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glinNC
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| Posted: June 02 2010 at 7:46pm | IP Logged
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... as gifts ... what do you do? Do you let them buy what they want? Make them save? Give to the poor? Or all of the above?
My First Holy Communicant received nice monetary gifts from grandparents, and all he wants to do with it is buy Legos!  As the youngest child, he has many Bibles, rosaries, etc., and I am trying to encourage him to save some and give some back to God. It is burning a hole in his pocket ... he just wants to buy something! (I must say that it IS a novelty for him to go out and buy something because we don't just buy him toys when go to the store.  )
I'd love to hear how you handle monetary gifts with your children. I especially am torn because these gifts were for First Holy Communion ... wish they made Church Legos! 
glin
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kingvozzo
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| Posted: June 02 2010 at 8:31pm | IP Logged
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Partly it would depend on the amount, but yes, we usually have the children save 40%, tithe 10% and keep up to 50% for their own spending. Of course, they can choose to save more if they wish
I don't like the children to have too much available pocket money, unless they're saving for something specific (ie some crazy-expensive Lego set) we usually cap it at $25 (if they come into any more money than that, it all must go into savings).
My father likes to give them money when he sees them. Often it's a $20 to divide between the 4 of them, sometimes it's a $20 each. In the first instance, we allow them to keep it all, in the second the 40/10/50 rule applies.
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Noreen
Wife to Ed
Mom to 4 great kids and 10 sweet ones in Our Lady's arms
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dakotamidnight
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| Posted: June 02 2010 at 8:33pm | IP Logged
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Right now this works because DD is young, but we have the rule that all money goes to Mom.
Our finances are very very tight, and honestly we need every penny we can come up with most months to just make ends meet. She has plenty of toys and books thanks to thrift shops, and the money can be better used to cover bills. Now if she goes with me shopping and sees something she wants and we can spare the little bit extra, she does normally get it.
Now, just because I'm a HUGE lego fan as well - have you and your son seen these?
http://www.hoernersburg.net/Lego_Church.htm
http://photos.thecatholicspirit.com/Spirit-Stories/Lego-Cath edral/8605172_HWLXc#567523994_zuxwz
Mini Kit at bottom of page to build
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Visit my home on the web The Frugal Catholic Homeschooler
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JodieLyn
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| Posted: June 02 2010 at 10:08pm | IP Logged
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My kids have "accounts" on my quicken program.. so that their money can be saved for them and they can get to see how much they have and so that it's not physically something they have in hand.
But some of the first money gifts they recieved were for specific things that they needed to hold onto the money for a while to use. Like getting money in March for Tennis lessons in July.
Right now I have one saving to get an American Girl Doll. She's just determined she wants to do it and is asking me for jobs she can do to earn money. This is one child who will very likely be able to save that money for that doll. She always seems to have money.. she saves but will occationally use a small amount on things.. yes sometimes junk like a candy or chewing gum. But that's only a very small amount spaced out well so allowable.
But part of getting this money is that they do get some control over it and can learn to use it. And sometimes learning is also about being able to make mistakes.
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Jodie, wife to Dave
G-18, B-17, G-15, G-14, B-13, B-11, G-9, B-7, B-5, B-4
All men who have turned out worth anything have had the chief hand in their own education.
-Sir Walter Scott
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Paula in MN
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| Posted: June 03 2010 at 7:21am | IP Logged
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Any money they receive is recorded in their own checkbook register but deposited in our account. When they want something purchased over and above what we will provide, they have to deduct the overage from their register. This really drives home all of our need vs. want talks.
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 Paula
A Catholic Harvest
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DianaC
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| Posted: June 03 2010 at 7:33am | IP Logged
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We do the share/save/spend method here. Whenever my children receive money, they first must put a percentage (usually 10 -20%) in the collection, then the bulk of it goes into their savings account and a bit is kept for spending.
There have been times when there was something that they "just had to have" and it took all of their spending money. But, they soon learned that the item just didn't satisfy the way they anticipated and they no longer had any spending money.
They've learned to really discern whether or not something is worth buying.
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stacykay
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| Posted: June 03 2010 at 8:37am | IP Logged
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I would say we do a combo of sorts. Whenever they get money, until they are working age, a minimum of half goes into their savings accounts. If there is nothing they are interested in buying, then they use part of the remaining for collection plate and they "get" to light a candle after Mass. Then the remainder goes into savings.
If they want to buy something (and generally, this only comes up when they have gotten a monetary gift!,) we will let them spend what is left from the half leftover, depending on what it is and cost. We do reserve the right to veto an expenditure if it is not a quality purchase or something we wouldn't allow in the home anyways (a certain video or game.)
When my two oldest wanted to buy a gameboy, years ago!, it was more than their half they could keep. So we had them work for us for the other half, and then we let them buy it. Since they had to work for it, they took so much better care of it! It has been a great tool for us whenever the boys want that something extra, plus I get more cleaning help!
As a side note, the boys are not allowed to withdraw from their savings. Once it goes in, that is it. They are free to solicit us for jobs for those extra wants. We are working hard at not fulfilling their every want. Their needs are always met, so it's not a bad life, here!
Boy, I guess I kind of rambled! And all about getting legos or not. And, I have to admit, that pretty much any extra $ my boys see, or odd job they do, goes to buying MORE legos! I feel, at times, as if I am drowning in legos.
God Bless,
Stacy in MI
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wifemommy
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| Posted: June 03 2010 at 1:46pm | IP Logged
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It is my children's money once they are old enough to realize the value of it. The money is either earned by them or a gift so I consider it their's. To be honest they often spend a great deal of the money buying gifts for siblings or they save it for something special. They will put money in the collection sometimes or give to other charities like salvation army or k of c. One is investing in her own goat herd and another may get alpaca's.  Annie
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JodieLyn
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| Posted: June 03 2010 at 1:57pm | IP Logged
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I would have a hard time telling my children to save a certain portion if the money is sent in lieu of a gift. My MIL will send the kids a set amount OR buy them a gift of like amount.. so obviously the whole amount is intended to buy something with.
not that they can do just anything with it either.. same as I wouldn't let them keep an inappropriate (for our family) gift.
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Jodie, wife to Dave
G-18, B-17, G-15, G-14, B-13, B-11, G-9, B-7, B-5, B-4
All men who have turned out worth anything have had the chief hand in their own education.
-Sir Walter Scott
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anitamarie
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| Posted: June 04 2010 at 7:40pm | IP Logged
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We let them keep 1/2 to spend and the other 1/2 goes into savings. However, all purchases have to be parent approved. As my dh says, we wouldn't allow them to buy cigarettes and beer with it, why anything else we don't approve of?
Anita
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4Real Forums : Mothering and Family Life
Topic: When kids get money ...
