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anewday
<3
Member since 9/08 1493 total posts
Name:
Dawn
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Poll..what to do with monetary gifts? opinions please!
ok dh and I completely disagree
dh family saves all monetary gifts (bonds/checks) dh is 34yrs old and has still never received any of the money he was gifted as a child...I don't know why! We are probably going to use whatever it is to help with a house. This is great but...it's not like there is enough there to buy a house or even cover a downpayment (just a nice bonus)
ok so growing up my dh never was really able to go to camp, sports, etc... his parents didnt have "extra" money for this stuff and his dad always worked so hard to give them everything he could.
My parents used any monetary gifts to help provide for me (yes sometime even just for food)
My argument...save the money but if and when we ever need it for "extra stuff" camp/sports anything that dc would want to do and we couldn't afford it use dc gift money (I pray I never have to use that money to put food on the table but you do what you have to)
what is your opinion/thoughts
TIA
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Posted 4/19/10 9:42 AM  |
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jlk51496
Mom of 3 - YIKES! =)
Member since 10/09 6758 total posts
Name:
Katie
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Re: Poll..what to do with monetary gifts? opinions please!
I chose other:
I was given the account when I was in late high school to use toward my first trip w/o my parents and then in college I put $$ from it toward my 1st car...and I added to it with babysitting jobs and stationary store job I had in High school! SO although I wasn't an adult-adult..I was old enough to use it "more wisely"!
So I hope I will do the same with my kids!
Same with Bonds: I used my bonds for the first time toward my car and my second for the house/furniture I now live in!
Message edited 4/19/2010 9:49:28 AM.
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| Posted 4/19/10 9:48 AM |
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Meggo613
im a big girl!
Member since 2/07 4536 total posts
Name:
Megan
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Re: Poll..what to do with monetary gifts? opinions please!
i tend to agree with you here. but my DH is the same exact way as yours. my family the $$ i got was for things i wanted that my parents wouldnt buy ie: namebrand sneakers (they would buy payless and well as a kid i would get made fun of if i didnt have nike, adidas, NB) so i was allowed to spluge and use my gift money on that as well as extra clothes above and beyond what my parents bought,things above and beyond my parents could get. I never recieved an allowance so my parents felt like this was the $ i worked hard for doing school work and chores. It made me appreicate the $.i learned the value of a $ because i knew that when the $ ran out there was NONE left period end of story.
ETA: for abby, any $$ we've recived for her chirstening went into a bank account and went towards her bedroom furniture its something that we just couldnt afford at the time since we just purchased a home. some other gift money i did use to purchase her some summer clothes the rest into her bank account that i hope to give her come 16 when she wants a car.
Message edited 4/19/2010 9:52:29 AM.
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| Posted 4/19/10 9:49 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Poll..what to do with monetary gifts? opinions please!
When they were very young I put ALL of their money into accounts meant for when they are adults. Now that they are a little older, we put some into their accounts and allow them to choose what to do with the rest. They can put it in savings or they can spend it.
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| Posted 4/19/10 9:53 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Poll..what to do with monetary gifts? opinions please!
So far we put everything into his 529 college account. Thankfully we've been able to afford everything for him without dipping into any of it. If when he is older we cannot afford something for him, I would consider using gifts for something else.
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| Posted 4/19/10 9:55 AM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Poll..what to do with monetary gifts? opinions please!
As a kid my money was put into an account and I purchased large things with it (ex. a flute) and got the balance when I went to college. However, as a teenager I was allowed to have the money to shop for myself.
For my DD, I plan to put all of her money into an account and hope that we won't have to touch it. I hope that we will be able to cover all of her expenses within reason (all clothes, camps, shoes) while teaching her to live within means. I will not be giving her $$ to buy designer handbags or other ridiculous purchases. I would like for her to have a nice nest egg by the time she goes to college.
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| Posted 4/19/10 9:56 AM |
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ReiRei13
Life is Good!!
Member since 1/08 6460 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by rojerono
When they were very young I put ALL of their money into accounts meant for when they are adults. Now that they are a little older, we put some into their accounts and allow them to choose what to do with the rest. They can put it in savings or they can spend it.
This is how it was for me growing up and I what I plan on doing for my DS!
My parents saved ALL my money from when I was younger and put it in money market accounts. When I was 17, I used some of it to get a nose job and still had money left over.
I would never use my DS's money unless we were about to be on the streets!
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| Posted 4/19/10 9:59 AM |
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MrsSteflily
I love chocolate
Member since 4/06 2047 total posts
Name:
Stef
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Re: Poll..what to do with monetary gifts? opinions please!
I chose other.
