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MrsA714
Baby #2 is here!
Member since 8/07 8806 total posts
Name:
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Re: what do you do with monetary gifts?
Posted by SweetCaroline
Every penny goes in their savings and I move around into CDS as I see fit.
I don't care what others do with my gift $$.
Same here.
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Posted 4/15/10 12:40 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: what do you do with monetary gifts?
We have a 529 account, a custodial brokerage account and a regular savings account for each of our kids. We divide the money among these accounts.
When I give money-I don't care what the parents do with it, it's to use for their DC however they see fit.
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| Posted 4/15/10 12:41 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: what do you do with monetary gifts?
We go gambling with it!! J/K
We have a bank account for her
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| Posted 4/15/10 12:43 PM |
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missliss
LIF Adolescent
Member since 1/10 648 total posts
Name:
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Re: what do you do with monetary gifts?
We split monetary gifts between their savings accounts and 529s. When they get old enough to be aware of the value of money, we will probably put half into the 529, put half of the remaining 50% into savings & let them spend the rest.
I have no expectations with regard to how others spend money I give them. Different families have different needs and priorities & it is none of my business how they use a gift I give.
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| Posted 4/15/10 12:55 PM |
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Shorty
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Member since 5/05 30390 total posts
Name:
really
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Re: what do you do with monetary gifts?
Posted by eddiesmommy
Eddies goes into his 529, until he is old enough to know he is getting money for his birthday that he can use. Then he will get it and can do what he pleases with it.
same - but we have use a mutual fund.
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| Posted 4/15/10 12:57 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: what do you do with monetary gifts?
All monetary gifts go into his savings account. They do not get spent.
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| Posted 4/15/10 1:00 PM |
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gabbie83
2 girls <3
Member since 6/08 3037 total posts
Name:
gabbie
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Re: what do you do with monetary gifts?
i set up a savings account the day after her christening and put everything she got there. anytime i get money for her for christmas, or random times from greatgrandma .... or anyone else i go and make a deposit for her ;)
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| Posted 4/15/10 1:01 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: what do you do with monetary gifts?
Bonds and Larger gifts from their christening and earlier birthdays went right into their college funds.
Now that they are older we tithe them half of all funds and put them in their college fund. The other half they get to decide what to do with. Robbie is a spender who almost always wants an immediate trip to TRU an then winds up putting whatever spare change he has (2 dollars or so) into his savings account. Noah is a saver. He usually keeps a few bucks in his wallet - just to have it. He spends a small amount and puts everything else into his saving account.
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| Posted 4/15/10 1:10 PM |
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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: what do you do with monetary gifts?
We put everything she gets as gifts into her savings account.
I'll be honest, money is tight for us right now and getting tighter but I REFUSE to use her money. I have sometimes used money that was given to her to buy her a gift, but the money was given to me specifically for that purpose. I'll manage one way or another without dipping into DD's money.
When I was a kid, I was expected to spend my money and NOT for bills, etc. If I got money for my birthday my mother would take me shopping and expect me to spend my gift money... I would rather have not gone shopping and saved it. I remember the day she closed my bank account and took me to Toys R Us, and it still makes me angry.
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| Posted 4/15/10 1:11 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: what do you do with monetary gifts?
529 plan but I also plan to set up a savings account for them. I would like to be able to give them a chunk of this money when they reach 18 for a car or something
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| Posted 4/15/10 1:11 PM |
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Viviane1108
LIF Adolescent
Member since 6/09 509 total posts
Name:
Anita
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Re: what do you do with monetary gifts?
As an Investment advisor, I always suggest on not having a 529 plan.
I would open a custodian mutual fund account and put the gift money there.
This is what we did after having DDs baptism...all the money went into her account...
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| Posted 4/15/10 1:16 PM |
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4PsInaPod
My Loves <3
Member since 7/07 10079 total posts
Name:
D
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Re: what do you do with monetary gifts?
DS's christening- All gifts went into this account.
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| Posted 4/15/10 1:36 PM |
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ReiRei13
Life is Good!!
Member since 1/08 6460 total posts
Name:
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Re: what do you do with monetary gifts?
I either buy him bonds or stocks with the money.
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| Posted 4/15/10 1:37 PM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: what do you do with monetary gifts?
All cash gifts go into his ING account.
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| Posted 4/15/10 1:39 PM |
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Dani77
It's FUN to be ONE
Member since 7/09 4363 total posts
Name:
Danicia
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Re: what do you do with monetary gifts?
