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It means, the parents should hold their child's money and control what they spend so they don't become broke in a day!
I'd advise them to buy what they need and wait for what they want .
I didn't "hold" their money. They had old-fashioned piggy banks in their rooms. My DH and I bought them what they "needed". Half of gift-money went in the bank for college. The other half they could buy whatever they liked, pretty much. They had bank accounts from the time they were very small and we talked about money and budgets from the time they were small.
If one went out and blew it all in one day that was that. He quickly learned that meant he was broke and he had to stand and watch when his more thrifty brothers had money to buy something they wanted at Target.
Once or twice of "Dad. Can I have some money? Pleeeease??" and Dad saying, "No. You spent your's two weeks ago." pretty much taught that particular lesson.
For birthdays and Christmas, we let them use half to buy what they want and the other half goes in their bank account. If they really, really want something that is more, then we let them get it. We are not so strict with it, we just want them to have a little money when they get a bit older. If their aunts and uncles and grandparents give them money when they visit them, or if they get money in a card for Valentine's Day or even Halloween, they can keep it and spend it on whatever. Its usually just maybe $5 or $10.
I would never take my child's gift money. That is so wrong and selfish.
Last edited by Flamingomo; 08-24-2012 at 09:55 AM..
MIL always sends my kids checks. I cash the check, put the money in the kid's hand, and that's that. If she chooses to spend it all the first time we go to walmart, fine. If she uses it to buy an ice cream for all of her friends on the block when the ice cream truck goes by, fine. If she loses it in her bedroom, again, fine. The only time I would keep it is if it ends up in my washing machine (our household rule, which costs their daddy much more than it ever costs them ).
My parents are putting money in a bank account for my kids on their birthdays. They don't have access to the accounts and it's unclear when they ever will, so my oldest insists that her grandma has made up the account so that she never has to give a birthday gift. She may be right.
As described in the original post, I think that's stealing. (Even if a minor doesn't technically 'own' the money.. I still think of it as stealing). I have my daughter (age 6) put excess money in her own savings account. I help her fill out the deposit slip, drive her to the bank, and walk her to the teller. I also review her bank statement with her each month so she can see her money grow. Smaller amounts (under $50) go in the piggy bank, and I don't dictate how it is spent. However, I will make suggestions when asked.
Yeah, my mom used to take any cash I received, I never knew what became of it and learned to stop asking. My heart used to sink when I'd receive a ten dollar bill in a card from an Aunt. Note to self: Don't take my daughters money away! I'm still looking for an old fashion piggy bank that is NOT made of glass or ceramic for her.
My son is only 2 so he doesn't have much say. I put his Christening money in a savings account. When he gets cash I either put it in the bank (in his account) or use some of it to pay for museum or zoo membership - things like that. Hopefully that's the same as letting an older kid save half and spend half. I hope I'm not stealing it.
My son is only 2 so he doesn't have much say. I put his Christening money in a savings account. When he gets cash I either put it in the bank (in his account) or use some of it to pay for museum or zoo membership - things like that. Hopefully that's the same as letting an older kid save half and spend half. I hope I'm not stealing it.
Haha, Of course, he's 2, He probably wouldn't know or care.
I wouldn't consider you stealing it.
My son is only 2 so he doesn't have much say. I put his Christening money in a savings account. When he gets cash I either put it in the bank (in his account) or use some of it to pay for museum or zoo membership - things like that. Hopefully that's the same as letting an older kid save half and spend half. I hope I'm not stealing it.
That's not stealing.
Of course I am assuming you take him to the zoo and museum with those memberships.
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).
I put his Christening money in a savings account. When he gets cash I either put it in the bank (in his account) or use some of it to pay for museum or zoo membership - things like that. Hopefully that's the same as letting an older kid save half and spend half. I hope I'm not stealing it.