We are putting it into an account, but it's for a car, college, wedding, etc. She doesn't necessary have to wait until she is an adult.
Sports, camp, extracurricular activities are our responsibility. If we want to send her, then we can save/sacrifice for it.
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| Posted 4/19/10 10:00 AM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: Poll..what to do with monetary gifts? opinions please!
Right now, it is in an account that we have not touched for him and will save for him for when he goes to college.
While we have not needed to touch it, if we were in a situation where we felt we absolutely needed to, we would.
Of if he was old enough and really wanted something for himself that we felt was not a "necessity" but not necessarily something we were able to buy for him either.
When I was a child, my uncle set aside money for me and my brothers. We wanted a computer really badly. My mom couldn't afford one but felt was was something legitimate that we could use our gift money for.
Message edited 4/19/2010 10:05:12 AM.
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| Posted 4/19/10 10:02 AM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: Poll..what to do with monetary gifts? opinions please!
DC's money is theirs, not mine. i will not touch a dime of their money.
it all goes into their savings account--every single penny. i will give them access to it when they're older and need it--for college, down payment on a car, etc. when they're a few years older and they get money as gifts, i'll let them use a little to buy something they want, but the rest will go into savings.
i will never use it to pay any of my bills. that's what MY savings account is for.
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| Posted 4/19/10 12:24 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Poll..what to do with monetary gifts? opinions please!
My Mother used any Money given to me, I never saw any of it.
For DS, he actually hasn't received that much $$$...All he did receive at his christening went into a 529 for him...we are hoping to start a savings account very shortly for him. I think after his christening we used a few hunded of it to pay for some expenses related, but we paid him back and then some...
I think it's up to us what to do with the money and for any parent, but for us, we choose to put all of it away.
For Birthdays, we usually get giftcards , not cash and always let DS buy what he wants with those.
Last year for his birthday we got some cash but we used it to buy him an outdoor playhouse and people who gave cash already knew thats what it was going towards.
The girls christening money is getting divided into a 529 and savings accounts for each.
It is important for me to teach them about savings early as I feel it was never taught to DH nor I .
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| Posted 4/19/10 12:48 PM |
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KangaMom
...
Member since 1/06 4593 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
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Message edited 4/19/2010 1:31:28 PM.
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| Posted 4/19/10 1:30 PM |
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KangaMom
...
Member since 1/06 4593 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by browneyedgirl
DC's money is theirs, not mine. i will not touch a dime of their money.
it all goes into their savings account--every single penny. i will give them access to it when they're older and need it--for college, down payment on a car, etc.
i will never use it to pay any of my bills. that's what MY savings account is for.
This is exactly how DH and I feel 
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| Posted 4/19/10 1:31 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: Poll..what to do with monetary gifts? opinions please!
DS is only 15 months, so at this point all money goes into savings. SS is 13, so there have been times he has asked for money because he wanted a specific expensive item (like a skateboard). When he asks for money for a specific thing, he gets to buy it and all extra goes int eh bank. If people just give him money (when he doesn't have something specific in mind) it goes in the bank.
However, to us, this is gift money, not necessarily saving or the future money, so if there is something he wants that is beyond what we would normally spend we will discuss and may let him use some of his money.
He recently had to use some of his money because he took his mother's laptop into the bath and dropped it in the tub! He will have to work to earn that money back.
I guess for us, there is no one concrete answer to how the money will be used.
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| Posted 4/19/10 1:41 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
Right now we put it all away for them. While I hope it never happens, nobody can predict the future and there may be a day where we really need that money to pay our bills, put food on the table, what have you. So our plan is to keep it for them to use later in life, but I'll never say never.
My parents did have to use some of my gifts to pay the bills. It has never bothered me, but my mother still feels very guilty about it.
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| Posted 4/19/10 1:45 PM |
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youngmama
LIF Adolescent
Member since 4/06 530 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
We ask family and friends to buy bonds for DD for any of the holidays. Our goal is to pay for college, wedding and a down payment on a house.
Camp, extra activities will also have a separate account, that we save up for.
As far as a car goes. She will have to earn that herself.
Message edited 4/19/2010 3:46:14 PM.
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| Posted 4/19/10 3:44 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by youngmama
We ask family and friends to buy bonds for DD for any of the holidays. Our goal is to pay for college, wedding and a down payment on a house.
Camp, extra activities will also have a separate account, that we save up for.
As far as a car goes. She will have to earn that herself.
I like this idea, except that bonds get sooo little in the way of interest.
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| Posted 4/19/10 4:14 PM |
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july06bride
I'm a mom!
Member since 5/05 3966 total posts
Name:
Nicole
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Re: Poll..what to do with monetary gifts? opinions please!
