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As a parent, with "holiday" and "birthday" money

do you let the kids have it all to spend freely, or take some and put it away into savings for them?

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Anonymous

Asked by Anonymous at 12:41 AM on Apr. 5, 2010 in General Parenting

Answers (9)
  • I have always required my child to save 10 percent and give 10 percent to someone who needs it more than she does. Now that she is a teen, I am a little more flexible, but those are my basic rules. She has her own savings account and I have encouraged her to keep saving. I do not let her use the money in her savings account yet. She will get that when she turns 18, since her daddy and I have also contributed funds.
    neebug3766

    Answer by neebug3766 at 12:44 AM on Apr. 5, 2010

  • My dad took my first communion money and put it in my mutual fund. He asked me first. I was 7 and had no idea what I'd do with $85, so I agreed with him when he explained it to me. After that, I would give him some of my money. To this day, I am glad he did it, and I can respect him for discussing it with and explaining it to me first. :)
    brookebella

    Answer by brookebella at 12:59 AM on Apr. 5, 2010

  • they get half to spend and half to save.
    hypermamaz

    Answer by hypermamaz at 1:08 AM on Apr. 5, 2010

  • I always put 25% of my daughter's money in savings. Well, she's only 21 months, so she has no other choice!
    Fallaya

    Answer by Fallaya at 1:19 AM on Apr. 5, 2010

  • We have the smart savvy (piggy) bank. When the gift is in form of a check, we deposit it in the bank and ask for a couple dollars in quarters the kids can "see" and take home to their piggy bank. When it's cash, usually we let them do whatever (it's $1-5).
    txdaniella

    Answer by txdaniella at 3:54 AM on Apr. 5, 2010

  • Half goes in savings, half can get spent.
    rkoloms

    Answer by rkoloms at 5:47 AM on Apr. 5, 2010

  • Depends, do your children really need anything? If not i would put it in a savings account so when they want to go to camp or buy car or go off to college they have something.
    Anonymous

    Answer by Anonymous at 8:45 AM on Apr. 5, 2010

  • If it's birthday money or something they get for a special holiday, there's normally something they've been saving up for so I will let them get it. If there is nothing in particular that they want, they are allowed to hold on to the money and spend it when they decide. My kids are very financially responsible because of this. And if they want something "extra" each month, they pay for it from their allowances. Right now my kids pay for their own World of Warcraft accounts, and they know that because they choose to do that, they don't have much left over at the end of the month, but they hold on to what they do have lol. They are very thrifty spenders =)
    AprilDJC

    Answer by AprilDJC at 10:09 AM on Apr. 5, 2010

  • I'm not quite to that point yet, but I'd probably explain the benefits of saving some of the money and then ask them how much they'd like to save each holiday or birthday.

    As a kid, I was always given all of the money, but I'm a penny pincher at heart. I stashed all my money away while my twin sister spent it immediately. She never knew why I had so much more than her! To this day, she's still the spendy one and I'm the thrify one.
    mickstinator

    Answer by mickstinator at 11:23 AM on Apr. 5, 2010

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