Hellobee Boards Topic: If your LO is gifted money, what do you do with it?

Hellobee Boards Topic: If your LO is gifted money, what do you do with it? https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Tue, 07 Apr 2026 03:06:58 +0000 lamariniere on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329871 Thu, 22 Oct 2015 07:43:00 +0000 lamariniere 2329871@https://boards.hellobee.com/ @looch: oh, my high school self would have jumped at the chance, I just didn't know the opportunity was there! And that's true about fees. My DH got his master's in France and paid about that much. He only had to take out a (very small) loan for his study abroad semester to pay for living expenses. This is also why he is not interested in setting up these education accounts for our LOs, when he knows that they will have ample access to nearly free education opportunities here. looch on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329864 Thu, 22 Oct 2015 07:38:25 +0000 looch 2329864@https://boards.hellobee.com/ @lamariniere: my high school self wouldn't have wanted to go...I wanted the American college experience, which I have. My middle aged self sees the benefits of a tuition free experience. I think it's pretty common in Europe not to have a college savings account, because there is no tuition that has to be paid, just fees. I think in Switzerland, it's less than $500 per semester. And employers pay a lot of it when apprentices go to school part time. lamariniere on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329851 Thu, 22 Oct 2015 07:28:30 +0000 lamariniere 2329851@https://boards.hellobee.com/ @looch: oh, we definitely have savings and investment accounts, just nothing specifically for education or in our LOs' names. And man, I wish I had known about the European education system back when I was looking at universities! looch on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329801 Thu, 22 Oct 2015 06:22:10 +0000 looch 2329801@https://boards.hellobee.com/ @lamariniere: We have this exact same situation. I would love for my son to attend college abroad where he has access to a tuition free program (as does pretty much anyone that enrolls, even Americans, little known secret), but if I know him, he won't want to. We'll probably go with just a regular investment account and 529 combo. Gifts of cash right now are comingled in our savings accounts now. lamariniere on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329775 Thu, 22 Oct 2015 04:34:29 +0000 lamariniere 2329775@https://boards.hellobee.com/ @BandDmommy: that's great that he's so proactive! A 529 is unlikely to be useful for my LOs, but it would be a different story if we knew we were going to be living in the US long-term. BandDmommy on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329774 Thu, 22 Oct 2015 04:32:33 +0000 BandDmommy 2329774@https://boards.hellobee.com/ @lamariniere: as soon as DH gets their SSN he sets up 529 account and savings account. Ginabean3 on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329773 Thu, 22 Oct 2015 04:15:28 +0000 Ginabean3 2329773@https://boards.hellobee.com/ Savings account! shopaholic on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329755 Thu, 22 Oct 2015 02:28:24 +0000 shopaholic 2329755@https://boards.hellobee.com/ College fund. I imagine as she gets older and gets small monetary gifts, we'd let her just use/save it for things she wants. Probably anything over $40, I'd encourage her to save at least a portion in her college account. Boogs on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329749 Thu, 22 Oct 2015 02:00:13 +0000 Boogs 2329749@https://boards.hellobee.com/ Straight to the bank for college/a future home. lamariniere on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329746 Thu, 22 Oct 2015 01:54:39 +0000 lamariniere 2329746@https://boards.hellobee.com/ I'm surprised at the number of people who have bank accounts for their LOs! Mine don't have their own accounts or college funds, but they likely (hopefully) will go to university in Europe, where it is "free". It is very rare that we receive monetary gifts for our LOs, and my DH's side of the family never gives cash. The rare times we do receive cash, I just use it towards something they need. Purpledaisy on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329732 Thu, 22 Oct 2015 00:47:41 +0000 Purpledaisy 2329732@https://boards.hellobee.com/ I just spend it on things that she needs/ wants. Woolly Mammoth on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329728 Thu, 22 Oct 2015 00:39:11 +0000 Woolly Mammoth 2329728@https://boards.hellobee.com/ I put it in his savings account. He's already got about $125. Not bad for a two-year-old! dolphin on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329671 Wed, 21 Oct 2015 22:10:33 +0000 dolphin 2329671@https://boards.hellobee.com/ Her savings account mrsjyw on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329668 Wed, 21 Oct 2015 22:07:38 +0000 mrsjyw 2329668@https://boards.hellobee.com/ College fund or savings account depending on the amount Bluemasonjar on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329662 Wed, 21 Oct 2015 21:58:07 +0000 Bluemasonjar 2329662@https://boards.hellobee.com/ We have money set aside to start a college fund but I need to find time to research our options. So far he has only been gifted a few hundred so we opened a savings account. When he is older part of it will