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 A relative gives your child a large amount of money...

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BigBrownEyes29
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PostSubject: A relative gives your child a large amount of money...    Sat 12 Feb 2011, 11:06 pm

I came across some topics on a debate forum. Some are not really debate topics but interesting topics that I thought would be interesting to post on here and get the opinions of members here.

Below is the post in its entirety by the OP on the other forum.

"My grandparents live in a neighboring state and see us once or twice a year. Usually around my son's birthday and again in December before Christmas. They have alot of money and save up their 1$ bills and 5$ bills for my son. Depending on if they saw him for his birthday or not, this can range from 300$ - 800$. He just got 300 and that was actually the lowest he has gotten. 800 was the highest.


They expect us to give him all of this money for him to spend right then. He is 12 now, but they have been doing this since he was a toddler. Back then it was easy to let him pick out something and put the rest up for him. Now he is older, and I feel guilty because this was basically his gift (though they also take him to the store and spend about 100$ on him for his actual birthday/Christmas present) and he knows he got it.


Would you give your child that much money to spend at once? My issue is that it always occurs at birthdays and Christmas. Then he goes to buy all of the things he has wanted and I have to end up telling him, no you can't buy that (b/c we bought it for him already). I tell him I think someone might be getting it for him. So, basically he ends up knowing what he is getting. I also think when he has that much money to spend, what we have worked to get him usually is going to pale in comparison. Especially when he gets 500, 600, etc.


We basically lie to them usually and say he spent it all to make them happy. What would you do if a relative gave your child that much money?" "
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yorkiemom
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PostSubject: Re: A relative gives your child a large amount of money...    Sun 13 Feb 2011, 1:08 am

explain to the child that it is wonderful that he has gotten the gift,but that he can spend some and the rest can go into a savings account

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Amomma
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PostSubject: Re: A relative gives your child a large amount of money...    Sun 13 Feb 2011, 1:28 am

I would thank the relative and explain that all gifts over X amount go straight into the post-secondary education account.

(I would say anything over 100)

I have never had anyone offer my children big money like that. The biggest monetary gift they have received is $20! I guess gifts are more common than money with my people.
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PostSubject: Re: A relative gives your child a large amount of money...    Sun 13 Feb 2011, 7:16 am

I would tell them that he cannot have the gift until after the holidays so that he doesn't spend it on things he has already gotten for the occasions and that some he will get now and some will go into savings for his future.

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PostSubject: Re: A relative gives your child a large amount of money...    Sun 13 Feb 2011, 1:11 pm

This sort of happens with my mother..

However, my kids know that all the money is deposited into a secured savings or rrsp, when they turn 18- they can use it for their education, buy a car ect.... my mother also buys them a small gift to open.. One of her reasons is because it is hard to buy things for children and she rather them have the money when they need it - then spend things frivously... not alot of money goes into accounts..

My children also have trust funds- haven't had to use yet.. My dad always thought extra curricular activities were a part of growing up- example hockey ect.. there is money available for all the grandkids to play or do things that would enrich their lives in an account if we as the parents could not afford to put them into certain things.....
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BigBrownEyes29
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PostSubject: Re: A relative gives your child a large amount of money...    Mon 14 Feb 2011, 1:55 pm

I can't remember what the largest amount of money my kids have received, I would have to say around $200. My oldest son is good with saving some and spending a little, but my youngest, if you let him then he would spend every penny to just spend it. I don't let them spend it all. My mom's best friend gives them quite a bit of money for their birthdays and Christmas, and she expects my kids to spend every penny of it, instead of saving. I just lie to her and tell her that they have spent it on things they wanted.
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