What to do with cash gift for baby?

groovy1224

Sun, Feb 09 2014, 8:39 am

A couple of people gave us money as a baby gift.. and DH and I disagree on what it's meant for. Is it meant to be invested our just put away fur the child's use when he gets older, or to be used to buy baby essentials for him?
I say the latter, because I think it's the same thing as a gift card, just not for a specific store. Cash for a bar mitzvah gift is meant to be put away but not a baby gift. At least that's what I think.. wondering what other people say?

SplitPea

Sun, Feb 09 2014, 9:57 am

If someone ment to give you money to be out away they would be more likely to buy a bond or something that will increase in value over time. Or specifically tell you that.

It's For baby stuff use it and enjoy!

manhattanmom

Sun, Feb 09 2014, 10:05 am

We invested the money given to us that was designated for our kids when they were born.--and we invested it for them!
I think one or two people specifically wrote with the card to buy something that you need for the baby now--so we did--I think we bought a swing or other large item.

Sanguine

Sun, Feb 09 2014, 10:34 am

Use it for diapers but don't write that in your thank-you card. Three different people thought they bought our first child's highchair. They gave us money and we thanked each of them for the highchair.

How much money is it that you would invest it? Enough to buy an apartment when he gets married?

It's a baby gift from someone who's too lazy (or can't or who doesn't know what) to buy. Unless someone specifically says they want you to save it for 20 years from now for your baby, they meant it's a gift for the baby while he's a baby and his parents will do the shopping since they know what the baby needs (maybe he needs dinner out for his parents Very Happy

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momX4

Sun, Feb 09 2014, 10:35 am

All money received for our babies birth is spent on the kiddush/bris. We got more money for our first DC and used it for baaby furniture. Any money my kids get now that they are a bit older goes into their bank account.

manhattanmom

Sun, Feb 09 2014, 10:38 am

Sanguine wrote:

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Yeh, please don't write it in the thank you card. I once bought a baby gift for someone and included a gift receipt--they wrote on the card--Thank you for including the receipt so we could change it for diapers. Honestly, it was in poor taste and a bit insulting.

mummiedearest

Sun, Feb 09 2014, 10:43 am

I think that depends on your own financial status. if you could really use that money for baby necessities, use it. if you can put it away for later, that's good too. you can save it and use it towards tuition if necessary, or save it for college, marriage, etc. there are no specific rules.

bnm

Sun, Feb 09 2014, 10:45 am

whatever you need it for. we put money towards the crib and dresser/changing table which we would have bought anyway but couldn't really afford, this way we had the cash and where able to get it on sale a few months before we really needed it

Sanguine

Sun, Feb 09 2014, 10:55 am

mummiedearest wrote:

you can save it and use it towards tuition if necessary, or save it for college, marriage, etc.

Wow - How much did you get? I'm talking about buying highchairs and you're talking college tuition

Ruchel

Sun, Feb 09 2014, 11:01 am

It will "grow" in an account. Also various relatives may give money or put money there for his birthday, bar mitsva... or instead of pocket money he may have monthly money put there etc.

Relatives of mine opened an account for my dd, etc. For some reason no one did it for my ds. :/

mummiedearest

Sun, Feb 09 2014, 11:03 am

Sanguine wrote:

Wow - How much did you get? I'm talking about buying highchairs and you're talking college tuition

if you start a college fund with a little and add to it bit by bit, it can help. no, I did not receive a ton of money in baby gifts.

Sanguine

Sun, Feb 09 2014, 11:21 am

Ruchel wrote:

It will "grow" in an account.

mummiedearest wrote:

if you start a college fund with a little and add to it bit by bit, it can help.

Thanks for the tip now - 25 years too late Very Happy

bnm

Sun, Feb 09 2014, 11:35 am

Ruchel wrote:

I've noticed people don't give as much gifts after the first kid. I don't think we got a single gift besides from my parents and inlaws for my second kid.

groovy1224

Sun, Feb 09 2014, 11:40 am

Sanguine wrote:

How much money is it that you would invest it? Enough to buy an apartment when he gets married?

nah, it's like $36 here, $18 there. To me it seems that people give money when they
don't want to get something repetitive, out don't have time to get to a store. A larger amount of money from, say, a relative, I'd put away in an account for him.

I just dont want to write the thank you card, and mention how the money will go towards a new stroller or something, and have the gifter be upset that their contribution wasn't invested more sensibly.

groovy1224

Sun, Feb 09 2014, 11:46 am

bnm wrote:

I've noticed people don't give as much gifts after the first kid. I don't think we got a single gift besides from my parents and inlaws for my second kid.

It's funny you should say that bc this is my second ds, and they're pretty close in age; I was extremely surprised that I received gifts for him. (grateful, but surprised).So I don't really need any baby gear. If I use the money it would probably just go towards diapers. Or a convertible carseat once he's outgrown the infant seat. But that's really ask I can think of.

Sanguine

Sun, Feb 09 2014, 1:07 pm

Sanguine wrote:

Code:

Thanks for the tip now - 25 years too late

mummiedearest wrote:

you can start saving for their mid-life crises now Smile

I'm using it for my mid-life crisis now Very Happy

Baby gift money was mine for whatever I needed - mainly baby stuff, but overall it went into the bank and we used it - I know we don't have any of it left Very Happy

Bar/Bat Mitzvas were a different story. We're in Israel so our 13 year old sons just put the money in the bank to save for driving lessons - sounds odd, but that's pretty normal here. They also got some $$ gifts so my mother opened accounts for them in America with their dollar checks and then since they needed $500 to open an account and they didn't have that much, my mother would fill in the rest. I think she addsa little every so often too, but I'm not sure. My daughter didn't do as well, the American relatives sent things like necklaces instead of checks. She doesn't have a dollar account but I'm planning on her marrying rich Flower

abaker

Sun, Feb 09 2014, 1:27 pm

Save it in an account just for that dc. Having the money for his college education or her seminary expenses or wedding saved up in an account for the last 18 years is far smarter and better use of people's hard earned money, than using it now for something dc will use briefly now in my opinion. However if you need something...like diapers/clothes and you can't otherwise afford to buy it, go ahead buy the essentials and put away any money leftover for dc. In 18 years or so you will be thankful you saved the kids birthday money/some of their money they earned babysitting or whatever....each child's in their own account to use wisely for what they need most when their older...I know families that did this and wish my parents saved more of my money growing up. Smile