What do you do with cash people send to baby? Our LO has $27 (ballliiinnnn!) from holidays from her grandparents. For now it's in her piggy bank. I assume she'll probably get between $25-50 per year. Is it worth starting her a little savings account? DH jokes that he's going to take it and give it back when he becomes the "tooth fairy".
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We put it in her 529.
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We put it in their savings, if we need it we use it for them if not it sits. They don't have over a couple hundred combined anyway
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Any money that was given as gifts from her birth to her baptism I put into a trust savings account, and then I contribute $10 per week direct deposit. If she gets any small gifts during the year I just transfer that amount across from my account. Moneyboxes get little coins just for playtime.
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@lawbee11: I need to look into that savings plan!
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Save it. It's probably best to put it in a savings account that yields a smidge of interest. However, writing in the margins on cash could be a sweet keepsake. The gifter or you could write the date, special occasion, and a well wish or greeting.
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In the early days, we used it for stuff we needed for her. More recently, we've been putting it in her 529.
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$50 a year I'd probably buy things she needs, like clothes.
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My grandma gave us $25 when we had LO so I used it to buy 2 toys and took pictures of LO with the toys to send to her so she could see that her money was put to good use
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It depends. If it's larger amounts we save it for him. We used to designate one of our accounts for him, but last weekend we opened up a separate account for him. Smaller amounts we buy stuff for him. He got $25 cash at his party a couple weeks ago and I got him some needed essentials, like socks, a winter hat, and onesies.
One day we'll either use the account for larger things for him (like summer camp) or give it to him if we don't need it.
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We save it too. We're catholic and money is a common gift for baptism so he's got money from that. We put all money in his account whether it's a penny or a hundred dollar bill
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@jetsa: we are orthodox, and same story really - most people give cash gifts at baptisms and we plan on opening an account for our next child after it is baptised too. I love being able to do my banking online, its easy to keep track of how her savings are progressing.
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She has a savings account. For smaller amounts, we just put it aside until we have more to deposit. I also think a piggy bank for smaller amounts are fun for some play money for future trips (i.e some souvenirs).
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Depends on the amount and the intent of the giver. Our family would prefer we purchase something for him with the small amounts given. If we received a larger amount and the giver didnt specify a purpose we would start a savings account in his name or add it to our college contributions. When he is older (probably by 4 years old) we will give him the money and help him to decide how to save and spend the money himself.
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We opened a savings account. Our kids get money gifts for bdays, holidays, etc. The money goes straight to their savings accounts.
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I always give money to my cousins kids on their birthdays - in the memo i write that it's for their "XYZ university scholarship fund" because we all went to the same college and like to pretend all our kids will too. I assume their parents put it in their 529. If they don't, i wouldn't be offended, but it seems like a good place to put gifted money.
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We got a savings account for him.
I also have foreign coins and bills and some change saved for when he is old enough for a piggy bank, I love that idea!
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16 comments