college, but at the same time people usually give kids gifts of cash so they can buy what they really want instead of giving them a toy they might not.

I always wanted to teach them to save and budget but their dad let them spend it right away. He didn't even have them save for college because his parents are paying for it. I had a really hard time teaching them about money but they learned pretty well. They are still not big savers like I am but they learned how to handle their finances.

Its very nice to read all the responses as well, on the other hand I fully agree that one must save as much amount as possible,yes its very right that when the child grows up they starts to be very tempted to use it up on unnecessary items or rather behind the sweets,hence it is very very necessary for us parents to keep a watch and more importantly make the child relies the value of such an amount in the form of saving,at the end when they grew up then they will really really understand what their parents wanted to or the children will definitely going to appreciate the importance of saving those trifle amount when gathered together can really solve some of one's imminent problem and so on. Hence a saving habit is a must and if incorporated from the childhood it will make wonder in one's life.

we have done what you have also we keep it until we get to the bank to put it in their savings account. I do see some peoples points that people may have wanted the kid to get something they really wanted with the money but kids these days have soooooo many toys it seems silly to waste money that can go for college to a toy they will forget about in a couple months. What I have done is I told people that I would really would like for them to spend some if not all of what they would on the kids for savings bonds. I know some people may think that is mean but my kids have plenty of toys. I had a friend whose grandma got her a $100 savings bond every christmas since she was born. Well when we left for college she went to the bank and cashed them all in and paid for her first year in college in full. Know I can tell you this she was really glad her grandma did that for her. Ya she may have thought it a little boring when she was a kid but when she was grown up and not having to worry about any student loans for a while she was really appreciating it much more then.

I think it depends on how much they get. If it's just a few dollars then let them buy what they like, although advise them to get something better for them than candy. But if it's a larger amount i put it in their bank account and give them a few dollars from it to spend.

birthday receive money?we only present some gift to each other. but we have the lucky money when in the spring festival. my mum would use it to pay my tuition.sometimes,i will buy some expensive things,such as computer,or a IPOD