We have a savings account for Abby and we will not touch any of it...we will give it to her when she goes to college...it is her money.
If she wants to/we want her to go to camp, take lessons...etc... that is from our money that we have or will save for those types of activities.
Message edited 4/19/2010 4:28:49 PM.
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| Posted 4/19/10 4:28 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by browneyedgirl
DC's money is theirs, not mine. i will not touch a dime of their money.
it all goes into their savings account--every single penny. i will give them access to it when they're older and need it--for college, down payment on a car, etc. when they're a few years older and they get money as gifts, i'll let them use a little to buy something they want, but the rest will go into savings.
i will never use it to pay any of my bills. that's what MY savings account is for.
I agree with this, of course if we were in dire straits it may be a different story. Kiddies will never know about the money until I hand it over.
My mother (single mom) used all of our money for expenses, so I had nothing saved for me. DH and I bust our booties to save so we make sure we have for our children.
If I can't afford to send the kids to camp, they are not going. I am so frugal that they probably wouldn't be going anyway  I can't imagine spending hard earned money on just a few weeks of fun
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| Posted 4/19/10 4:37 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Poll..what to do with monetary gifts? opinions please!
Other
All of AJ's money was put into a bank account from birth. She had about $400. Not much but hey she was only a year old and neither side of our families is rich or well to do. They gave gifts not money.
If it was cash I spent it on stuff for her. If it was a check it went to the bank.
Then I moved...
Her money was unreachable. We hit some hard times and needed it. So we got it and spent it. Eventually it paid for her daycare and some medical bills she and had collected.
Every penny went back to the happiness, well being and care of my daughter. I still feel bad though. 
In a perfect world it just doesnt get touched but reality is, I wont let my child starve or suffer if the money is there.
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| Posted 4/19/10 5:02 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by browneyedgirl
DC's money is theirs, not mine. i will not touch a dime of their money.
it all goes into their savings account--every single penny. i will give them access to it when they're older and need it--for college, down payment on a car, etc. when they're a few years older and they get money as gifts, i'll let them use a little to buy something they want, but the rest will go into savings.
i will never use it to pay any of my bills. that's what MY savings account is for.
I agree!
All monetary gifts for my DS goes into his savings account that I already set up. He will get it when he has picked his college of choice and any leftover money stays put until he is ready to purchase a home. We will get him a car when he is 18 (only if he has a PT job) and he will make his own monthly pymts on it with his own money.
This is the "plan"
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| Posted 4/19/10 5:40 PM |
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Momma2Be
Mommy of an angel
Member since 10/09 5911 total posts
Name:
Dina
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by browneyedgirl
DC's money is theirs, not mine. i will not touch a dime of their money.
it all goes into their savings account--every single penny. i will give them access to it when they're older and need it--for college, down payment on a car, etc. when they're a few years older and they get money as gifts, i'll let them use a little to buy something they want, but the rest will go into savings.
i will never use it to pay any of my bills. that's what MY savings account is for.
ITA. DH and I have opened a savings and 529 account for DS and put any monetary gifts we receive for Adam in those accounts.
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| Posted 4/19/10 10:08 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Poll..what to do with monetary gifts? opinions please!
Everything they get goes straight to their 529 accounts and whenever possible, we match it as well. The only exception is if the gift comes with a directive (Colin got a generous check from my aunt and uncle for his birthday with a card that said it was to buy books, so we bought books  )
That said, my mom used ours growing up b/c she was a single mom with 5 kids. She used it to pay bills and put food on the table, buy us shoes, clothes - whatever necessities there were. These were used for me, just perhaps not in the 'traditional' way but in the end, in a far more important way.
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| Posted 4/20/10 7:21 AM |
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A3CM
Avatar Title
Member since 9/08 3762 total posts
Name:
Mommy
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Re: Poll..what to do with monetary gifts? opinions please!
every monetary gift we are given goes into a savings account and then is later transfered to their stock portfolio. that money will be given to them when they either turn 18, go to college or need it for a car or house or however we see fit.
camps/sports/extras are paid for by us.
i would never use their money for things we as parents should supply for our children.
that is how i grew up and that is how we will be raising our children as well
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| Posted 4/20/10 7:26 AM |
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Re: Poll..what to do with monetary gifts? opinions please!
Posted by rojerono
When they were very young I put ALL of their money into accounts meant for when they are adults. Now that they are a little older, we put some into their accounts and allow them to choose what to do with the rest. They can put it in savings or they can spend it.
This is what I plan on doing.
However, if there is a time when I cannot afford camp, sports, or much worse food. Then I would use it.
I do budget for those things now though, so hopefully it will not come to that.
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| Posted 4/20/10 7:31 AM |
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