I'm asking for your opinion with a reason to this money question. We got a lot of great toys and a considerable amount of money for my daughter's 1st birthday party. My husband wants to stick it ALL in a college fund. I want to portion off some (10% or so) of 'her' money to use for future kids' parties, so we can give nice gifts=== we have been so well taken care of and I want to make sure we 'give' generously. Two relatives said on the card/ use this for college/ so I can honor that. But for the rest, I feel we can save most and share some. This will even set a good tone as our daughter gets older and may teach budgeting?! We have a firm household budget that doesn't include kiddie gifts. Husband had a reasonable solution-use the gift cards we got for gifts in the future and save all the rest. Am I being stubborn or is the financial 'plan' I came up with reasonable?
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Money is a tricky topic but this is how the hubs and I do it. Any money LO receives, it goes straight into her bank account (we made one for her under her own name) and it is meant for her future. But, because some people (parents, friends of parents, etc.) give her money as a gfit, we use some of her money to make purchases for LO. For example, for Christmas, my parents gave her money and we used some of it to buy her high chair. As for gifts for other kiddies, we treat them as we treat any other gift-giving occasion. We give what we feel is appropriate and we don't have a separate account/budget for it. Also, I think that the giftcards your LO receives should be used for LO - but regifting them could be a solution.
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I think both solutions could work, honestly! I like the idea of regifting the gift cards, that could come in handy when there are a lot of parties.
We have a line item in our budget that includes gifts we would like to give throughout the year. It includes birthday and christmas gifts for my husband's godchildren and Christmas gifts for our families. We don't attend many birthday parties right now, but I could see us including this in the budget later on. -
i would do a little of both. put some for college fund. put some away for her own bank account. and put some away for her future gifts. maybe 40, 30, 30%?
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