At 3.5, my daughter is too young to understand how much things cost, even though she understands we have to pay for things to have them. She was given a $20 bill for Christmas. What would you do with it? I think we may put it in the safe in a money envelope that we can pull out when she wants something and we want her to use "her" money to buy it.
What would you have your child do with a $20 bill?
persimmon / 1396 posts
It goes in the piggy bank and then to her little bank account. When she is older we will let her earn "spending" money.
squash / 13208 posts
At 3.5 it would all go in her savings account
For my 7 yr old he gets half the money and half goes in the bank
wonderful pomelo / 30692 posts
My kids are under 3, so we just put any money we get away in their piggy banks for them to spend when they are older.
GOLD / wonderful olive / 19030 posts
Usually it goes in the savings account, because it's for Christmas I might let her go to the store and pick out a toy and use it as a teaching tool "you have this amount you have to find a toy that is it."
cantaloupe / 6131 posts
I might change the $20 into rolls of quarters and let them fill the piggy!
hostess / wonderful apple seed / 16729 posts
Set the money aside and remind us we need to open up a savings account.
watermelon / 14206 posts
D keeps his own money in his room in an envelope (he's 8).
M's goes into his piggy bank, but it's in our room. (21 months)
persimmon / 1043 posts
Piggy bank and remind myself to set up their own savings accts lol.
Sometimes people gift us cash with specific requests to take them to the toy store, book store, buy ice cream, etc. In that case, we do and send them pics/thank yous.
persimmon / 1436 posts
Savings account. We just started an account for the baby at 6 weeks. It took that long to get her Social Security card!
honeydew / 7622 posts
I pocket the cash them transfer the amount from our checking to her savings. Cash deposits are not easy since we don't have our bank in town.
hostess / wonderful watermelon / 39513 posts
Transfer $20 into her account from our account and use the cash!
grapefruit / 4731 posts
I write in a notebook (keeping a total of what they got for the future, weather it's for college or spending later on) and use the cash.
My in laws asked me once what I did with the money and I told them saving it for later ... college probably. I think they really want the money they give to be used on them now and write in the cards please get something fun for the boys. I try my best to fulfill that wish but with our money and still write down what they give them in the notebook for later. Haha.
blogger / grapefruit / 4836 posts
Depends on the intent of the giver. I either purchase something on their behalf that I know they would like (usually this is what the giver wants) or put it in their savings account if the intent is to save. My kids are very rarely given money and are too little to make purchases for themselves. By 4 though I would let them spend it themselves with lots of help.
persimmon / 1188 posts
We usually put it in his college savings, but most relatives specify that that is what they would like him to use it for. We don't contribute as much as we'd like to yet so every little bit helps, right? Let's hope!
nectarine / 2115 posts
We deposit any money she gets and she has her own "category" in our budget. She has about $200 in there right now that was all given as small cash gifts. Eventually we will put that money into an education fund for her. When she gets older she can use (future) cash gifts however she wants.
hostess / wonderful persimmon / 25556 posts
She gets cash every Christmas that is for her ($20) and a large lump sum for her college account. So, the 20 in this case is definitely for her to do with what she likes.
@gingerbebe: that's a cute idea!
pomelo / 5720 posts
DH and I just had this discussion. I thought it should be given to him to use to buy something he wanted and DH thought it should go in his college fund since he's still so little (3) and doesn't really want/need anything. In the end we agreed to save it this year but will probably have him save half and spend half once he's old enough to want to use it for himself.
papaya / 10570 posts
At this age, it would go into her savings account. When she's older, I will give her the choice to spend or save.
GOLD / wonderful apricot / 22276 posts
We currently put it into their savings. They get $20 from 3 sets of grandparents and it's much appreciated to help them build up a savings!
pomegranate / 3375 posts
I just put it in her piggy bank ... Once she has $100, I'll take it to the bank. I like @youboots: idea though, and might just do that.
Also, DH jokes that we should just keep it!
grapefruit / 4400 posts
@youboots: I like this... we have tons of banks in our city, but I hate going and waiting for a teller. LOL.
We put it in the piggy. Eventually, we'll take the piggy and let her deposit it into her savings (she's 3 1/2, so it would be a fun learning errand)... but we haven't done it yet.
honeydew / 7586 posts
@mediagirl: Same! My parents give a lump sum specifically for his savings account but any other cash goes into his piggy bank or we use it to take him to pick out a toy at the toy store or Build a Bear.
grapefruit / 4455 posts
We have ATM cards and can make ATM deposits straight into each kids' account. Or I do what @youboots: does and pocket the money then transfer online.
pomelo / 5791 posts
Typically it goes into their savings account.
Unless they need something, in which case we will sometimes use it for that (new coat or something).
hostess / papaya / 10219 posts
I'd buy something for him. $20 isn't going to make any kind of dent in his college fund and we contribute a lot anyway.
pomegranate / 3595 posts
LO got $20 from both great grandmas last year at 3. Once the newness of the Christmas toys wore off, I took her to target and let her like out what she wanted, which turned out to be stuff she wanted that I didn't really want to get her. She was really excited and it was sweet. This year we will do the same with smaller amounts and put bigger gifts in her college fund.
pomegranate / 3275 posts
I normally spend it on a gift on the givers behalf. My older two (5 and 3) will be given any cash to pick out gifts.
coconut / 8079 posts
I would put it in my wallet and save for a rainy day when we want new books or puzzles or something.
cantaloupe / 6669 posts
Usually when LO is given money it is with the expressed intent to buy something for her, so I will pick out a toy I know she would like.
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