go into savings and the rest he can use for things he wants to buy. On a side note, I got savings bonds from an aunt when I was growing up and I'm still waiting for them to mature! I don't remember getting monetary gifts. Or maybe my parents just kept them. Applesandbananas on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329539 Wed, 21 Oct 2015 20:23:28 +0000 Applesandbananas 2329539@https://boards.hellobee.com/ We pretty much just put it into his college fund. If it's a gift card, I might use it on household stuff and then put the dollar amount into his college fund. Grace on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329516 Wed, 21 Oct 2015 20:10:57 +0000 Grace 2329516@https://boards.hellobee.com/ Generally, I've asked the giver what they would like us to do with it. My grandmother asked us to put it in her RESP, and my FIL, wanted to get LO's playhouse. Tidybee on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329394 Wed, 21 Oct 2015 19:00:34 +0000 Tidybee 2329394@https://boards.hellobee.com/ Right into the college fund. Sometimes we'll keep a small amount if we're looking at a bigger purchase like a new car seat. erinpye on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329264 Wed, 21 Oct 2015 16:51:03 +0000 erinpye 2329264@https://boards.hellobee.com/ Cash can't be sent to their 529s, so it goes to their piggy banks, or to something they really want. Otherwise, to their 529s. Torchwood on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329261 Wed, 21 Oct 2015 16:46:13 +0000 Torchwood 2329261@https://boards.hellobee.com/ It'll either go into savings (ostensibly for college), or towards things like zoo memberships and special outings. Once she's a little older small amounts we'll probably let her spend (maybe at the dollar store?). I honestly don't know what we'll do later. Generally I think if it's given to her, she should be allowed to have it, but I'm not sure how to balance that with good saving/spending habits. LadyPantaloons on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329250 Wed, 21 Oct 2015 16:38:42 +0000 LadyPantaloons 2329250@https://boards.hellobee.com/ I contribute to DD's registered education savings plan monthly, and at 3, she has enough money for her first year of tuition. So often when we get $20 from a grandparent for her birthday or something I use it. She always needs a new pair of leggings or is growing out of shoes - it all comes out in the wash to where the money I spend on her comes from. MoonMoon on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329012 Wed, 21 Oct 2015 14:06:20 +0000 MoonMoon 2329012@https://boards.hellobee.com/ It goes into a savings account. I keep track of how much he's been given, because we plan to open him a college savings account with it. When we're given cash (which isn't too often, like $20 in a birthday card or something) we put it into his account too. And we agreed that we'd put 1/3 of any tax refund or windfall we get aside for him too. Modern Daisy on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2329010 Wed, 21 Oct 2015 14:05:49 +0000 Modern Daisy 2329010@https://boards.hellobee.com/ We've only gotten small amounts and less than $100 total (in over 2 years), so we just use it to buy him things. If we ever get a more substantial gift we will open an account for him. reverie on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328994 Wed, 21 Oct 2015 13:59:23 +0000 reverie 2328994@https://boards.hellobee.com/ at this point he isn't getting much money so our standard practice is to match and put in his college account but if people amp up the monetary generosity we'll have to cut matching! 2PeasinaPod on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328933 Wed, 21 Oct 2015 13:23:55 +0000 2PeasinaPod 2328933@https://boards.hellobee.com/ We opened savings accounts for both of them, and any money goes straight into there. pinkcupcake on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328902 Wed, 21 Oct 2015 13:07:52 +0000 pinkcupcake 2328902@https://boards.hellobee.com/ Savings / college fund. Although recently relatives gifted her some money while we were in Korea. The exchange rate sucks for won --> dollar so we let her go on a spending spree at a toy store. californiadreams on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328853 Wed, 21 Oct 2015 12:42:04 +0000 californiadreams 2328853@https://boards.hellobee.com/ it goes into a savings account for now, but when he is aware of what money is, we thought we would let him decide what he wants to do with it since it is his gift money. CRGmama on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328836 Wed, 21 Oct 2015 12:36:12 +0000 CRGmama 2328836@https://boards.hellobee.com/ In his bank account. But he's only 19 months old. When he's older we will let him keep some to spend as he chooses. rosegold on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328823 Wed, 21 Oct 2015 12:32:24 +0000 rosegold 2328823@https://boards.hellobee.com/ @Bao: have definitely been in that boat. hard work will pay off!! Bao on "If your LO is gifted money, what do you do with it?" https://boards.hellobee.com/topic/if-your-lo-is-gifted-money-what-do-you-do-with-it/page/2#post-2328816 Wed, 21 Oct 2015 12:29:19 +0000 Bao 2328816@https://boards.hellobee.com/ @rosegold: unfortunately our income doesn't always allow for that, so this is the alternative. It has gotten better as DH advances in his career though.