Gifts in the form of cash is pretty common in my culture, especially for babies. Do you save all of your LO's monetary gifts or do you spend it on clothes/gear/other necessities for him/her?
Would it change if college is free of cost and they already get an allowance from the state as soon as they're born (every child automatically gets this)?
Please check multiple options.
60 votes
bananas / 9899 posts
I would save it. It was money saved from gifts by DH's parents that allowed him to start his first business at 14. That money doesn't have to go towards college for it to greatly improve his/her future. Heck, it could go towards buying his/her first home. A little bit of money can go a long way.
Now I might still spent SOME of it for baby's needs, but most I would save.
hostess / wonderful watermelon / 39513 posts
We save larger amounts. College won't be free but we would still save the money if it was!
wonderful olive / 19353 posts
I'd save it even if college was paid for and provided an allowance. It would be for his first car, his wedding, down payment for his first house, etc.
wonderful pear / 26210 posts
I lived in a place where children also got the allowance, but we've since moved, miss it!
grapefruit / 4823 posts
If we are told the money is for something specific(clothes, toys, etc.) we'd spend it on that. otherwise, all money he gets goes into his piggy bank.
coconut / 8430 posts
I save it all for her. I expect her to use a little bit as spending money and most for college. If she happens to get enough scholarships that college is paid for, then she can use it to fund a trip or down payment at some point.
coconut / 8305 posts
We do both!
When G was little I put it aside for his school (private tuition) and now he's in charge of splitting his money in a 10-10-80 fashion... tithe 10%, save 10%, and spend the 80% which he usually saves up for a special lego set or something of that fashion.
GOLD / wonderful pomegranate / 28905 posts
At the moment it is being used. But I'm hoping next year we can be in a place where it all gets put into a savings account for her.
grapefruit / 4731 posts
If they were gift cards we will spend it on LO but if it was just money we bank it for him. 
He's a little over one and man does he have a lot of money! We hope to teach him to wisely use it when he's older.
apricot / 343 posts
My grandparents are the only ones who have gifted LO with money. It's not usually all that much $20-$50 at Christmas or bday. We have used it to get her things they need or a special toy DS has been wanting. We give DS pocket money for little jobs which he puts in his piggy bank.
Here, it is not the done thing that parents pay for their kids university bill- I don't know one person who has had their uni paid for them, that sounds crazy!
bananas / 9973 posts
We haven't opened an account yet, but all the cash is going into a savings account for LO. I got some cash for the baby shower and used some of that for baby gear and nursery items. But other than that, everything will be for her education fund. Like others have said, even if she got a scholarship or college was paid for, she could use it towards a big purchase once she's old enough.
cantaloupe / 6751 posts
We save every dollar for her- as @mediagirl: says, it's her money not ours. I figure even if college is paid for she can use it for another big purchase (home, grad school). We opened up a savings account for her as soon as she was born.
If we get gift cards, those are spent on her.
squash / 13208 posts
@SugarplumsMom: wow! Where do you live that a child gets an allowance from the state???
We save all their money!
kiwi / 568 posts
At the beginning, some of the monetary gifts went to items we needed to raise our LO like the crib/furniture. Now everything we get goes to his college fund.
bananas / 9227 posts
DD just had her birthday and we were given some cash from the ILs for LO's winter snowsuit. DH insists on putting it into her bank account. I'm a little surprised because when my family gives money, he automatically wants to spend it!
He says it's because it's in $ and not in the currency he knows (Swedish kronor). Now I feel guilty! We last visited my family for LO's church blessing and we were given a huge hunk of change (all in cash). We probably spent half of it, but I've kept the rest, in a box.
So now, I'm debating if we should pay her back the money we spent. I feel like a thief! 
bananas / 9227 posts
OK, I dug out my notes and it appears we didn't spend half of it. Whew. But since I have cash leftover and I know a lot of people gave checks, there must have been money I didn't document. 
That doesn't make me mother of the year, but I at least feel better to know that the money we'd spent must have come from my mom and grandmother (for us to use as a family and not just for LO).
We're officially converting all of her money and putting it into her account.
cherry / 231 posts
We save it. It's in a bank account for her to use when she's old enough to decide what she really wants to do with it- save for college, a car, whatever. It's hers.
pear / 1861 posts
I save it all. Even down to the little $1 my grandma hands her on a whim after shopping.
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