My MIL's friend mailed us a generous and unexpected check for $100 for Baby 2. I think we will start her savings account with this check!
With LO, I I try to save most gift money and deposit it in her account but occasionally I'll use the cash for groceries or gas.
hostess / wonderful persimmon / 25556 posts
It goes into a savings account for her. We'll decide what to do with that someday. For now, that's enough.
kiwi / 733 posts
We got a few gifts that specified "college fund," so she now has one. Other than those, we figure the money is being used for her even if it doesn't go into a separate account, and it makes us feel less guilty about buying things that we still need (or "need").
pomegranate / 3204 posts
We haven't gotten any big amounts for LO. Right now we just put everything he gets into his piggy bank, it maybe has $25 in it. Once it gets bigger we will open up a savings for him.
persimmon / 1361 posts
Have to be honest and say that gifts so far have just been put into our account, but I do hope to get him a savings account soon....Mom of the year right here!
GOLD / squash / 13464 posts
She has a general investment account that all cash gifts to her get deposited into (in addition to funds that we put in there).. And there is a monthly transfer from that account to her 529.
GOLD / papaya / 10206 posts
We have a basic savings account for her that we put all her money in. If it's cash, I'll pocket it and just transfer that amount from our account into hers instead of going through the hassle of going to the bank.
hostess / watermelon / 14932 posts
@Amelieisme: same!
she hasn't received really any cash gifts, though - at the shower we got some checks, but I saw that as the giver not knowing what to buy us so she gave a check (DH's grandmother).
wonderful grape / 20453 posts
We haven't been gifted money TO the baby yet (mostly to us to buy her stuff!) but we talked about letting her have half of it for fun money and then half going into a college account
watermelon / 14206 posts
All the money I got for dd (which wasn't much, less than $100 total), I used for items I needed to be ready for her.
When ds gets money, he puts it in his piggy bank...he saves for big ticket items he wants (right now it's some kind of star wars angry bird thing). We put our own money for him into an account for college, so usually the couple dollars he gets here and there just go straight to him.
persimmon / 1180 posts
Everything he gets goes into his savings account. When he gets older, he can have half to spend and the other half will go into savings.
grapefruit / 4817 posts
Right now it just goes into his savings account. One day I'll get my act together and open his 529, though.
cantaloupe / 6751 posts
We put every single dollar into her savings acct. so fun watching the numbers grow!!
eggplant / 11824 posts
Right now everything we get goes into her 529 college savings account. When she gets older, she can have some portion of gifted money to buy what she wants, and the rest will go into her college fund.
GOLD / squash / 13576 posts
Savings account for cash. But we have set up where family can contribute to his 529 plan.
bananas / 9118 posts
I buy him toys and clothes. We have a Upromise account for college that does pretty well from our regular household purchases. He has a piggy bank for change for later to do what he wants with, but we use cash so seldom anymore, it's rare.
bananas / 9357 posts
It's still all sitting in a desk drawer right now still in the red envelopes. Opps. I really need to open a savings for him and a 529. Need to get on that.
grapefruit / 4400 posts
Right now, all $$ gifts for LO and loose change from us goes into her piggy bank. We need to open up a savings account at our bank pretty soon!
nectarine / 2217 posts
we recieved a lot of cash when he was born and used it for baby things we needed :). now, if it is a larger sum (100+) we put it in his RESP savings account, and if it is a smaller one we use it on him or on whatever is needed around the house! 
grapefruit / 4235 posts
I have an online savings account earmarked for his college fund. It has abt $500 in it already which is pretty good considering he's only 8 weeks old. We are going to invest it when we get a larger sum.
blogger / watermelon / 14218 posts
We put it aside for his first birthday party! (We do big huge celebrations in our culture.) Anything after that we had a mind to start a savings account for him, or a piggy bank. But we haven't gotten much in terms of cash after his first birthday. Subsequent birthdays are all about toys, toys toys!
pomelo / 5820 posts
Any money we receive for him will go into a savings account just for him. That's the plan, anyway!
bananas / 9227 posts
Oh damn, I feel bad now. The only money we've been getting are in dollars (from my friends and fam) and we stashed the checks away in my US account and the rest we've either spent while on vacation while we were there or hoarded (cash) for next vacation ;o In my defense, most if all of the money was actually spent on her.
I guess I can go to a money exchange and sell them for our currency here, then put it into her account, but it's such a pain.
grapefruit / 4582 posts
college fund or buying her the presents that I actually wanted to get for her
pomelo / 5331 posts
Now that he's here, we deposit money sent to us for him into a savings account that's his. We plan to deposit a monthly set amount into it and as it accumulates, store it in CDs. He won't know about it but it will be his when he turns 18. We'll have him start his own smaller savings account too so he can learn how to save, see how interest builds, etc.
Before he was here we spent any gift money or put it into our emergency savings. But nobody really sent us money specifically for LO before he was born
FIL has talked about starting a college fund for LO himself so we haven't done anything with that yet.
blogger / nectarine / 2608 posts
Oldest gets to have 10% to spend (well, not really spend; she's saving for a horse), and the rest goes into college savings. Youngest all goes in savings. She doesn't care, and she is by no means deprived. She has plenty of clothes, toys, etc. especially with big sister around, so we are totally taking advantage of the fact that she is little and isn't an active consumer yet.
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