We try our best to put it in their savings accounts but sometimes we put it towards something they need like shoes, a car seat etc. I'm not sure how that will change once they start realizing what money is, but I hope to teach them to at least save a little.
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Everything she has been gifted has gone to her college fund.
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It all goes in her college fund. Once she's old enough to understand the concept of money, when she gets a gift we'll help her allocate some to spend and some to save.
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We put it in her savings account.
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It goes into her 529.
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We put it in his savings account. My mom told me that when I was younger that's what she did, and then they used the money for things like summer camp and a school trip to Europe I took, that they couldn't have otherwise afforded.
I imagine we'll do something similar for DS. If we end up not needing it, we'll gift it to him when he's older.
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for now it goes into a savings acct. Once she's older we'll probably give her a percentage to spend as she pleases and then save the remainder
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Currently we have a category for her in YNAB where we put it. We plan to open an education savings account, but haven't gotten around to it yet...
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For now in a savings account. We don't have a college account set up yet.
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we use it toward things they need. to be fair, they haven't been gifted much cash - people seem to prefer material gifts around here.
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Savings!
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Generally it’s put into her college fund. This summer one of LO’s great-aunts gave her $10 and specifically told her it was for buying a toy with. So we went to Target and LO really fretted over what to pick with her money!
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Savings
However, this year at age 7 I did let DS keep some of it to pick out a new toy
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typically in his 529 account, but if its a small amount of cash I will put it in his piggy bank.
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Money from the baby shower went to purchasing outstanding items we wanted/needed for the baby. Subsequent gifted money has gone to his savings account.
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We've only received one $25 monetary gift for E, so we bought her something with it. I just don't think any of our family are the money giving type
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We put in their savings account. If it is specified for college we put in their 529 plan. My parents contribute separately to their 529 plan directly.
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we put all her gift money into her savings account.... When she's older and understands what that means we'll discuss what she wants to do with that money whether it be to buy a car, toward her education, go on a trip (like senior trip or europe/study abroad) or continue to save for a house or wedding. It will not be spend frivolously on trips to the movies or clothes
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It all goes to savings.
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I take it.. Eventually she'll get allowance anyway.
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We split it between a college fund and a general investment fund.
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Savings account
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We try to split it between things we need for her (carseat, etc) and savings account. We've tried to keep track of what we use, though, so we can put a comprable amount in her savings when we're able to.
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Currently it goes to her 529.
We do plan on starting a savings account though and splitting it 50/50 so she can have it for things like camp, trips abroad, etc.
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I buy stuff they need with it. Although it's more likely to get gift cards rather than straight cash.
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Put it in her college account.
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University fund, called an RESP (Registered Education Savings Plan) here in Canada. My parents payed for my entire university education and I plan to do the same for DD.
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In her RESP
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I put it in her piggy bank. I'll have to set up a savings account for her soon. She's only received $20 in cash gifts, so I don't feel rushed.
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It goes straight to their savings account.
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He's never gotten cash yet. We would put it in savings for him if we did.
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@snowjewelz: You are not the only one! We started saving cash in a see through piggy bank for her but it always got eaten up.
I do put a set budgeted amount in her college account each month.
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Right now it goes into the general savings account or we buy her something she needs with it. Once she is older, we will set up a savings account for her.
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@808love: haha yay! my parents took all my gift money when I was young too. But I got the waaaay better deal later in life lol when they helped me with school and our house!
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Savings for college. I think we'll pick an age at which she'll be allowed to control her own gift money, maybe 5 years old or something. (Obviously the truly large gifts are still going into the college fund though.)
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@snowjewelz: oh good bc I felt a little guilty about that but since you see the overall benefit, too, it must be all good!
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@808love: I never saw any issues with my parents taking my gift money at all. Afterall, they "own" me! I never had allowance either but I was never without anything I needed so I'm all for just taking the kids money!
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College fund
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Piggy bank before going into savings.
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cash/checks go to her savings account.
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