We put it all on the side for now, b/c neither of us had the time to open an account for DS yet. We hope to be doing so soon, but we just have so much going on right now LOL. But, we are planning on putting it all away. IF for whatever reason we need the money, since funds are EXTREEMLY tight right now, we 'borrow' it. We always make sure to pay it back right away...b/c afterall it IS DSs money. Even if we use it to get things like formula and diapers, etc FOR DS, we still pay it back... We want him to have a choice to do what he wants with it when he's older...
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| Posted 4/15/10 1:44 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: what do you do with monetary gifts?
We opted againts 529 and opened up a Mutual Fund for DS.
ETA: Whatever money he gets goes straight into his account...we don't use his money.
Message edited 4/15/2010 2:19:57 PM.
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| Posted 4/15/10 1:47 PM |
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KangaMom
...
Member since 1/06 4593 total posts
Name:
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Re: what do you do with monetary gifts?
Every penny our Children receive goes straight to their savings account and can spend however they choose when they are older...
Message edited 4/15/2010 2:13:42 PM.
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| Posted 4/15/10 2:11 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: what do you do with monetary gifts?
we opened a separate bank acct in his name and all his monetary gifts go in there. one day he'll have more money than us..LOL
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| Posted 4/15/10 2:16 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: what do you do with monetary gifts?
Posted by Viviane1108
As an Investment advisor, I always suggest on not having a 529 plan.
I would open a custodian mutual fund account and put the gift money there.
This is what we did after having DDs baptism...all the money went into her account...
And you are MY investment advisor as well!  
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| Posted 4/15/10 2:22 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: what do you do with monetary gifts?
Posted by Viviane1108
As an Investment advisor, I always suggest on not having a 529 plan.
I would open a custodian mutual fund account and put the gift money there.
This is what we did after having DDs baptism...all the money went into her account...
I have to ask, why don't you recommend opening a 529 plan? As long as it isn't opened as an UGMA account, only a portion can be used in deciding the family contribution in financial aid and for many in NYS, there are tax benefits. IRS code has really opened up the interpretation and although code can always be rewritten, I don't see the tax free qualified withdraws being one of them.
I would be more weary of a custodial account, assuming you mean a Uniform Gift to Minor account as it's an irrevocable gift given at majority and will count 100% in factoring financial aid.
I'm not trying to start drama, I'm just really interested in your thoughts on it and maybe you see something I missed.
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| Posted 4/15/10 2:29 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: what do you do with monetary gifts?
I don't care what people do with the gifts I give them. I'm assuming they don't spend the money on trips to Vegas though 
We have 529 accounts set up for the boys. Once we figure out if we are staying with Chase (or switching to Citibank) is when we will open up regular savings accounts for them. This has been on our to-do list forever now 
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| Posted 4/15/10 2:33 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: what do you do with monetary gifts?
I have one account for DD. For the time being I put $25/paycheck directly into her account. I know it's small and as I have more disposable income, that amount will grow as well.
I put all of her gift money in there for now. She has no wants and anything she needs, I get for her.
When she gets older, I plan on doing the 50/50 with her. She has to save 1/2 of all her gift money and she can spend the other 1/2.
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| Posted 4/15/10 2:45 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: what do you do with monetary gifts?
I save all his monetary gifts except for the really small ones. (Like he got $10 on easter from my great-grandmother... I bought him some summer stuff-bubbles, chalk,balls- with that).
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| Posted 4/15/10 2:46 PM |
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Mkr09
.....
Member since 5/05 7550 total posts
Name:
M
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Re: what do you do with monetary gifts?
We split up the monetary gifts we get. Some of it goes into a college account and some goes into a savings account. My parents set up a savings account for each of us and then we were given access to it when we went away to college. It wasn't a huge amount but enough to get us books and incidentals each semester. I figure DDs can either use it for the same or to help buy a car when they graduate.
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| Posted 4/15/10 2:47 PM |
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monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
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Re: what do you do with monetary gifts?
Checks go in the bank. Cash goes in the piggy bank. DD is allowed to buy things with her own money from her piggy bank and at times when it's full we will deposit that money into her bank account.
I think it's OK to have a balance with fun and college. We do not use our child's money to buy them things, etc.
The only reason I have DD use her money to occasionally buy something she wants is that she is 4 and I want to start teaching her the value of money and that you can't always have all you want. You have to have the money to pay for it.
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| Posted 4/15/10 3:07 PM |
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